Chapter 7, or liquidation bankruptcy, means that your "estate" – i.e., your assets – is sold in order to pay off your creditors. A reorganization bankruptcy can also involve the selling of assets, but more often than not you can retain a majority of your assets while your creditors' needs are assessed.
Reorganization bankruptcies can be filed under the following guidelines:
• Chapter 9 – municipalities
• Chapter 11 – businesses and individuals with many assets
• Chapter 12 – farmers, fisherman
• Chapter 13 – individuals with steady income
• Chapter 15 – international cases
Contact us today to learn more about your options under the current bankruptcy laws. We're here to help.
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