Did you know that debts have a statute of limitations? Past this point, a debt collector no longer has the right to sue you for the debt. The statute length depends on the state and the kind of debt, but a bankruptcy attorney will be able to sort through everything.
Filing for bankruptcy may seem overwhelming, but then again, so is debt. Personal bankruptcy requires filing either Chapter 7 or Chapter 13, and a good lawyer can help you determine the proper steps to take to protect your assets and alleviate your debt.
Chapter 11 bankruptcy is a better option for businesses that may have a future. Your business has a chance to reorganize under a court-appointed trustee and continue. A reorganization plan is filed with the courts and creditors vote on it. If approved, businesses will have a chance to repay debts, sometimes in as many as 20 years.
If your small business is filing for Chapter 11, you should consider hiring a certified business bankruptcy attorney. We know the laws that specifically apply to our state and how they relate to your business and finances.
It’s not unusual for people to find themselves completely buried in debt with no way to dig themselves out of it. After all, that’s why bankruptcy is there. Filing for bankruptcy with an attorney can get your head back above water.
When you file for a chapter 13 bankruptcy, you’ll only be required to pay a percentage of debt based on your total debts, the value of your assets, and any disposable income you may have. In many cases, this will reduce the amount of your total debt.
