When facing any financial crisis, it is important to be familiar with the personal bankruptcy options available to struggling consumers. Because there are requirements to qualify, and different options to consider, it is best to understand eligibility requirements and which option is best for then needs and circumstances of the filing party.
Understanding the differences between bankruptcies
To say that life has a way of throwing curve balls when you least expect it may seem like quite an understatement if the topic at hand happens to be serious financial crises. You may be one of many Texas residents who thought things were going well, only to wind up knee deep in financial trouble that feels like it came out of nowhere.
What is Chapter 11 bankruptcy?
If your business has been struggling, you may wonder what chapter 11 bankruptcy is. In general, Chapter 11 bankruptcy is a bankruptcy option for small businesses and corporations that are struggling and seeking relief from debt that may be crushing for the business.
Understanding Chapter 7 bankruptcy exemptions
Understanding Chapter 7 bankruptcy exemptions can help provide peace of mind for individuals struggling with mounting debt and seeking debt relief. Because Chapter 7 bankruptcy is a liquidation bankruptcy process, an individual considering Chapter 7 bankruptcy should also be familiar with Chapter 7 bankruptcy exemptions and the protections they provide.
How Chapter 13 bankruptcy might be able to help
Chapter 13 bankruptcy is one option to consider for those seeking debt relief. Chapter 13 bankruptcy provides one option that may help address debt-related concerns while also protecting the filing party's property.
