What Is Bankruptcy?
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WHAT IS BANKRUPTC Y? By Lee Legal
description
When you experience financial difficulties you may need to regroup. With the proper legal guidance, bankruptcy can be the right choice. In this presentation we will look at some basic facts about bankruptcy.
Transcript of What Is Bankruptcy?
WHAT ISBANKRUPTCY?
By Lee Legal
When you experience financial difficulties you may need to regroup
With the proper legal guidance, bankruptcy can be the
RIGHT CHOICE
In this presentation we will look at some basic
facts about bankruptcy
Two Types ofBANKRUPTCY
There are essentially two different types
of bankruptcy
1 LIQUIDATION
2 REORGANIZATION
MOST COMMON FORMS OF
BANKRUPTCY
Chapter 7
Chapter 7Chapter 13
Chapter 7 bankruptcy involves the discharge of your debt
Chapter 13 bankruptcy involves reorganizing your debt
1 Chapter 7 Bankruptcy
Chapter 7 bankruptcy is
appropriate for those who cannot repay their debts
If you file for this type of bankruptcy your debt will be discharged, and you can start afresh
Chapter 7 Benefits
When you file for Chapter 7 bankruptcy
you stop garnishments, lawsuits, and
repossessions
Your unsecured debt will be discharged
This includes credit cards, payday loans, overdrawn bank accounts, and other forms of unsecured debt
As you begin anew free of these
encumbrances you can start to rebuild
your credit
2 Chapter 13 Bankruptcy
Chapter 13 bankruptcy is for people who have enough income to make payments on
their debts
You reorganize your financial responsibilities and emerge with a more manageable
situation
Chapter 13 Benefits
Chapter 13 can put a stop to any
foreclosure efforts that may be underway
Garnishments, legal actions,
and repossessions
will cease
Intrusive collection efforts
will stop
Ultimately, you'll have up to five years to stick to a
plan that gets you back on track
Chapter 11 & Chapter 12
Chapter 11 and Chapter 12 bankruptcies
exist as well
3 Chapter 11 Bankruptcy
Chapter 11 is generally going to
be utilized by businesses for reorganization purposes or by individuals with
multiple real estate assets
4 Chapter 12 Bankruptcy
Chapter 12 allows farmers and fishermen
to reorganize their debts
WHAT’S
BESTFOR YOU?
After viewing this presentation you have some
basic information about bankruptcies
To find out what course of action will be best for you,
schedule a consultation with our firm
LEE LEGAL
We will gain an understanding of your situation, become apprised of your goals,
and make the appropriate recommendations
LEE LEGAL
Bankruptcy Lawyer in Virginia and Washington, DCBankruptcy Lawyer in Virginia and
Washington, DC
www.Lee-Legal.com
(202) 448-5136(703) 879-2870
(202) 448-5136(703) 879-2870
