Filing for bankruptcy is a step you may not be able to avoid. Perhaps your debts have gotten out of control, or maybe your business is no longer profitable. Whatever the reason is, you need to choose the right kind of bankruptcy for you. Here are 15 facts about Chapter 7, 11, and 13 bankruptcy, so you can make a better choice.
What Is Chapter 7 Bankruptcy?
When you consider bankruptcy, this is the type you're probably thinking of. With a chapter 7 bankruptcy you:
What Is Chapter 11 Bankruptcy?
Chapter 11 bankruptcy is different than 7 and 13 because it treats the debtor as a separate entity. That means that you are recognized as a debtor on your own right, which won't drag a separate business or business partner into the proceedings.
Chapter 11 bankruptcy:
What Is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is another kind you can choose as an individual. It has several benefits, including:
Deciding to enter bankruptcy is a choice you may never have wanted to make, but by knowing which type is best for your situation, you can make the right choice for your situation. With the right help, your future can be financially stable. Contact Wiesner & Frackowiak, LC for more information.Share
13 February 2015
When I was a child, I regularly visited a local department store. At this lovely business establishment, one could purchase many items including clothing, shoes, and even hotdogs. Sadly, due to competition and other factors, the store closed its doors for the last time several years ago. If the owners of the store had considered bankruptcy options, they might still be meeting customers’ needs today. On this blog, you will learn how to resurrect your business with available bankruptcy alternatives. Regardless of whether you choose to liquidate your assets or reorganize your entity, the opportunity to remain in operation might be an option for you.