Chapter 7 bankruptcy, or reorganization, is commonly referred to as a straight bankruptcy. Under this type of bankruptcy, most debtors can eliminate their unsecured debts quickly by surrendering their assets. Examples of unsecured debts include personal loans or credit cards that have no collateral for the loan. In order to qualify for Chapter 7 reorganization, you must be an individual, partnership, or corporation that has the assets in which to liquidate to cover the debt.
Chapter 13 reorganization is the second most common form of bankruptcy, behind only Chapter 7. While the goal of Chapter 13 bankruptcy is also to debt, it doesn’t wipe it all out instantly. A payment plan is created to repay some or all of the debt over a three to five-year period. Chapter 13 reorganization is ideal for someone who either wants to save their home from foreclosure, or can pay some, but not all, of their debt.
Chapter 11 bankruptcy can apply to individuals, large businesses, and small businesses. For those that might run a small business, or run their own business, Chapter 11 bankruptcy allows for a plan to help keep the business active while being able to pay all their creditors over a period of time. The debtor will be provided up to four months to come up with a reorganization in order to pay off the debts.
At Childers Law, we will work with you to recover from your debt and go back to living a normal life. We will stop the collections calls and find a fast and reliable way to eliminate the debt. We will be with you every step of the way, including working with you on your reorganization plan. Contact us today to learn more.
Chapter 11 corporate reorganization works the same way Chapter 11 individual bankruptcy works, just at the corporate level. The principals are still the same. Reorganizing will take place in order to pay off the debts accrued, while keeping the business active. We will work with you to ensure the well-being of your business. That includes creative reorganization plans, loan restructuring, and negotiating with banks and creditors.
Just because someone has a high net worth, doesn’t mean they are exempt from having debt issues. At Childers Law, we know all about the reorganization of high net worth individuals. We are familiar with high net worth issues and will work with you every step of the way to stop those collections calls, get relief from creditors, and even deal with complex bankruptcy litigation and mediation in bankruptcy.
Bankruptcy litigation happens when a creditor disputes a discharge. While it doesn’t happen often, when it does happen it can be messy. That’s where we come in. We are experienced in bankruptcy litigation and will work with you to make it as pain-free as possible. That includes fraud and fraudulent transfer, complex bankruptcy litigation, zealous advocacy, and dischargeability actions.