Frequently Asked Questions

Bankruptcy is a legal process that allows individuals or businesses to get relief from debt they cannot pay off.

Bankruptcy is a legal process that allows individuals or businesses to get relief from debt they cannot pay off.

Bankruptcy may be a good option if you have significant debt and no realistic way to pay it off. However, it is essential to consult with a bankruptcy attorney to determine if it is the best option for your specific situation.

 Chapter 7 bankruptcy, also known as "liquidation bankruptcy," involves the sale of non-exempt assets to pay off as much unsecured debt as possible. It typically results in the discharge of unsecured debts, offering a fresh start to the debtor. 

 Chapter 13 bankruptcy, often referred to as "reorganization bankruptcy," involves creating a court-approved repayment plan to pay back all or a portion of your debts over a period of three to five years, without the liquidation of assets. It is a suitable option for those with regular income who want to protect their assets and prevent foreclosure on their home. 

 Chapter 7 bankruptcy, also known as "liquidation bankruptcy," involves the sale of non-exempt assets to pay off unsecured debts, often resulting in the discharge of those debts. On the other hand, Chapter 13 bankruptcy, referred to as "reorganization bankruptcy," creates a court-approved repayment plan to pay back all or apportion off your debts over three to five years without liquidating assets, making it suitable for individuals with regular income who want to protect their investments.