What Are My Bankruptcy Options?
There are three bankruptcy chapters that the majority of Americans utilize: Chapter 7, 11, and 13. Understanding what each chapter does will help you settle your debts practically and productively. Given that these affairs are settled in court, working with a bankruptcy court attorney will be critical to your financial and legal well-being.
At Clark Law Firm, we have helped countless individuals achieve financial independence. With years of experience in this field, we are pleased to offer clients residing in Bullitt County our proven legal services so that they can move forward without the burden of monetary stress.
Chapter 7 Bankruptcy
As the most common form of bankruptcy, Chapter 7 allows individuals to discharge many of their debts via the liquidation of assets. Not all assets are required to be liquidated, however. A Chapter 7 bankruptcy lawyer will be instrumental in helping their client retain the assets they need most by ensuring that the right exemptions are made.
Chapter 11 Bankruptcy
As the most complex type of bankruptcy, Chapter 11 is mainly used by companies that are seeking to reorganize their business debts into a more manageable structure so that they can continue to operate. Restructuring a business is complicated, which is why it is so important to work with a business bankruptcy attorney throughout the duration of the process. A Chapter 11 bankruptcy lawyer that understands these proceedings will be able to guide the company towards financial stability better than anybody else.
Chapter 13 Bankruptcy
Also referred to as “the wage earner’s plan”, Chapter 13 allows individuals with a regular income to generate a plan to repay some or all of their debts. These payments are typically made in installments to creditors over the course of three to five years. A Chapter 13 bankruptcy lawyer that is cognizant of the intricacies surrounding this process will be vital to the successful completion of this type of bankruptcy.