A business or an individual can declare bankruptcy once they have ascertained that it has become impossible to pay off one’s 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” is sold in order to pay off your creditors.  (selling your assets)

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. Reorganization bankruptcies can be filed under the following guidelines:

Chapter 9 – municipalities

Chapter 11 – businesses and individuals with many assets

Chapter 12 – farmers, fisherman

Chapter 13 – individuals with steady income

Chapter 15 – international cases

Contact us today to learn more about your options under the current bankruptcy laws.

Ralph W. Gorrell, Attorney At Law is here to help.  Please review our site and see what we may be able to offer you.  Feel free to Call us at (336) 379-9416.


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