Chapter 7: Chapter 7 allows debtors who qualify to discharge certain unsecured debts. Chapter 7 is referred to as a “fresh start” bankruptcy!
- An unsecured debt is a loan that is not backed by collateral. For example, credit card debt, unsecured personal loan.
Chapter 13: Chapter 13 is a payment plan, which can last from 3 to 5 years. Upon successful completion of the payment plan, then your unsecured debts will be eliminated.
Chapter 11: Chapter 11 is generally referred to as a “reorganization” bankruptcy. Chapter 11 is generally used to reorganize a business, whether it’s a sole proprietor, a corporation, or a partnership.
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