Bankruptcy
A business or an individual can declare bankruptcy once they have ascertained that it has become impossible to pay off one's creditors. It can give you a chance to start over from a financial point of view, as most of debts are relieved after bankruptcy as been filed.
Chapter 7, or liquidation bankruptcy, means that your "estate" - i.e., your assets - is sold in order to pay off your creditors. A reorganization bankruptcy can also involve the selling of assets, but more often than not you can retain a majority of your assets while your creditors' needs are assessed. This could mean garnishments and foreclosures as well.
Reorganization bankruptcies can be filed under numerous guidelines. At Grundy Law Group, we take cases that are filing for Chapter 13 bankruptcy, working with individuals with a steady income. This too could mean working with you on garnishments or foreclosures.
Contact us today to learn more about your options under the current bankruptcy laws. We're here to help.
A business or an individual can declare bankruptcy once they have ascertained that it has become impossible to pay off one's creditors. It can give you a chance to start over from a financial point of view, as most of debts are relieved after bankruptcy as been filed.
Chapter 7, or liquidation bankruptcy, means that your "estate" - i.e., your assets - is sold in order to pay off your creditors. A reorganization bankruptcy can also involve the selling of assets, but more often than not you can retain a majority of your assets while your creditors' needs are assessed. This could mean garnishments and foreclosures as well.
Reorganization bankruptcies can be filed under numerous guidelines. At Grundy Law Group, we take cases that are filing for Chapter 13 bankruptcy, working with individuals with a steady income. This too could mean working with you on garnishments or foreclosures.
Contact us today to learn more about your options under the current bankruptcy laws. We're here to help.