Businesses and individuals can file bankruptcy once they have ascertained that it has become impossible to pay off their creditors. One of the greatest benefits of bankruptcy is that it provides a chance to start over from a financial point of view, as most debts are dischargeable.
Chapter 7, also known as the “fresh start”: A chapter 7 allows you to discharge most of your debts and move forward. In most cases, you are allowed to keep all of your property.
Chapter 13 also known as a re-organization: A chapter 13 is often the solution for people who are behind on their mortgage and wish to keep their home. A plan is created in which the mortgage company is paid the arrears over the course of three to five years. A chapter 13 is also ideal for people who have tax debt from recent years. Also, people who do not qualify for a Chapter 7 often file a Chapter 13, which will pay off some or all of their debts. The attorneys at Roberson Law, LLC will work with you to create a chapter plan that addresses your needs.
Chapter 7 small business bankruptcy: if more than half of your debt is business-related, a Chapter 7 business bankruptcy may be right for you, even if you personally guaranteed all or part of the debt.
Chapter 11 business bankruptcy: this chapter is for businesses that are experiencing problems that could be solved if the business had more time to pay its creditors, or would be viable with a re-organization.
Contact us today at (303) 893-0833 to learn more about your options under the current bankruptcy laws.