"Chapter 11 Vs Chapter 7"

The average person understands there to be two types of bankruptcy: Chapter 7 and Chapter 11. What many people do not know is that there are major differences between the two, and the type of bankruptcy you choose will have long-lasting impacts. Here is a break-down of the key differences between Chapter 7 and Chapter 11 bankruptcies.

Chapter 7 bankruptcy is also known as liquidation bankruptcy. This type of bankruptcy allows you to discharge most, if not all, of your debt. In order to qualify for Chapter 7, you must pass the means test which looks at your income and compares it to the median income in your state. If your income is below the median, you will likely qualify.

Chapter 11 bankruptcy is also known as reorganization bankruptcy. This type of bankruptcy is usually filed by businesses, but individuals can also file.

The Law Offices of Omar Zambrano has helped thousands of people and also them businesses in the past to get out of debt and start over.

Our goal is to help you find a fresh start FAST!

Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706