Financial problems in a household are devastating. Not only
do they make it difficult to live and meet your daily needs, but they also
provide a great deal of stress and emotional problems. There are many solutions
to financial problems including bankruptcy. The most common chapters for
individuals are Chapter 7 and Chapter 13. However, there are some situations
where the other chapters might apply. Following is a brief summary of six
different bankruptcy chapters. After reading through these, contact an Oakland
bankruptcy lawyer who can help you determine which one might work best for you.
Chapter 7 Bankruptcy
This is a very common chapter and is often known as
liquidation bankruptcy. This section allows you to liquidate your assets and
discharge your debt. Debt that is discharged in this chapter does not need to
be repaid. Many people select this chapter in order to get a fresh start.
Chapter 13 Bankruptcy
Chapter 13 is for those who still have employment and are
still trying to pay off their debts. It helps them to restructure their debt
over a period of three, four, or five years. The length of time given to repay
the debt is determined by the courts. This chapter also allows individuals more
flexibility in keeping major assets such as their homes.
Chapter 9 Bankruptcy
This section is for municipalities such as cities, towns, or
counties.
Chapter 11 Bankruptcy
This chapter is for businesses who desire to restructure
their debt. While you may have heard about this type of bankruptcy in the news
in relationship to large organizations, it can also be used for smaller
businesses. If you own a business, be sure to ask your attorney about this form
of bankruptcy.
Chapter 12 Bankruptcy
This form of bankruptcy is available for those who are in
the fishing or agricultural business, such as a family farm or a family fishing
business. It helps you restructure your debt over a period of three to five
years.
Chapter 15 Bankruptcy
Another less-common form of bankruptcy is Chapter 15, and it
handles those who have investments, assets, and even debt in countries other
than the U.S. If you have foreign financial interests, you will definitely need
to consult with an Oakland bankruptcylawyer.
No comments:
Post a Comment