What is Bankruptcy?
Bankruptcy is a legal process that allows individuals or businesses to restructure or eliminate their debts when they are unable to pay them. There are several types of bankruptcy, including Chapter 7 and Chapter 13.
Types of Bankruptcy
- Chapter 7: Liquidation bankruptcy, which allows the court to take assets away from debtors and use the money for other debts or expenses.
- Chapter 13: Reorganization bankruptcy, which allows debtors to create a plan to pay off their debts over time.
Bankruptcy Attorney Services
A bankruptcy attorney can help individuals or businesses navigate the bankruptcy process and ensure that all necessary steps are taken. A bankruptcy attorney can also provide guidance on the best course of action for each individual's specific situation.
Benefits of Hiring a Bankruptcy Attorney
- Proper planning and execution of the bankruptcy process.
- Lifetime assistance from an experienced attorney.
- Deductions from any assets that are liquidated in bankruptcy proceedings.
- Benefits to tax implications, including potential for tax benefits after filing bankruptcy.