Chapter 7 Bankruptcy
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Chapter 7 bankruptcy is the most common and simplest type of bankruptcy protection for individuals. It is often referred to as “liquidation bankruptcy,” which means that assets are sold to pay secured debt to creditors. Chapter 7 is also sometimes used by small businesses.
After liquidating assets to pay secured debt, most or all of your unsecured debt is discharged. An affordable Indianapolis bankruptcy lawyer will help you discharge credit cards, personal loans, department store credit, and other similar debt. Student loans, alimony and child support typically cannot be eliminated through bankruptcy.
Chapter 11 Bankruptcy
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Chapter 11 bankruptcy is the most complex form of bankruptcy. It is a form of “reorganization bankruptcy” often employed by corporations that need to get a handle on significant debt so that day-to-day business operations can continue.
During Chapter 11 proceedings, the court helps a company restructure its debts and obligations while keeping the business’s doors open. Because it is the most complex, Chapter 11 is also the most expensive form of bankruptcy.
Therefore, it’s often important to explore other forms of bankruptcy before deciding to pursue Chapter 11. A skilled and affordable Indianapolis bankruptcy lawyer can help you do this.
Chapter 12 Bankruptcy
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Chapter 12 bankruptcy is designed for farmers and fishermen who run into overwhelming debt while still generating an income. This type of bankruptcy was created to give economically stressed farmers and fishermen a framework for reorganizing their debt so they can continue with their livelihood and business operations.
This highly specialized form of bankruptcy is not appropriate for individuals or companies outside the farming and fishing industries. For those that meet its requirements, Chapter 12 usually provides more benefits and/or less cost than the alternatives, being Chapter 7, Chapter 11 and Chapter 13.
Chapter 13 Bankruptcy
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Often referred to as a reorganization or “wage earner bankruptcy,” Chapter 13 bankruptcy is a process whereby an individual with a steady income but overwhelming debt can pause and reestablish their financial footing while continuing to meet some of their debt obligations.
For example, Chapter 13 halts any foreclosure action and allows you to remain in your family home. Chapter 13 allows you to repay a portion of your debt obligation through a court-approved repayment plan. Remaining eligible debt is discharged after you have successfully completed the plan.
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Litigation can arise in the bankruptcy process when you or a creditor wants to challenge a decision or some aspect of the process. This doesn’t occur in most bankruptcy filings, but our firm is ready to take these cases on when they do occur. Attorney CPA Jerry E. Smith is skilled and experienced at representing his clients in any form of bankruptcy litigation.