Chapter 11 Bankruptcy is a petition that is filed with a court either by the debtor, or by a debtor’s creditor. Included in the filing usually will be a document called a disclosure statement. This document lists a debtor’s income, assets, liabilities and a plan for action. Chapter 11 is usually used for a business [...]
Chapter 12 Bankruptcy is reserved for a special nitch of people. Chapter 12 was designed to help the family farmers and fisherman. Now what does that mean? A fisherman or a farmer that is following in their ancestors footsteps in those fields that have insurmountable debts as a result of the much needed industry they [...]
If you have a job and or income on a regular basis then Chapter 13 Bankruptcy may be the best of the Bankruptcy options for you. Chapter 13 is for individuals or small businesses (one owner) that have the means to pay a sizable amount of their debt back but may need aditional time and [...]
The federal government is responsible for regulating and overseeing the Bankruptcy proceedings in the United States. They have set up guidelines regarding what items can be exempt from creditors attempts at collection. Congress does allow states to decide whether to follow the federal guide or to set up their own guidelines. Sixteen states allow their [...]