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chapter 7 bankruptcy
The most common bankruptcy options for individuals are Chapter 7 bankruptcy and Chapter 13 Bankruptcy. An individual’s particular and unique circumstances will determine which chapter of bankruptcy is best for them, and we will help you make that analysis.
Chapter 7 bankruptcywhich normally takes four to six months to complete, allows the honest debtor to get a “fresh start” by eliminating most, and possibly all debt. Chapter 7 bankruptcy is thought to be the most favorable chapter to file because at the end of the case a “discharge” is granted relieving you of all your qualifying debt. This means you will be able to walk away from the bankruptcy with relatively no debt! Chapter 7 bankruptcies are a relatively quick, easy and inexpensive solution to end financial hardship for you and your family.
Debt which may be eliminated in a Chapter 7 bankruptcy:
  • Older IRS (and state) income taxes
  • Foreclosure deficiencies
  • Repossessions
  • Medical Bills
  • Credit Card Debt
Debt which may not be eliminated in Chapter 7 bankruptcy:
  • Student Loans
  • Alimony and Child Support
  • Debts incurred through fraud or malicious acts
In most cases, Chapter 7 bankruptcy is a good choice for people who fit the following model:
  • Lower-Income People with Large “Consumer” Debt
  • High-income People with Primarily Business and Tax Debts
  • People Who Do Not Possess Much Equity In Assets
If you feel Chapter 7 is right for you, click this link and we’ll send you our free Chapter 7 Fresh Start guide. The guide will help us determine your eligibility for Chapter 7 and advise you on what steps to follow for a quick and easy discharge of your debts.
Business Bankruptcies
Unfortunately, Corporations cannot get a discharge in a Chapter 7. Instead we typically recommend the Corporation simply (i) cease to do business and (ii) notify its creditors it has no assets and no income. We then work with the business owners to minimize their personal exposure for unpaid corporate debt and maximize the amount of their assets exempt in their own bankruptcy.

The above is standard protocol, however, there are many different strategies to help businesses.
 

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Disclaimer: The purpose of this site is to present options available for resolving outstanding debt issues, not to provide legal or professional advice. Each person's case is fact dependent. You should not assume that any particular option discussed herein would apply in your case or be beneficial to you. You should consult with an experienced and licensed attorney to review the options that may be applicable to your fact pattern. Sending us an email or requesting information does not create an attorney-client relationship.

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Copyright 2010 Heinkel Law Group, P.L. All rights reserved. Contact us at 727-894-2099.