Types of Bankruptcy
When you are facing financial hardship in your business or your personal life, it is important to know what your options are. Bankruptcy is an option for individuals and corporations who are interested in using their assets in order to pay off what they owe to creditors. But there are many options when it comes to filing for bankruptcy that must be taken into consideration.
If you or someone you love is considering filing for bankruptcy it can be very beneficial to have the support and assistance of an experienced legal professional. The Galveston bankruptcy lawyers of Gipson, Norman & Root can help you weigh your options and make the best choices for your interests and priorities. Contact our office at 281-332-4800 today to learn more about your options.
Forms of Bankruptcy
There are four distinct types of bankruptcy. A basic overview of these kinds of bankruptcy are as follows:
- Chapter 7 bankruptcy: A liquidation bankruptcy typically used by individuals as opposed to businesses. It involves selling all non-exempt assets in order to pay off debt.
- Chapter 11 bankruptcy: A complex form of filing bankruptcy most commonly used by businesses facing very serious financial hardship. It allows for flexibility in paying back debtors.
- Chapter 12 bankruptcy: A form of bankruptcy for farm owners.
- Chapter 13 bankruptcy: This is similar to chapter eleven but is geared toward individuals in serious financial hardship.
Contact Us
When you face financial hardship it can be difficult to know what steps you can take to get yourself back on your feet. Having the support and help of a legal professional can give you the assistance you need to make the tough choices. Contact the Galveston bankruptcy lawyers of Gipson, Norman & Root today at 281-332-4800 to speak to an experienced attorney about your situation.
Types of Bankruptcy
When you are facing financial hardship in your business or your personal life, it is important to know what your options are. Bankruptcy is an option for individuals and corporations who are interested in using their assets in order to pay off what they owe to creditors. But there are many options when it comes to filing for bankruptcy that must be taken into consideration.
If you or someone you love is considering filing for bankruptcy it can be very beneficial to have the support and assistance of an experienced legal professional. The Galveston bankruptcy lawyers of Gipson, Norman & Root can help you weigh your options and make the best choices for your interests and priorities. Contact our office at 281-332-4800 today to learn more about your options.
Forms of Bankruptcy
There are four distinct types of bankruptcy. A basic overview of these kinds of bankruptcy are as follows:
Chapter 7 bankruptcy: A liquidation bankruptcy typically used by individuals as opposed to businesses. It involves selling all non-exempt assets in order to pay off debt.
Chapter 11 bankruptcy: A complex form of filing bankruptcy most commonly used by businesses facing very serious financial hardship. It allows for flexibility in paying back debtors.
Chapter 12 bankruptcy: A form of bankruptcy for farm owners.
Chapter 13 bankruptcy: This is similar to chapter eleven but is geared toward individuals in serious financial hardship.
Contact Us
When you face financial hardship it can be difficult to know what steps you can take to get yourself back on your feet. Having the support and help of a legal professional can give you the assistance you need to make the tough choices. Contact the Galveston bankruptcy lawyers of Gipson, Norman & Root today at 281-332-4800 to speak to an experienced attorney about your situation.
