We represent both individuals and small businesses in Chapter 7. Chapter 7 is known as the liquidation chapter because individual debtors receive a discharge and their debts are then extinguished. The goal of a Chapter 7 bankruptcy where the debtor is a business is not to receive a discharge. Instead the business is liquidated and ceases to exist.
Under Chapter 13, individuals pay back a portion or all of their debts through a repayment plan filed with the court. This repayment plan lasts between 3 and 5 years. Read More...