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Filing Bankruptcy: Chapter 7 vs. Chapter 11 vs. Chapter 13

To deal with unsustainable levels of debt filing bankruptcy could be a good solution for individual, family, or corporation. Although most of the people know that declaring bankruptcy might have an adverse impact on their reputation, credit score and self – esteem but filing bankruptcy could provide you a chance forthe fresh financial restart. When planning for filing bankruptcy choose best nearby law firm such as Manassas Law Firm that has adequate experience and specialization of dealing with bankruptcy cases and getsfree, confidential bankruptcy evaluation.

Types of bankruptcies

There is a misconception that bankruptcy law is for big businesses,but small businesses and individual who are struggling with financial matter can also get benefited. Understand different types of bankruptcies and file as per your needs, eligibility and financial situation.

  • Chapter 7- It is commonly known as liquidation bankruptcy where the court appoints a trustee who is responsible for evaluating your assets, sell them and distribute it among authentic creditors.
  • Chapter 11- Corporations, partnerships and limited liability companies (LLCs) mostly file chapter 11 where courts allowreorganizing debtor’s business affairs, debts, and assets.
  • Chapter 13- Alsoknown as wage earner’s bankruptcy is a good choice for those whose problem is to meet the demands of creditors immediately but not lack of income. Chapter 11 and 13 mostly suits businesses where reorganization plan needs to be submitted by petitioners to safeguards assets against repossession.

Choose right partner

Regardless of the reason for declaring bankruptcy such as medical expenses, student loan, job loss, credit debt, unexpected expenses, etc. it is always advisable to seek the help of competent bankruptcy attorney and get the best help. As the attorney will be your best partner in your tough time hence consider few factors beforehand for a favorable outcome

  • Evaluate experience, performance,and reputation
  • High-quality free consultation
  • Competitive fees
  • Easy availability and friendly approach


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