Filing for bankruptcy is a tedious and embarrassing process, but often times it is the best solution for someone who has an overwhelming amount of debt. According to the United States Courts, “Bankruptcy helps people who can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect financially troubled businesses.” Our lawyer services can help you or your business file for bankruptcy, and explain the forms and procedures that will go into the process.
If you are considering filing for bankruptcy, these basic terms and knowledge will help you make an informed decision before contacting lawyer services.
• A bankruptcy case begins when a debtor files a petition with a bankruptcy court.
• All cases of bankruptcy are dealt with in federal courts.
• A bankruptcy petition can be filed by spouses together, individuals, or corporations.
There are also several different chapters (types) of bankruptcies to become familiar with including:
• Chapter 7 or Chapter 13: Individuals may file under one of these chapters based on their circumstances. Businesses may also file under Chapter 7 in order to liquidate.
• Chapter 9: Towns, cities, school districts, or municipal utilities may file under Chapter 9 in order to reorganize.
• Chapter 11: This chapter is for businesses that wish to reorganize.
• Chapter 12: This type is for farmers and fisherman.
• Chapter 15: If multiple parties involved in the case are from different countries, they would file under Chapter 15.
If you live in Northern Virginia, Maryland, or Washington DC and are considering filing for bankruptcy, contact our lawyer services today. Bankruptcy has many long-term financial effects and we want to help you understand the process.
Have the professionals guide you out of this horrible event the right way but also the quickest way. With over three decades of experience, HARRIS S. AMMERMAN, is dedicated to serving anyone who is experiencing overwhelming debt and needs to file for bankruptcy relief under Chapter 7, or Chapter 13. We are pleased to serve the Washington D.C., Maryland and Virginia areas, call today at (202) 638-0606 for a free consultation.