Which Bankruptcy Is Right For Me?
There are many alternative solutions we can suggest that will solve your financial problems. Let us help choose the right alternative for you.
This is the most frequently filed of available bankruptcies. In a chapter 7 bankruptcy, or “liquidation” bankruptcy, a debtor is able to discharge most, if not all, of his, her or its debt within a few months, without the need for a payment plan. Often, with the knowledgeable application of California’s exemption statutes, many chapter 7 cases are concluded without any loss of the debtor’s treasured assets.
A chapter 13 bankruptcy is a reorganization proceeding for individuals with regular income (not available for corporations, LLCs or other entities). It can help people save their homes, cars and other assets and can establish a three to five year a payment plan for past due federal and state taxes, home mortgage arrearages and overdue vehicle payments.
Chapter 11 bankruptcy cases allow the flexibility needed by larger entities and individuals with several properties or an ongoing business.