A business or an individual can declare bankruptcy once they have ascertained that it has become impossible to pay off their creditors. It can give you a chance to start over from a financial point of view, as most of the debts are relieved after a bankruptcy has been filed.
When you have finally made the decision to file for bankruptcy, you need an experienced attorney at your side that can guide you through the process so your next chapter can be without worry of debt. Turn to Ralph W. Gorrell Attorney at Law in Greensboro, North Carolina to schedule a free consultation.
The process of bankruptcy itself can be overwhelming and tedious, but so can the decision to which form of bankruptcy you should file. Bankruptcy falls under one of two categories: liquidation or reorganization.
Chapter 7 Bankruptcy means your estate (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. 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
Each type, or chapter, of bankruptcy is catered to certain individuals or businesses, so it's important that you choose the right one. As your attorney, Ralph W. Gorrell, Attorney At Law today to learn more about your options under the current bankruptcy laws. His office is located in Greensboro, North Carolina and is easily accessible to people throughout the area, including Burlington, Asheboro, Reidsville, and Yanceyville.