Bankruptcy & Debt Law
Bankruptcy Law helps people and businesses who are unable to pay their bills to those they owe by wiping away their debt and giving them a fresh start. Chapter 7 and Chapter 13 of U.S. Bankruptcy Code are frequently used for Personal Bankruptcy and Chapter 11 for many business filings. Under Chapter 7, the debtor's non-exempt property is sold and the proceeds are distributed between the creditors. Under Chapter 13, the debtor keeps the property and a "reorganization plan: is created to pay creditors over the next 3-5 years. Common related issues include foreclosure, credit card debt, medical and student loan debt, repossession and garnishment. It is prudent to obtain legal advice from a bankruptcy attorney or debt specialist to make sure that filing for bankruptcy is the most practical choice. The filing can stay on your credit report for up to ten years.