"Chapter 11 Vs Chapter 7"
When a business owner or individual is unable to repay their debts, they may file for bankruptcy. The two most common types of bankruptcies are Chapter 7 and Chapter 11. So, which one is right for you?
Chapter 7 is known as liquidation bankruptcy. This means that your assets are sold off and the proceeds are used to repay your creditors. Any remaining debt is then discharged. This type of bankruptcy is typically best for individuals with a low income and few assets.
Chapter 11 is known as reorganization bankruptcy. This allows you to keep your assets and create a repayment plan to repay your creditors over time. This type of bankruptcy is typically best for businesses or individuals with a higher income and more assets.
So, which type of bankruptcy is right for you? If you have a low income and few assets, Chapter 7 may be the best option.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of the 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