Here are some basic questions you may have about filing for Bankruptcy:
What Is A Chapter 13
Chapter 13 Bankruptcy, also considered reorganization bankruptcy, is appealing for individuals who have property they would like to keep, and not liquidate. Typically, Chapter13 bankruptcy is filed by individuals who prefer paying off their debts over a period of three to five years. It is also only an option for those individuals who have predictable income, and whose income is sufficient to pay their reasonable expenses and some of their debt. Chapter 13 also applies to those who have already filed a Chapter 7, and have not any other way to stop creditors from Garnishment & Harassment.
How Difficult Is It To File A Chapter 7 Under New Bankruptcy Laws
According to a written bankruptcy means test, under the new laws it is going to be more difficult to file Chapter 7. It is because there are more hurdles to jump over under the new laws, and it is true that the bankruptcy means test will result in some people having to file chapter 13 instead of Chapter 7. However, for a large percentage of filers Chapter 7 is still available with very little extra effort.
What is a Chapter 11
Chapter 11 Bankruptcy retains many of the features present in all, or most bankruptcy proceedings in the United States. It also provides additional tools for debtors as well. Most importantly, 11 U.S.C. 1108 empowers the trustee to operate the debtors business. In Chapter 11, unless appointed for cause, the debtor acts as trustee of the business.[1]
Bankruptcy affords the debtor in possession a number organizational restructuring accomidations for its business. A debtor in possession can acquire financing and loans on favorable terms by giving new lenders first priority on the business earnings, and thus improve the chance for success! The court may also allow debtors in possession to reject and cancel contracts, and determination of power stays in place. Debtors are also perceived as protectable from other litigation towards their business when the automatic stay is put into place. While the Automatic Stay is in place, most if not all litigation towards the debtor is stayed, or to put it in other words all attacks are put on hold, until it can be resolved in bankruptcy court.with the bankruptcy law.
1. 11 U.S.C. 1107
Because all of these questions are so imperative to the outcome of your case, my company has gone out of their way to pre screen attorneys for: Experience, Misconduct, Colleges, & Universities. In order to prepare you for your bankruptcy. There is no bate & switch, just real good attorneys.
For More Information & A Free Consultation with an Attorney Call:
Colorado Debt Relief Now, LLC
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Location: Denver and surrounding areas
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