You or your business can declare bankruptcy once you have ascertained that it has become impossible to pay off your creditors. It can give you a chance to start over from a financial point of view, as most of debts are relieved after bankruptcy as been filed.
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.
Contact us today to learn more about your options under the current bankruptcy laws.