Bergen County Bankruptcy Law Firm
Determining Which Type of Bankruptcy Is Right for You
While bankruptcies are common, especially in these troubled economic times, they are not always simple. Care must be taken to make sure that no other viable options remain before filing. The Radol Law Firm will help you decide whether and how to file properly. Various types of bankruptcy are available to individuals and entities/businesses. A bankruptcy can be either voluntary or involuntary, the latter of which is brought by the creditors. Contact The Radol Law Firm for a consultation.
Who Can File?
Individuals, married couples, and businesses can file for bankruptcy protection. The main requirement for filing is that the person must live in the United States or have property or a business in the country.
Six Types of Bankruptcy
The U.S. Bankruptcy Court allows businesses and individuals a variety of bankruptcy options, depending upon their specific circumstances. The six types are:
- Chapter 7: For liquidating assets
- Chapter 9: For readjustment of municipality debts
- Chapter 11: For reorganization and/or restructuring of debt
- Chapter 12: Specifically for farmers and fishermen
- Chapter 13: The “wage earners plan,” helps wage earners develop a plan to pay off debt
- Chapter 15: Relates to foreign debt
Core and Non-Core Bankruptcy Proceedings
Core and Non-Core bankruptcy proceedings are the two types of proceedings that can occur with bankruptcy. Non-core proceedings are related to the action but are not a part of the bankruptcy itself. For instance, if a personal injury claim has been won against the debtor, a non-core proceeding may be called to deal with the matter. Bankruptcy judges do not generally rule on non-core matters.
Core proceedings directly relate to the bankruptcy case. As such, the judge can render final orders. These are the more common issues you and your attorney will deal with as you seek relief:
- Sale of property
- Retention of certain property
- Automatic stays
- Preference litigation
- Claim allowances
- Confirmation of bankruptcy plan
Seek Legal Assistance From An Englewood Bankruptcy Lawyer
If you are considering filing for bankruptcy, an experienced bankruptcy lawyer can help ensure that you follow proper procedures and file documents on time. If you need legal guidance, contact The Radol Law Firm for a consultation.