Chapter 7 puts you in the driver’s seat to either keep or surrender the collateral securing your business debts.
The best New Year’s resolution for improving your life: Find out your legal options for tackling your debts, and then act on what you learn.
Bankruptcy law allows married couples to file bankruptcy separately or together. That option comes with consequences, which can also effect whether you file under Chapter 7 or 13.
In deciding between Chapter 7 and 13, get this question out of the way right away: “Can I keep everything I own if I file a Chapter 7 case?”
Chapter 13 costs much more than Chapter 7, takes about 10 times as long, so you do a Chapter 7 if possible, right?
If you don’t qualify for either Chapter 7 or 13, do you have to do a very expensive Chapter 11 reorganization? Or could you still qualify after all?