Bankruptcy is complicated. To maximize success, courts encourage individual allpicants to seek legal counsel. When a person files a petition for bankruptcy, the automatic stay is immediately imposed to protect the petitioner from creditors. The petitioners also elects the appropriate bakruptcy typ based on their circumstances.
Reorganization is governed by Chapter 13 of the code. In a Chapter 13 bankruptcy, the petitioner attempts to reorganize their finances so they may keep some or all of their assets.The petitioner proposes a plan to the court to repay all or some of their debt over a three to five year period.
If Reorganization is not feasible, Liquidation under Chapter 7, may be the best choice. In a Chapter 7 bankruptcy, the property of the petitioner is liquidated and the proceeds used to pay the creditors.
The MP Morris Law Firm is experienced in dealing with difficulties arising from bankruptcy cases. Let us help you and ease the headaches involved in protecting your property.