Chapter 11

Traditional Chapter 11 Traditionally, a business may proceed under a Chapter 7 bankruptcy, described above, or a Chapter 11 case. Chapter 11 is basically the business equivalent of a Chapter 13 for individuals. Filing Chapter 11 bankruptcy basically means you’re submitting a reorganization plan to restructure your debts to help you repay your creditors over […]
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Chapter 13

Chapter 13 – Reorganization Chapter 13 Bankruptcy is the second most common type of bankruptcy and used primarily by individuals. The goal of Chapter 13 is to eliminate your debt by creating a repayment plan to pay back all or a portion of what you owe your creditors over three or five years. You make […]
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Chapter 7

Chapter 7 Bankruptcy Chapter 7 is the most common type of bankruptcy and often referred to as a straight bankruptcy. Under Chapter 7, you can quickly eliminate most of your unsecured debts by surrendering your assets. Unsecured debts are debts not secured with collateral, including most personal loans and credit cards. Liquidation involves the sale […]
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Chapter 11 Sub 5

Chapter 11 Sub 5 THE NEW KID ON THE BLOCK – CHAPTER 11 LIGHT With the COVID19 virus came special legislation to protect small businesses in general as they are the backbone of the American economy. Essentially, the Subchapter 5 is a Chapter 11 that is expedited and has more debtor control. It reduces many […]
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Bankruptcy

A Chapter 7 bankruptcy can eliminate most individual or business unsecured debt. Often referred to as a “liquidation bankruptcy”
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