| Bankruptcy is a state of insolvency declared | | | | occupation but are not able to pay the liabilities. |
| legally by an individual. A person who is unable to | | | | Chapter 11- The bankruptcy filed under chapter 11 |
| pay his liabilities can declare bankruptcy. | | | | will sell your valuable assets to repay your loans. |
| Bankruptcy is faced by an individual and by a | | | | This law is usually used by corporate organisations. |
| business organisation. In both the cases, the | | | | While individuals file bankruptcy mostly under |
| reasons are the same – unable to pay the | | | | chapters 7 and 13, business organisations file their |
| debts. Bankruptcy lawyer is the one who can help | | | | bankruptcy under chapters 7 and 11. |
| you out to solve this situation. | | | | Bankruptcy Lawyer – The Ultimate Helper |
| Understanding Bankruptcy | | | | There are many misconceptions regarding |
| Bankruptcy is usually divided into three chapters | | | | bankruptcy. Generally, people think that all their |
| – chapter 7, chapter 13 and chapter 11. Here's | | | | debts can be completely wiped out by declaring |
| a brief look at what these chapters are: | | | | bankruptcy. But that's just not the case. Filing |
| Chapter 7 – Chapter 7 covers straight | | | | bankruptcy with court helps you to pay the |
| bankruptcy. All the unsecured debts of individuals | | | | remaining debts as the bankruptcy law looks after |
| and companies like credit cards, unsecured loans, | | | | clearing off the debts to maximum extent |
| medical fees, etc. gets covered by this law. | | | | possible. This clearing off the debts and educating |
| Chapter 13 – Under chapter 13, the court | | | | you about the law is done by the bankruptcy |
| plans out your payments. This law is for those | | | | lawyer. You are guided about which debts are to |
| debtors who earn sufficiently from their current | | | | be filed and which are not. |