Choosing The Right Type Of Bankruptcy For Your Needs
A fresh start is within your grasp. When you first learn about how complex bankruptcy and the related laws can be, however, it is normal to feel overwhelmed.
Our bankruptcy attorneys at Simon Fitzgerald LLC are ready to clarify your options. We have extensive experience with Louisiana bankruptcy cases, and we can make this decision easier for you.
Simplifying Your Options
The three most important factors to consider are whether you own a business, whether you have specific assets to protect and whether you have the ability to pay a portion of the debt over time. We can help you assess your situation to select the most advantageous path for you.
The three most common types of bankruptcy include:
- Chapter 7: Think of this option as a clean slate. You may be able to eliminate eligible debts completely without losing all your property. However, you must first meet the criteria.
- Chapter 13: This option can provide relief by preventing various types of property loss and by forming a repayment plan. If you have regular income that is not enough to cover your current debt, you may find this type favorable.
- Chapter 11: This option typically applies to mid-size and large businesses that want to reorganize their debt and build a structured payment plan.
If you are filing for personal bankruptcy, we recommend reviewing our comparison chart to learn more about the differences between Chapter 7 and Chapter 13 bankruptcy. In addition, if you decide to change course during a Chapter 13 bankruptcy, we can help you convert to a Chapter 7 case.
Consult With Our Informative Lawyers
Bankruptcy can be a great option for many people, but the type will matter. Call 318-550-4873 (Shreveport), 318-317-0839 (Alexandria) or 337-205-0492 (Lafayette) or email our attorneys to discuss which type might be best for your case. With several offices throughout the state, we can give you sensible advice.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.