Bankruptcy Lawyer

A new financial start

A business or an individual can declare bankruptcy once they have ascertained that it has become impossible to pay off one's creditors. It can give you a chance to start over from a financial point of view, as most debts are relieved after bankruptcy has been filed.

Liquidation bankruptcy

Chapter 7, or liquidation bankruptcy, means that your "estate" - i.e., your assets - is sold in order to pay off your creditors. A reorganization bankruptcy can also involve the selling of assets, but more often than not you can retain a majority of your assets while your creditors' needs are assessed.

Filing guidelines

Reorganization bankruptcies can be filed under the following guidelines:

• Chapter 9 - municipalities
• Chapter 11 - businesses and individuals with many assets
• Chapter 12 - farmers, fisherman
• Chapter 13 - individuals with steady income
• Chapter 15 - international cases

Contact Gershon Kulek Law Offices today to learn more about your options under the current bankruptcy laws. We're here to help.