Bankruptcy is a legal process that provides relief to individuals and businesses facing financial challenges by allowing them to either eliminate or reorganize their debts. It is an important option to consider when facing overwhelming debt, as it can provide a fresh start and allow individuals to regain control of their finances. However, it is important to understand the different types of bankruptcy, and which one may be right for you.
- Chapter 13 bankruptcy, also known as “reorganization bankruptcy,” is available to individuals with a regular income. It involves a repayment plan to pay off debts over a period of three to five years, with the remainder of eligible debts being discharged at the end of the plan.
- Chapter 11 bankruptcy is available to businesses, partnerships, and individuals with considerable amounts of debt. It involves a reorganization of debts and may involve the sale of assets to pay off creditors.
- Chapter 12 bankruptcy is available to family farmers and fishermen with regular income and is similar to Chapter 13 bankruptcy.
It is important to seek the guidance of a skilled bankruptcy attorney when considering bankruptcy. An attorney can help you understand the options available to you and protect your assets during the bankruptcy process. OCCAM Certified Consumer Financial Advocates are skilled in bankruptcy laws and can help direct you to the right attorney to ensure a successful bankruptcy process.
OCCAM certified bankruptcy attorneys are among the best in the industry, with years of experience and a deep understanding of the bankruptcy process. They are committed to helping consumers navigate the often complex and confusing bankruptcy options and will work tirelessly to protect your assets and get you the debt relief you need. Whether you are considering Chapter 7, Chapter 11, or Chapter 13 bankruptcy, OCCAM member attorneys have the skills and expertise to guide you through the process and give you the best assistance possible. Don’t go through this challenging time alone – choose an OCCAM certified bankruptcy attorney and get the help you need to move forward with your financial future.