The court can protect you during your bankruptcy proceeding if you can prove that you are entitles to it. In general, bankruptcies can be categorized into two types– liquidations, and reorganizations.
Chapter 7 bankruptcy is one of the most common to file for both individuals and businesses. Chapter 7 normally fall under the liquidation category. That means that if you own property that will usually be used to pay back your debts. These proceedings can act from three to six months.
Both individuals and businesses can file for Chapter 7 bankruptcy. If a business files it is called business chapter 7. If an individual files its called a consumer Chapter 7.
Before you file for Chapter 7 bankruptcy you must be able to show you eligible to file. To be eligible you cannot make enough money to fund your chapter 13 bankruptcy repayment.
*** Please note that you will be required to provide a copy of your last two years of tax returns. Our office will contact you to with more details after we receive your form submission.