The Scottsdale bankruptcy attorneys at Canterbury Law Group are authorities in bankruptcy. For those struggling with their financial affairs, there are laws that provide for the reduction or elimination of certain debts, and can provide a timeline for the repayment of non-dischargeable debts. It also permits individuals and organizations to repay secured debts with more favorable terms to the borrower.
During December and January, we have many clients looking at options to refresh their finances in the New Year. If you are considering filing for bankruptcy, there are four types of bankruptcy cases to choose from:
Chapter 7 is commonly referred to as “straight” bankruptcy or “liquidation.” It requires a debtor to give up property which exceeds certain limits called “exemptions”, so the property can be sold to pay creditors.
Chapter 11, also known as “reorganization”, is used by businesses and a few individual debtors whose debts are very large.
Chapter 12 is used only by family farmers.
Chapter 13 is called “debt adjustment”. It requires a debtor to file a plan to pay debts (or parts of debts) from their current income.
Most people filing bankruptcy will file either chapter 7 or chapter 13 and either type of case may be filed individually or by a married couple filing jointly.
It is no surprise that filing bankruptcy can become tedious and overwhelming. At Canterbury Law Group, we will represent you through the entire process and fight diligently to secure your fresh financial start.
Call us today to schedule your consultation. We can put you on the path to reach financial success!