March 4, 2019
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The Debt Doctors attorneys understand that the process of filing for bankruptcy can get confusing. That’s why we like to educate our clients during every step, so that they can be 100% sure that they are making the right choices for them.
The most common form of bankruptcy, a Chapter 7 case is a liquidation proceeding where unexempt property is sold to raise money to pay off your debts. However, in most cases, no assets are sold, and in 2-4 years, you can rebuild your credit. Chapter 7 bankruptcy is available to individuals, married couples, partners, and corporations.
This type of bankruptcy is for corporations or business owners, as well as individuals not eligible for Chapter 7 or 13 relief. Chapter 11 is a reorganization proceeding in which the debtor may continue in business or in possession of their property as a fiduciary in order to reorganize their finances.
This section of the bankruptcy code deals with farmers. Chapter 12 is a reorganization plan with certain benefits for family farmers whose debts fall within certain parameters.
Chapter 13 bankruptcy includes a debt repayment plan where debts are consolidated and payments are made over a 3-5 year period. Chapter 13 helps you keep your home out of foreclosure, pay off unsecured debt with no interest for a percentage of what you owe, stop tax collection, defer student loans, or allow you to keep property you would normally lose in a Chapter 7.