At Maverick Bankruptcy Law, we focus on understanding your unique situation so that we can put you in the best position possible. Learn more about our Bankruptcy services and how you can achieve a brighter future. Contact Maverick Law today.
Chapter 7 Bankruptcy
When you file for Chapter 7 bankruptcy, the court will put an automatic stay on your current debts. This will be temporary but will stop creditors from collecting payments, garnishing your wages, or foreclosing on your home. The court will then appoint a trustee to your case. The bankruptcy trustee will then review your finances and assets and will be responsible for selling certain property that your bankruptcy will not let you keep. They will use these funds to pay your creditors. At the end of this entire process, the court will discharge your remaining debt.
Chapter 13 Bankruptcy
The goal of Chapter 13 bankruptcy is to help people by putting them on a repayment plan that makes it easier to pay back what they owe in debt. A Chapter 13 bankruptcy requires a repayment period of 3 to 5 years. Individuals who file bankruptcy under Chapter 13 may not have to pay back all of their debts. A Chapter 13 repayment plan is based on a number of factors, including assets, liabilities, disposable income, and expenses. Although a Chapter 13 bankruptcy is a longer process than a Chapter 7 bankruptcy, it may be a much better fit in many situations (e.g., stopping a foreclosure).
Business bankruptcies still fall under the above-mentioned bankruptcy types. A business can file for Chapter 7, 11, or 13 bankruptcy depending on how their company is formed. Sole proprietorships can file Chapter 7 and Chapter 13 bankruptcy, while corporations have to decide between Chapter 7 and Chapter 11 bankruptcy. Many business owners have personally guaranteed debts that make them liable even if their business files bankruptcy. Debtors considering business bankruptcy should speak with an experienced attorney to find out whether a business bankruptcy or a consumer bankruptcy makes sense.
How We Can Help
Leverage the expertise of a lawyer who has handled hundreds of bankruptcy cases – we’ll be with you each step of the way to answer questions and advocate for you. Simply fill out the contact form below or give us a call at 480-276-1979 for a free, no-obligation consultation to find out if bankruptcy is the right solution for you.
You Deserve Relief. We Can Help.
In one conversation we will get you on track with a plan that is tailored to your situation.