People file for bankruptcy for a variety of reasons including medical debt, credit card debt, plus real estate or other business ventures that had gone wrong. When you are in this situation, there are several types of bankruptcy options that can help you recover.
Chapter 7 bankruptcy
Chapter 7 bankruptcy is issued for individuals or small business owners; Chapter 13 bankruptcy is where a plan is created to repay the debt to help get the person or business in better financial footing; and Chapter 11 bankruptcy is when a business reorganization plan is established that suits the entity or individual filing the claim best.
Having legal representation when you are going through financial hardship can help make sure you are making the right legal decisions during this troubling time so you come out of it in a better financial place.
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