Interested in working with us? Call us on (636) 916-5400 or fill out this quick form and we will contact you within 24 hours!
What is a Chapter 7? What is a Chapter 11? What is a Chapter 12? What is a Chapter 13?
What is a Chapter 7?
Chapter 7 is the most popular type of bankruptcy. In a Chapter 7 bankruptcy, you must fully disclose your property, debts and financial activities over the several years prior to the filing of the bankruptcy. Typically three months after the case is filed, you receive a discharge of most of your debts with exception of certain nondischargeable debts.
What is a Chapter 13?
Chapter 13 is a reorganization for individuals. The individual can include sole proprietors and independent contracts but cannot include entities such as corporations or limited liability companies. Along with all of the documents required in a Chapter 7, you also propose a 3 or 5 year plan under which you typically must repay certain types of debts in full and usually some portion of your unsecured debt. Chapter 13 can be used to pay off missed mortgage payments over the life of the plan. Typically Chapter 13 is not the bankruptcy of choice because of the length of time before receiving a discharge and the extra legal fees involved. However, 10% to 15% of people who file under Chapter 7 are required to convert to a Chapter 13 bankruptcy because they have sufficient income to fund a Chapter 13 plan and at least partially pay back some of their creditors.
What is a Chapter 11?
A Chapter 11 Bankruptcy is typically for financially struggling businesses; used as a reorganization of their financial affairs. However, individuals may also qualify to file a Chapter 11. Individuals who consider Chapter 11 usually have debts in excess of the Chapter 13 bankruptcy debt limits or if the Debtor has substantial non exempt assets. Chapter 11 fees can be cost prohibitive and are very complicated. You definitely need an attorney if you are going to file a Chapter 11. If you are considering filing a Chapter 11, contact an attorney that specializes in Chapter 11 bankruptcies.
What is a Chapter 12?
Chapter 12 is very similar to Chapter 13. However, you be eligible for Chapter 12, at least 80% of the debts must have arisen from the operation of a family farm. If you believe that Chapter 12 may be what you need, contact an attorney that specializes in Chapter 12 bankruptcies.
If you are considering any type of bankruptcy, contact a bankruptcy attorney today.
Post a Comment to "What is a Chapter 7? What is a Chapter 11? What is a Chapter 12? What is a Chapter 13?"
To reply to this message, enter your reply in the box labeled "Message", hit "Post Message."St. Charles Office
1861 Sherman Drive
St Charles, MO 63303
Phone: 636-916-5400
At Hwy 94 and Hwy 70.
Get Directions | See Detail
St. Louis Office
3470 Hampton Ave, Suite 101
St. Louis, MO 63109
Phone: 314-353-0834
Close to the corner of Hampton Ave and Chippewa. By appointment only.
Get Directions | See Detail
South & Jefferson County office
7321 S. Lindbergh Ave., Suite 222
St. Louis, MO 63125
Phone: 636-916-5400
Across the South County Mall.
Get Directions | See Detail
Florissant Office (North County)
1281 Graham Rd, Suite 300
Florissant, MO 63031
Phone: 314-921-1880
At North Hanley and Hwy 270.
Get Directions | See Detail
Belleville Office (St. Clair county)
2 Park Place Professional Centre
Belleville, Illinois 62226
Phone: 618-977-9560
On Hwy 159, next to Schnucks.
Get Directions
Granite City Office (Madison County)
3600 Nameoki Rd, Suite 201
Granite City, IL 62040
Phone: 618-977-9560
Across Shop'n Save, by appointment only.
Get Directions | See Detail