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BANKRUPTCY
CHAPTER
13 "WAGE EARNER" BANKRUPTCY PROTECTION
Chapter 13 Bankruptcy,
also known as the "Wage Earner Bankruptcy", is about repaying
creditors to the extent that you can over a period of time. Jennifer C.
Davenport & Associates, P.C. are attorneys and counselors who are
specializing in bankruptcy law. We are lawyers who are here to help you get
back on your financial feet. That is what a Wage Earner Bankruptcy is
designed to do. Typically, most people seek bankruptcy protection due to
illness, loss of work, divorce, or just plain bad planning. If you are
overwhelmed with debt, if you are behind on your bills so that you see no way
out, if you would like relief from the stress and strain of creditors calling
at all hours, but you would also like to repay your creditors to the extent
that you can, then Chapter 13 - Wage Earner Bankruptcy may be for you. We Can
Help Stop:
- Creditor Harassment
- Foreclosure
- Repossession
- IRS Collections
- Lawsuits And More
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FREE INITIAL CONSULTATION! Call us today about your
situation.
CHAPTER 7
"STRAIGHT" BANKRUPTCY PROTECTION
The term Chapter 7
Bankruptcy comes from the federal statute that contains this particular
section of the bankruptcy code. Lawyers call this form of bankruptcy
"straight bankruptcy" because it cancels out most of your debts.
One of the primary purposes of bankruptcy is to discharge certain debts to give
an honest individual debtor a "fresh start." The bankruptcy
discharge has the effect of extinguishing the debtor's personal liability on
dischargeable debts. Although the filing of an individual chapter 7 petition
usually results in a discharge of debts, an individual's right to a discharge
is not absolute, and some types of debts are not discharged. Moreover, a
bankruptcy discharge does not extinguish a lien on property.
Filing bankruptcy puts into effect the "automatic stay" The
automatic stay immediately stops your creditors from trying to collect what
you owe them. So, at least temporarily, creditors will not be able to go
after your car, house or other property, or cut off your utility service.
Further, the automatic stay will stop most legal proceedings that may be
running against you and will stop collection efforts.
At the end of the bankruptcy process, most of your debts are wiped out by the
court. You no longer legally owe your creditors.
- Bankruptcy is about starting
over.
- Let us help YOU get a fresh
start.
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FREE INITIAL CONSULTATION! Call us today about your
situation.
CORPORATE
BANKRUPTCY; Chapters 7 & 11
Corporate Bankruptcy is
the filing of Chapter 7 or Chapter 11 by corporations and partnerships.
In most Chapter 7 cases, the debtor's business operations either had already
ceased as of the filing, or stop once the case is
filed. In some cases, to preserve an entity's value, the court permits the
trustee to operate the business.
In Chapter 11, on the other hand, the business typically remains in
operation, with the debtor retaining control as a debtor in possession. The
debtor in possession is given the same rights and duties as a trustee. The
goal of the Chapter 11 is to reorganize or liquidate its assets through a court-approved
plan, approved by its creditors.
CHAPTER 11
BANKRUPTCY PROTECTION
Chapter 11 bankruptcy is
a reorganization procedure used by businesses, including sole proprietors,
partnerships, and corporations. The debtor in chapter 11 files a petition which
includes a list of assets and liabilities, and a detailed statement of
financial affairs. The debtor will typically act as his own trustee, called a
"debtor in possession", and will remain in possession of all estate
property. The court can appoint a trustee for cause shown, including
mismanagement.
- Let us help YOUR business
become financially stable again.
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FREE INITIAL CONSULTATION! Call us today about your
situation.
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