Chapter 7
Chapter 7, otherwise known as “liquidation” or “straight bankruptcy” is generally the simplest and quickest and is available to individuals, married couples, corporations and partnerships. A trustee appointed by the court gathers and sells your nonexempt property. The proceeds from the sale pay your creditors. You’re able to keep any “exempt” property.… 
Chapter 11
If you are an individual or a small business owner (not a corporation or partnership), make sure to also check out the information for Chapter 7 and Chapter 13 and read the information on business bankruptcy to better understand the difference between your personal liabilities and that of your business/corporation. Chapter 11 of the bankruptcy code is a “reorganization” and is primarily for businesses (small or large) such as corporations and partnerships, OR for individuals with large debts and assets who do not meet the strict asset/debt limitations of Chapter 13. Chapter 11 offers greater flexibility and options than other chapters…
Chapter 13
An individual or sole proprietor can file Chapter 13 bankruptcy. Chapter 13 provides for full or partial repayment of your debts over a three- to five-year time period based on your debts and other factors. Like Chapter 11, you’ll go through a “means test” to determine the amount of debt you’ll have to pay back and how long you have to do it. The courts make their determination based on your income, whether it’s less, the same or more than your state’s median income. If your income is more than your state’s median income, the repayment period will most likely be five year. No plan exceeds five years…
Foreclosure
Skilled Real Estate Lawyers have a great deal of experience negotiating with creditors (including credit card companies and auto loan companies) as an alternative to bankruptcy. They often succeed in helping renegotiate home loans, allowing clients to stay in their houses while reorganizing their finances. They represent clients whose homes are in foreclosure, whether or not forced home sale will occur in conjunction with a Chapter 7 or Chapter 13 bankruptcy…
