Yes. There are four types of bankruptcy:
- Chapter 7. Sometimes referred to as straight bankruptcy or liquidation. It allows an individual or business to wipe out debt in exchange for giving up “non-exempt” property.
- Chapter 11. A type of reorganization used by large businesses and sometimes used by individuals with amounts of debt exceeding the debt limits of Chapter 13.
- Chapter 12. A type of reorganization available only to family farmers or family fishermen.
- Chapter 13. A type of reorganization available to individuals and families. Often used to prevent the foreclosure of real property and/or repossession of motor vehicles.
If you are struggling with debt problems and would like to know more about how bankruptcy may be able to help you, contact me today by phone or email to schedule a FREE initial consultation. I would count it a privilege to be able to visit with you in a relaxed and confidential environment where I’ll answer all of your questions in plain English and give you the straight scoop on the pros and cons of bankruptcy as related to your specific situation.
