JUSTICE ENTREPRENEURS PROJECT

Bankruptcy

Navigating Financial Challenges – Your Guide to Bankruptcy Solutions

Your Roadmap to Debt Freedom

Bankruptcy helps consumers and businesses get rid of their debts and repay their creditors. There are usually two types of bankruptcy options: liquidation or reorganization. Any debt remaining after either option can be discharged, if it is eligible. Liquidation has the debtor give up non-exempt property to be sold, with all of the profit going to the creditors. Exempt property remains in the hands of the debtor. Reorganization allows the person in debt to keep possession of his/her property as long as they accept an installment plan to partially pay back creditors the amount owed.

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Chapter 7 and Chapter 13 proceedings which are the most common for individuals.

Chapter 7 bankruptcies normally fall in the liquidation category. This means that if you choose this option and own non-exempt property, it could be taken and sold in the process of liquidation in order to pay back your debts. However, many debtors do not have enough property to require a liquidation, and are granted a discharge of their debts.
Chapter 13 bankruptcies generally fall under the reorganization category, meaning that you will probably be able to keep your property, but you must submit and stick to a plan that will allow you to repay some or all of your debts within 36 to 60 months (3 to 5 years).

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