“There are alternatives to filing Chapter 7 bankruptcy,” says Bert Briones, an Orange County, CA bankruptcy/personal finance attorney with Red Hill Law Group, PC.
Chapter 11 Bankruptcy
A Chapter 11 bankruptcy filing may be an alternative for debtors who may prefer to remain in business and avoid liquidation. Under Chapter 11 of the Bankruptcy Code, the debtor may request a debt adjustment by extending repayment terms and/or reducing the amount of debt. A more comprehensive reorganization plan may also be sought by the debtor.
Chapter 13 Bankruptcy
A Chapter 13 filing may be an option to explore for debtors who have a steady income and are seeking an adjustment of debts. A Chapter 13 is often termed a “wage earners” plan and is a powerful tool that enables the debtor to protect property in times of financial hardship. Once a Chapter 13 petition has been filed, the debtor has the opportunity to save a home from foreclosure. A Chapter 13 repayment plan covers a timespan of three to five years.
If you have questions regarding Chapter 7, Chapter 11, or Chapter 13 bankruptcy, lien stripping, wage garnishment, cram down, foreclosure, asset protection, or related issues, please call Red Hill Law Group PC, to schedule a no-charge face-to-face or phone consultation with an experienced personal finance/bankruptcy attorney.
We can be reached at 877-343-3289, or please use our contact form and you will be contacted within the next business day.
Watch our Video:
What is Chapter 13 Bankruptcy?
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