The Bankruptcy Law Office of Brian R Lewis specializes in Chapter 7 Bankruptcy and Chapter 13 Bankruptcy, these are the two most common types. Chapter 7 and Chapter 13 bankruptcy can be used in both personal bankruptcy and business bankruptcy but please call us to discuss the best option for our situation.
Chapter 7 Bankruptcy – Commonly referred to as “straight Bankruptcy,” in this kind of Bankruptcy the debtor does not set up a plan to pay creditors. The debts are simply eliminated (with some exceptions), and if the debtor owns anything that is not protected, it will be sold for the benefit of the creditors. In most consumer cases, your home is protected and the debtor does not lose any property.
Chapter 13 Bankruptcy – Commonly referred to as “reorganization Bankruptcy,” in this kind of Bankruptcy the debtor attempts to pay back creditors using a court-approved 3-5 year payment plan. A debtor might file Chapter 13 because it will stop a foreclosure, or because their income is too high to qualify for Chapter 7.