Chapter 7 and Chapter 13 Bankruptcy
For individuals, there are two types of bankruptcy: Chapter 7 and Chapter 13. Chapter 7 is when a person erases the entirety of his dischargeable debt and he starts over. Some debts such as student loans or debt procured by fraud are not dischargeable. Chapter 13 is where a person’s debt is restructured so that he can make affordable payments. Often, the overall amount of the debt is lessened. Chapter 11 is for restructuring a business’s debt. There is even a chapter specifically for farm owners, Chapter 12.
There can be negative consequences resulting from bankruptcy that are best discussed with a lawyer.
If you’re in a position where your bills are going unpaid, creditors keep calling you for money, and you’re about to lose important assets, you should schedule a free consultation to discuss your legal options.
Contact the Coleman Law Group for a free consultation at 727-214-0400.
If you would like an appointment with one of our experienced professionals, please call one of our Florida offices.
In St. Petersburg: 727-214-0400
In Tampa: 813-749-9981
In Land O’ Lakes: 863-877-0007
You also can visit our website at colemanlawgroup.com/