What Different Types of Bankruptcy Cases can Stark Law help with?
Chapter Choice is Vitally Important. The choice of filing under Chapter 7 or 13 is the most important initial decision in a consumer or small business bankruptcy filing. Certain goals can be achieved under Chapter 7 which cannot be done in a Chapter 13 case, and vice versa. The choice of whether to file under Chapter 7 or 13 should be made only after consulting with a Roger Stark. Chapter 7 is known as straight bankruptcy or liquidation. Chapter 11, known as reorganization, is used by businesses and a few individual debtors whose debts are very large. Chapter 13 is called debt adjustment. It requires a debtor to file a plan to pay debts (or parts of debts) from current income. Chapter 7 (Straight Bankruptcy) In a bankruptcy case under chapter 7, you file a petition asking the court to discharge your debts. The basic idea in a chapter 7 bankruptcy is to wipe out (discharge) your debts. It is important to remember that bankruptcy law allows you to keep exempt property. In most cases, all
