CONSUMER BANKRUPTCY

CHAPTER 7

Imagine how your life would change if you could wipe away your debts. No more harassing phone calls. No more worries about garnished paychecks or the repo man. No more sleepless nights.

CHAPTER 11

The definition of a Small Business in a Chapter 11 is one where the  debts don’t exceed about $2.5 million (currently $2,566,050). The debt  limit excludes amounts owed to persons considered “insiders” such as  stockholders and/or family members.

CHAPTER 13

Working but living paycheck to paycheck? Have you fallen behind on your  house payments or let other bills slide? You are not alone. A recent  study shows that 60 percent of American households cannot absorb a $500  unexpected expense.

CHAPTER 20

First of all, there is no Chapter 20 in the Bankruptcy Code. The term  “Chapter 20” is a shorthand term where the individual or married couple  has filed a Chapter 7 and shortly thereafter filed a Chapter 13.

BUSINESS BANKRUPTCY

2020 has been a particularly difficult year for many businesses  throughout the United States due to the coronavirus pandemic. According  to Yelp.com’s Local Economic Impact Report, over 97,966  businesses have permanently shut down during the COVID-19 pandemic. If  your business has been affected by COVID-19 closedowns, or you have  incurred personal debt due to other burdens to keep your struggling  business afloat, filing for bankruptcy may help you find the financial  relief that you need.