Bankruptcy is a legal proceeding involving a person or business that is unable to repay outstanding debts. There are different types of bankruptcy such as:
The type of bankruptcy that you file for all depends on your situation.
Chapter 7 bankruptcy consists of a liquidation process. A portion of your assets are sold to pay off your debt obligations. This form of bankruptcy often takes between 3 to 6 months to complete. Your trustee can sell property that secures your debt in order to pay off your creditors. You keep furniture, clothes, personal items, and other possessions like your home or car. In order to be eligible for this type of bankruptcy, you must have a median family income level that falls below the national average or else pass a means test that determines if the margin of excess income exceeds that allowed by the bankruptcy code. Chapter 7 Bankruptcy Attorney in Hialeah is the best bankruptcy lawyer in Hialeah for any who are filing Chapter 7.
Chapter 13 bankruptcy is the best option for individuals or couples unable to meet the means testing standards under Chapter 7. With Chapter 13 the process consists of reorganization of debts and provides the opportunity for the debtor to keep their property and other valued assets while operating under a plan of paying debts over a 2 to 5 year period. Chapter 13 requires proof of a consistent and reliable source of income. Chapter 13 Bankruptcy Lawyer in Miami is the best bankruptcy lawyer in Miami for those filing for Chapter 13.
Chapter 11 bankruptcy begins with reorganization of a debtors business affairs and assets. Primarily intended for business with heavy debt burdens, and corporations as well as small businesses. With Chapter 11, the debtor receives a fresh start. Chapter 11 is the most complex of all bankruptcy cases and the most expensive. Only consider Chapter 11 if you have done careful analysis of all other alternatives. Chapter 11 Bankruptcy Attorney in Fort Lauderdale is the best bankruptcy lawyer in Fort Lauderdale for those filing Chapter 11.
Call Andres Montejo if you still don’t know which type of bankruptcy you should file for.