Bankruptcy Attorneys Break Down Bankruptcy Laws
Bankruptcy is a process in which businesses and individuals either repay or eliminate some or all of their debts. As your bankruptcy attorney, our goal is to help you make an information decision about which Chapter of bankruptcy is best for you or your business to file.
Chapter 7 and can be filed by individuals and business. It’s commonly known as liquidation, as most or all of your assets are sold in order to raise the capital needed to pay off debts. This is option is frequently used by those who have little to no assets.
Chapter 13, also known as debt adjustment, is usually filed by individuals who are able to pay back a portion of their debts. If you are above the income eligibility to file for Chapter 7 then you may have no choice but to file for Chapter 13. Unlike individuals who file for Chapter 7, Chapter 13 allows individuals to keep their properties and assets, on the condition they set up a payment plan.
Individuals and businesses can file for Chapter 11 bankruptcy, but it’s usually filed by struggling businesses. Generally, the only time entities or individuals file for Chapter 11 is when their debts exceed the limits for Chapter 13 bankruptcy.
Our bankruptcy attorneys understand the financial hardships of going through bankruptcy. We do everything in power to assist our clients in any way we can, which is why we offer free consultations and set up a convenient payment plan that caters to your budget.
Contact our office to learn how to regain your financial footing. We proudly serve the clients of Clearwater, Palm Harbor and Tarpon Springs, Florida.