Being burden with heavy debt is extremely stressful. The good news is that the father-son team at The Nevin Law Firm can help. We can stop foreclosures, garnishments, and the harrassing phones calls. Give us your debts, and let us shoulder your burden.
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The most popular way to file bankruptcy is a Chapter 7 bankruptcy, which is a liquidation proceeding in which the debtor's non-exempt assets, if any, are sold by the Chapter 7 trustee and the proceeds distributed to creditors according to the priorities established in the Code.
The other common method is a Chapter 13 bankrupty, which allows a debtor to keep property and pay debts over time, usually three to five years.) Background. A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts.
Chapter 11 is the chapter of the Bankruptcy Code providing (generally) for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.
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