Contemplating bankruptcy can be a nerve-racking proposition.  An experienced attorney can lead you through the seemingly endless maze of forms and documents that are needed in order to successfully complete a bankruptcy.  However, just focusing on a bankruptcy can be short-sighted.

A comprehensive approach is needed in order to provide you with the very best representation, and at Swartz Law, that is what you get.

Bankruptcy is intended to give the honest, but unfortunate, debtor a fresh start.  It can assist individuals and businesses when their debt is spiraling out of control.  Depending on the situation, individuals or businesses may either reorganize their debt, or their assets can be liquidated in order to pay their creditors.

Chapter 7 is a liquidation or straight bankruptcy.  A debtor’s non-exempt assets are sold in order to pay creditors.  Many Chapter 7 debtors, however, find that most, if not all, of their property is exempt and would not subject to liquidation.  Most debts can be discharged.

Chapter 13 bankruptcy is a reorganization of debts for debtors who have income sufficient to pay their creditors.  A debtor will make payments over a period of time, typically 3 to 5 years, to pay their creditors.  This type of bankruptcy is most helpful to those who are facing foreclosure and are looking to save their home.  Again, most debts can be discharged.

Whether you are eligible for Chapter 7 or Chapter 13, and which bankruptcy is best for your situation, depends on many factors.  Contact Swartz Law today to explore your options.