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Various Bankruptcy Procedures For Consumers
There are several different types of bankruptcy procedures. They are generally
referred to by their Chapter number in the Bankruptcy Code.
Chapter 7 is the type of bankruptcy most frequently used by individuals. Under
this Chapter, a court-appointed trustee collects any assets the bankruptcy petitioner
may have, and makes distributions to creditors. The petitioner can keep assets
that are exempt either under Federal law or the law of his or her home state.
Chapter 13 is another frequently used type of bankruptcy. It is designed for
an individual debtor who has a regular income and stable job. Under this procedure,
the petitioner pays debts off over a three-to-five year period and is allowed
to keep his or her property. A Chapter 13 can be filed at any time.
Individuals may also use Chapter 11 reorganizations, but this form is generally
targeted to businesses. Farmers can use Chapter 12. Chapter 12 allows farmers
with real estate debts to pay off the debts from the profits generated by future
crops.
If you or a loved one is in need of legal assistance, call Gonzalez & Garcia Toll Free at (800) 352-HURT or submit
an online questionnaire. The initial consultation is free of charge, and
if we agree to handle your case, we will work on a contingency fee basis, which
means we get paid for our services only if there is a monetary recovery of funds.
In many cases, a lawsuit must be filed before an applicable expiration date,
known as a statute of limitations. Please call right away to ensure that you
do not waive your right to possible compensation.
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