Types of Bankruptcy
There are many types of bankruptcy, but only two that really concern to individuals. Chapter 12 deals with a family farmer or family fisherman, Chapter 11 is a “reorganization” of a business, Chapter 9 is based on Municipality (cities, towns, schools, etc.), and Chapter 15 which deals with ancillary and Cross-Border cases. For example, a typical Chapter 11 filing fee is $1,039 compared to Chapter 7 ($299) and Chapter 13 ($274) and Chapter 12 of $239, in which these fees are collected at the time of the filing.
For the basic person, Chapter 7 and Chapter 13 are the best bets to dissolve your accumulated debt. A Chapter 7 Bankruptcy case uses the debtors assets and liquidates them to help pay off the debt. The United States established a law that allows the debtor to retain their home and car or any other essential item. On the other hand, a Chapter 13 Bankruptcy case gives the debtor more time and reduces the interest rates on bills so that it is easier to pay them.
Even though Bankruptcy sounds complicated and confusing, with a local bankruptcy attorney it will be a quick and efficient process. So contact us today and let us set you up with an experienced and friendly Bankruptcy Attorney in your area. Let us help you become debt free today!
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