Lance D. Brown, Esq. has extensive experience helping people and corporations file for Bankruptcy protection. Did you know the concept of Bankruptcy is actually in our Constitution? Article 1, Section 8 provides Congress shall have the powers to establish uniform Bankruptcy rules. Chapter 7
Chapter 7 is a Liquidation. If your debts are overwhelming and you have no significant assets, this may be the right Chapter for you. As of October 17, 2005, new BAPCPA requirements also require your income to be lower than certain thresholds depending on your family size and where you live in the United States. Chapter 7 may not be right for you if:
- You want to pay back debt.
- You have positive cash flow.
- You have significant equity in your home.
- You make too much income to qualify.
- You have non-exempt assets.
Chapter 11
Chapter 11 is a reorganization for a business but can also be used for people with high net worth. There are monthly reporting requirements and many complex rules to follow. Lance Brown, Esq. has helped businesses sucessfully reorganize. You may wish to file an 11 if:
- You are a business and wish to stay in business.
- You are a person with high net worth and can’t file either a 7 or 13.
Chapter 13
Chapter 13 is an individual plan for reorganization. It is not available for businesses or for some individuals with significant liabilities. A repayment plan is created for your creditors, which in most situations is based upon what you can afford rather than what you owe. The plan will last 36 months but can be as long as 60 months. If you have fallen behind on your mortgage or car, you can catch up on your payments through the Plan. Chapter 13 may be right for you if:
- You want to pay back your creditors.
- You have positive cash flow.
- You need to catch up on your mortgage or car payments.
- You have assets that cannot be protected in a Chapter 7.
- Your income level is too high to proceed with a Chapter 7.
We would be happy to assist you with filing for Bankruptcy Protection or assisting you outside of bankruptcy. In order to do so we would need a signed legal fee agreement with payment. Otherwise, please feel free to contact us with further questions. |
