Bankruptcy Law

Chapter 7, Chapter 11, and Chapter 13 Bankruptcy Law
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy Law dictates that the court liquidate all of your assets and dispenses them amongst your creditors in exchange for erasing your debt.

Chapter 7 bankruptcies will not eliminate debts due to taxes, child support, alimony, student loans, court fines or personal injury caused by driving drunk or while under the influence of drugs.

A Chapter 7 bankruptcy filing will remain on a credit report for 10 years.


Chapter 11 Bankruptcy
Chapter 11 is a Federal Bankruptcy Act where a business debtor can maintain control of it's business and operations, under court supervision, as long as current debts remain paid.

Chapter 11 intends that the business be reorganized to the extent that it can continue to meet its obligations.

A Chapter 11 bankruptcy filing will remain on your credit report for up to 10 years.


Chapter 13 Bankruptcy
In a Chapter 13 Bankruptcy agreement, the court enforces a debt repayment plan that allows you to keep your property. In order to file Chapter 13, the law states you must have a source of income and promise to pay part of your income to your creditors. The court allows you to keep any assets that have debts against them if you pay them off under terms determined by the court.

The court will grant an “automatic stay” which prevents your creditors from contacting you in an effort to collect the debt.

A Chapter 13 bankruptcy filing will remain on a credit report for 10 years, however, with Chapter 13, there is a better chance of obtaining future loans and credit.

Involuntary Bankruptcy
There are occasions where your creditors may petition for an involuntary bankruptcy against you. Involuntary bankruptcy proceedings force you to liquidate your assets in order to repay a portion of your obligations.




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