Filing bankruptcy is a difficult decision for any individual or business and should not be made without a good understanding of the process and its ramifications. If you are considering bankruptcy for yourself or your business, it is important that you discuss it with someone knowledgeable and who will take the time to answer all of your questions and concerns.
While bankruptcy is commonly the best course of action, there are often alternatives that should be explored. In some cases, it may be possible to avoid bankruptcy by negotiating with creditors to pay off debts for less than the full amount owed. If you owe more than your real estate is worth, a short sale may be an attractive alternative to bankruptcy.
If a review of your situation concludes that bankruptcy is the best option, a determination needs to be made about the proper chapter to use.
For an individual, the primary factors to consider are income, types of debt and the amount of debt.
For businesses, we need to look at viability, income and expenses and debt load.
For your convenience, we have included a description and summary of the different chapters/types of bankruptcy.
|Ch. 7 Bankruptcy:
|Ch. 11 Bankruptcy:
|Ch. 13 Bankruptcy:
Individual Debt Adjustment