Experienced Bankruptcy & Foreclosure Attorney Serving Bay Area
"Learning about the different chapters of bankruptcy only gives you an idea of what your options may be. Every case is different and we would be more than happy to meet with you, at no cost, to answer your questions and help you find the best approach to solving your debt problems. Please call PANAH LAW FIRM at (415) 326-4807 to schedule a time for your free and confidential consultation, so we may walk you through the process and answer all your questions."
Personal Bankruptcy Process:
People can file for personal bankruptcy in one of two ways:
- Chapter 7 bankruptcies: As an individual with overwhelming financial debts and no reasonable means to repay those debts, you may qualify for Chapter 7 bankruptcy to discharge or wipe-out those debts. Learn More
- Chapter 13 bankruptcy: If you are employed and have a steady source of income from your employment, but you are faced with an overwhelming amount of debts or are behind on your home mortgage payments, Chapter 13 bankruptcy could be a viable option for you. By filing under Chapter 13, you may be able to consolidate and reorganize your debts and/or save your home by paying off all or part of the reorganized debt according to a three-year or five-year payment plan. Learn More
How Business Bankruptcy Works:
Depending on the size of your business, how it is structured, and the total amount of your debts, you may use either Chapter 11 or Chapter 13 bankruptcy to reorganize your business debts.
The Chapter 13 bankruptcy works mainly for sole proprietorships that have secured debts of no more than $1,149,525 and unsecured debts of no more than $383,175. Reorganizing your small business debts may be an effective option to avoid greater problems with your creditors down the road.
On the other hand, the Chapter 11 bankruptcy is more flexible when it comes to debt reorganization. The businesses who may file a Chapter 11 bankruptcy case include:
- Sole proprietorships
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