Explanation

Bankruptcy in the United States is covered under Federal law commonly referred to as the Bankruptcy Reform Act of 2005. Generally speaking, for individuals there are two types or chapters of Bankruptcy, Chapter 7 and Chapter 13.  Chapter 7 is a liquidation. For businesses, the corresponding chapters are 7 and 11. In a Chapter 7 proceeding, all debtor assets other than certain things that are either exempted or abandoned by the trustee after notifying the trustee of the existence of the asset, become the property of the bankruptcy estate.  The trustee then liquidates the assets and eliminates the claims with creditors.  A Chapter 13 for consumers and a Chapter 11 for businesses is a reorganization. The trustee reorganizes the assets and liabilities and allows the debtor to retain certain assets. The trustee controls your destiny as long as the bankruptcy is open.  Chapters 11 and 13 are like debt resolution except, there is no trustee in debt resolution, the process will take longer in bankruptcy and bankruptcy is tends to be significantly more costly. For the individual and bankruptcy should be the option of last resort. If a consumer tries debt resolution first and does not succeed, they can still file for bankruptcy. If a business tries a non-bankruptcy reorganization and does not succeed, they can still file for bankruptcy. The fees that were paid would have gone to the trustee so that it is in our view worth taking a chance. Similarly, for the rest of an individual’s life, people will ask the question if you ever filed for bankruptcy? Bankruptcy filings can impact employment and credit matters. In order for a consumer to file for Chapter 7 bankruptcy, the consumer will have to complete a means test establishing basic ability to file and complete a pre-petition credit counseling course. Consumers can only file bankruptcy once ever seven years. If you have discharged from bankruptcy in the last 7 years, Bankruptcy is not an option.

CONNECTION TO BANKRUPTCY COUNSEL
& PRE-PETITION COUNSELING 

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