What Is Bankruptcy?

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When you experience financial difficulties you may need to regroup. With the proper legal guidance, bankruptcy can be the right choice. In this presentation we will look at some basic facts about bankruptcy.

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Bankruptcy?:

What Is Bankruptcy ? By Lee Legal

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When you experience financial difficulties you may need to regroup

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With the proper legal guidance, bankruptcy can be the RIGHT CHOICE

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In this presentation we will look at some basic facts about bankruptcy

Two Types of:

Two Types of Bankruptcy

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There are essentially two different types of bankruptcy

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1 LIQUIDATION

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2 REORGANIZATION

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MOST COMMON FORMS OF BANKRUPTCY

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Chapter 7

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Chapter 7 Chapter 13

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Chapter 7 bankruptcy involves the discharge of your debt

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Chapter 13 bankruptcy involves reorganizing your debt

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1 Chapter 7 Bankruptcy

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Chapter 7 bankruptcy is appropriate for those who cannot repay their debts

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If you file for this type of bankruptcy your debt will be discharged, and you can start afresh

Chapter 7 Benefits:

Chapter 7 Benefits

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When you file for Chapter 7 bankruptcy you stop garnishments, lawsuits, and repossessions

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Your unsecured debt will be discharged This includes credit cards, payday loans, overdrawn bank accounts, and other forms of unsecured debt

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As you begin anew free of these encumbrances you can start to rebuild your credit

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2 Chapter 13 Bankruptcy

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Chapter 13 bankruptcy is for people who have enough income to make payments on their debts

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You reorganize your financial responsibilities and emerge with a more manageable situation

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Chapter 13 Benefits

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Chapter 13 can put a stop to any foreclosure efforts that may be underway

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Garnishments, legal actions, and repossessions will cease

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Intrusive collection efforts will stop

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Ultimately, you'll have up to five years to stick to a plan that gets you back on track

Chapter 11 & Chapter 12:

Chapter 11 & Chapter 12 Chapter 11 and Chapter 12 bankruptcies exist as well

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3 Chapter 11 Bankruptcy

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Chapter 11 is generally going to be utilized by businesses for reorganization purposes   or by individuals with multiple real estate assets

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4 Chapter 12 Bankruptcy

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Chapter 12 allows farmers and fishermen to reorganize their debts

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What’s BEST For You?

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After viewing this presentation you have some basic information about bankruptcies

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To find out what course of action will be best for you, schedule a consultation with our firm Lee Legal

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We will gain an understanding of your situation, become apprised of your goals, and make the appropriate recommendations Lee Legal

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Bankruptcy Lawyer in Virginia and Washington, DC Bankruptcy Lawyer in Virginia and Washington, DC www.Lee-Legal.com ( 202) 448-5136 (703) 879-2870 ( 202) 448-5136 (703) 879-2870

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