Understanding Different Types of Bankruptcy -- Overview
At Gasparis & Zembillas Attorneys at Law, we can help you make sense of the Bankruptcy Code so that you can make informed decisions when filing for personal or business bankruptcy. With so many different forms of bankruptcy and bankruptcy codes, many people seeking bankruptcy protection quickly get overwhelmed with questions.
- What Chapter of bankruptcy is my best fit?
- Can I keep my house and my car?
- Is Chapter 11 the right choice for my business?
- What is an Automatic Stay?
- Can bankruptcy stop foreclosure?
- What do I qualify for, and what happens when I declare bankruptcy?
- What happens at a 341 meeting of creditors?
- What happens after my bankruptcy is completed?
Chapter 7 Bankruptcy
When you file for Chapter 7 bankruptcy, your assets are liquidated to pay off your debts, usually at a much smaller balance than what you currently owe. Some assets, such as your primary residence, are exempt from liquidation, meaning you can’t be forced to sell them as part of your Chapter 7 bankruptcy filing. This can make Chapter 7 an effective tool against stopping foreclosure. Generally speaking, to qualify for Chapter 7 bankruptcy, your income must be below that of the median income. Small businesses can sometimes qualify for Chapter 7 bankruptcy as well. For more information on Chapter 7 bankruptcy, visit our Chapter 7 bankruptcy page.
Chapter 11 Bankruptcy
Businesses can file for Chapter 11 bankruptcy if they can devise a plan for reorganization that creditors find favorable, and demonstrate that they can better repay their debts by staying in business than by liquidating their assets and shutting down. In Chapter 11 bankruptcy, business owners can retain control of their business and assets, and continue normal business operations as they restructure their debts. Chapter 11 filings can be complicated, so it’s important that you have a knowledgeable Chapter 11 business bankruptcy attorney to act as your counsel and advocate throughout the proceedings. For more information on Chapter 11 bankruptcy, visit our Chapter 11 page.
Consult With An Experienced NW Indiana Bankruptcy Lawyers
To schedule a time to meet with Gasparis & Zembillas Attorneys at Law, then please call today for a free consultation. We proudly serve individuals, families, and businesses in Northwest Indiana and in the surrounding communities.
How may we help you?