Chapter 7 of the United States Bankruptcy Code is a provision under federal law that relieves an individual or business from most debt obligations. The filing is designed to give the filer control over his or her financial situation to promote economic stability and success. In a Chapter 7 Bankruptcy, also known as “liquidation bankruptcy,” […]
Chapter 13 provides an opportunity for the debtor to restructure financial payments over time. It gives the debtor an opportunity to reorganize or restructure debt
Chapter 11 is the most comprehensive chapter of the Bankruptcy Code. It provides myriad options to reorganize debt, such as by repaying some debts, discharging others and restructuring the remainder. Although individuals may file for Chapter 11 relief, the relatively high filing fees and administrative costs lead most individuals to favor Chapter 7 or Chapter […]