Bankruptcy Laws
What are Bankruptcy Laws?
Bankruptcy laws allow a debtor, who is unable to pay his creditors, to reduce, repay or resolve his debts with his creditors. The U.S. bankruptcy laws list distinct six types of bankruptcy. Certain bankruptcy laws allow a debtor to stay in business. Other bankruptcy laws allow a debtor to be discharged from financial obligations. Bankruptcy laws are complex. Filing a bankruptcy must be handled carefully. You need the assistance of specialized bankruptcy lawyers to file a bankruptcy.
For a free 1/2 hour consultation with our expert bankruptcy lawyer Contact Christie Lee Law Office today about bankruptcy laws or give us a phone call 209-910-5291
What are the different types of bankruptcy laws?
There are six types of bankruptcy laws. Chapter 7 , Chapter 13 and Chapter 11 are the most common bankruptcies. The Chapter 12, Chapter 9 and Chapter 15 bankruptcies are less common.
Chapter 7 bankruptcy is the most common form of bankruptcy. Chapter 7 bankruptcy debt relief is the fastest to way to get out of unsecured debts. Chapter 13 bankruptcy is for individual debt adjustment. Chapter 13 bankruptcy is to repay debts over a three to five year period. Chapter 11 bankruptcy is for business. Learn more about business bankruptcy. Chapter 11 bankruptcy debt relief gives the debtor a breathing spell. Chapter 11 bankruptcy allows the debtor to continue business. Chapter 11 may be filed instead of chapter 13 if the debtor is not an individual or the debt exceeds the cap for Chapter 13 bankruptcy.
Chapter 12 bankruptcy is similar to chapter 13 bankruptcy but is for farmers and fishermen. Chapter 9 bankruptcy is similar to chapter 11 bankruptcy, but it is made for municipalities. Chapter 15 bankruptcy deals with cross-border bankruptcy.
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What are Chapter 7 bankruptcy laws and rules?
Chapter 7 bankruptcy laws and rules apply to individuals and businesses. Chapter 7 bankruptcy is the most common form of bankruptcy. Chapter 7 bankruptcy debt relief is the fastest to way to get out of unsecured debts. Unsecured debts are often debts that have been paid with credit cards. Debts can be discharged in a few months and give you a new financial start. Your bankruptcy debt relief attorney will help you to figure out which debts can be relieved under Chapter 7 bankruptcy laws. Learn more about Chapter 7.
What are Chapter 13 bankruptcy laws and rules?
Chapter 13 bankruptcy laws and rules apply to individuals. Chapter 13 bankruptcy laws are for individuals that do not qualify under chapter 7 bankruptcy laws and rules, Chapter 13 bankruptcy is individual debt adjustment. It is also called individual debt consolidation, or repayment plan. Chapter 13 bankruptcy debt relief is for people who have problems with their mortgage payments, property taxes, or non- dischargeable debts. Chapter 13 is for people that have disposable income to reorganize their debts and repay their creditors within 3 to 5 years. Chapter 13 bankruptcy attorneys know the chapter 13 bankruptcy laws and rules very well and are expert in getting the creditors to accept plans that allows you to keep your property and your assets.
Learn more about Chapter 13.
Want to find out more about bankruptcy laws?
We give 1/2 hour free consultations – flexible scheduling
If you would like a free 1/2 hour consultation with our expert bankruptcy lawyer Contact Christie Lee Law Office today or give us a phone call 209-910-5291. Our office is conveniently located and open, 8:00am to 6:00pm. If you would like a weekend appointment, simply call and set one up. We are flexible with our schedule and most importantly want to get your problems resolved.
We have years of experience helping people file for bankruptcy under the US Federal Bankruptcy Law.
We primarily service clients in the Northern California region with our office in Stanislaus County. Many of our happy clients include residents from