In a Chapter 7 Bankruptcy, a Trustee is appointed to take over your property.  The Trustee will then decide whether to sell your property to pay off your creditors.  This decision is based on factors such as whether the value of the property exceeds the amount of debt on the property, whether you claimed an exemption on the property, and any disposal costs incurred.  However, through the Bankruptcy Code you may be able to keep many of your personal items and possibly even real estate depending on if you are entitled to certain exemptions.  During your initial consultation, I will typically discuss these exemptions, as well as what to expect should you choose to file a Chapter 7.

You can file a Chapter 13 Bankruptcy, if you have a source of regular income and you are willing to pay part of that income to your creditors.  The benefit of this form of bankruptcy is that you can usually keep most, if not all of your property, unlike a Chapter 7.  In this form of Bankruptcy, you propose a payment plan, and if the Court approves it, a trustee is appointed to collect your payments and pay the creditors. I have the experience to help you draft a realistic payment plan that can help you overcome your debt.  As with a Chapter 7, I will typically discuss this option with you at the initial consult if you are a good candidate for filing a Chapter 13.

If your business has a lot of debt, or you are an individual with high income, you may want to file a Chapter 11.  In a Chapter 11 you continue to operate your business while paying your creditors on a payment plan.  This payment plan must be approved by the Court as well as your creditors.  As with the other forms of bankruptcy, I can help you figure out whether a Chapter 11 is the right vehicle for you to discharge your debts or to help your company do the same.  Please contact me to discuss this option further.