Chapter 7 Bankruptcy
Filing for Chapter 7 Bankruptcy Protection is the most commonly filed type of Bankruptcy Case. This is most commonly called a "liquidation" type of case; however, don;t let the work liquidation scare you. Individuals, with little to no assets can seek a discharge of all of their outstanding debt. Chapter 7 allows you to keep your home and vehicles as well. The majority of those filing under Chapter 7 in New Hampshire, keep all of the assets, their retirement accounts, their homes and vehicles. Contact us for a free consultation to see if Chapter 7 Bankruptcy can give you a fresh start.
Chapter 13 Bankruptcy.
A Chapter 13 Bankruptcy is known as a voluntary repayment plan of all of some of your debts. This is most commonly used by those with higher incomes, or those looking to stop foreclosure and/or repossession of their vehicles. Chapter 13 allows you to stop creditor from foreclosing or repossession by proposing a plan to "catch up" over a period of time.
Chapter 11 Bankruptcy
Chapter 11 cases are referred to as "Reorganization." This is most commonly used by large businesses and rarely used by out clients.