Bankruptcy is a legal process designed to assist those who owe more money than they are able to pay. The bankruptcy process is guided by federal laws and carried out in bankruptcy courts. It helps an individual or a business by eliminating debt or working with creditors to pay a portion, or sometimes all, of the debt over time.
Bankruptcy law can include the following:
Chapter 7 (provides for the liquidation of a company’s or individual’s assets to settle debts with creditors)
Chapter 11 (allows for the reorganization of a corporation or other business entity that seeks to keep the organization intact while seeking protection from creditors)
Chapter 13 (enables individuals with regular income to develop a plan to repay all or part of their debts)
The decision to file bankruptcy is not easy and should be guided by sound legal advice. It is critical that the attorney you choose be experienced in bankruptcy laws.
The lawyers at Tishkoff PLC specialize in bankruptcy matters and can help you navigate through this process. As a debt relief agency, we help people file for relief under the Bankruptcy Code. Please visit our additional bankruptcy tabs for more information or contact us to schedule a free consultation.