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Category: Bankruptcy

Options for Business Bankruptcy

business bankruptcy

Like consumers, business owners have two primary options when filing for bankruptcy. They can opt for a Chapter 7 bankruptcy, which is a liquidation of the business assets. Alternatively, they can choose a Chapter 11 bankruptcy, which is a restructuring that allows them time to pay their debts. In a Chapter 7 bankruptcy, it would mean the end of…

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What is a Debt Discharge in Bankruptcy?

Lynnwood Bankruptcy Attorney

If you are filing for bankruptcy, you have two different options, depending on your income level. In a Chapter 13 bankruptcy, you will be able to restructure your debt. In a Chapter 7 bankruptcy, you will be able to get a complete discharge of some of your debts. A discharge means that certain debts (for example, student loan debts…

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Getting a Fair Chapter 13 Repayment Plan

Washington Bankruptcy Attorney

When you go through a Chapter 13 bankruptcy plan, you must make payments toward your debts, albeit under a more forgiving timeframe than you had before, with debts being reduced. You are getting a restructuring as opposed to wiping the slate clean. What you are really getting is breathing room and protection that can allow you to work your…

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Reasons People File for Bankruptcy

bankruptcy process

Bankruptcy gets a bad reputation in the United States, as many people assume bankruptcy filers are irresponsible or gaming the system to get free money. In reality, neither of these are the driving reasons for most bankruptcy cases. Instead, the bankruptcy process usually provides relief for people who face financial struggles due to unforeseen circumstances. One of the top…

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Which Type of Bankruptcy is Right for You?

Lynnwood Bankruptcy Lawyer

The United States Bankruptcy Code lists six types of bankruptcy: Chapters 7, 9, 11, 12, 13, and 15, but you will want to speak to a Lynnwood bankruptcy lawyer for help determining the chapter that will work best for you. The two most common chapters people file under are Chapter 7 and Chapter 13. There are significant differences between…

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