What is a Bankruptcy?
Bankruptcy is a process that allows consumers and businesses to repay some or all of their debts under the protection of the federal bankruptcy court. If you can prove that you are entitled to it, the bankruptcy court will protect you during your bankruptcy proceeding. In general, bankruptcies can be categorized into two types - "liquidations" and "reorganizations."
The two most common forms of bankruptcy are Chapter 7 and Chapter 13. Chapter 7 and Chapter 13 proceedings are the most common for individuals and businesses. Chapter 7 bankruptcies normally fall in the liquidation category, meaning your property could be sold in order to pay back your debts. Conversely, Chapter 13 bankruptcies generally fall under the reorganization category, meaning that you will probably be able to keep your property, but you must submit and stick to a plan that will allow you to repay some or all of your debts within three to give years.
The Hurst Law Group can help you with any of your bankruptcy needs, including a consultation to see if you are eligibility for one. Contact us today.
The two most common forms of bankruptcy are Chapter 7 and Chapter 13. Chapter 7 and Chapter 13 proceedings are the most common for individuals and businesses. Chapter 7 bankruptcies normally fall in the liquidation category, meaning your property could be sold in order to pay back your debts. Conversely, Chapter 13 bankruptcies generally fall under the reorganization category, meaning that you will probably be able to keep your property, but you must submit and stick to a plan that will allow you to repay some or all of your debts within three to give years.
The Hurst Law Group can help you with any of your bankruptcy needs, including a consultation to see if you are eligibility for one. Contact us today.