All About Bankruptcy

The Legal Process for Bankruptcy

 
     
 
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Chapter 7

Chapter 7 Bankruptcy

Chapter 7, otherwise known as "liquidation," is generally the simplest and quickest form of bankruptcy and is available to individuals, married couples, corporations and partnerships. A trustee (appointed by the court) gathers and sells your non-exempt property and uses the proceeds from the sale to pay your creditors.

 

 

Chapter 13

Chapter 13 Bankruptcy

If you are an individual or a sole proprietor, you can file a Chapter 13 bankruptcy to pay off all or part of your debts over three to five years. Rather than wiping out debts immediately, this option allows you to reorganize them so you have time to pay.

 

If you decide to file for bankruptcy, federal law requires you to obtain credit counseling, and you must also satisfy a means test. We will be glad to discuss these details at your initial consultation.

 

 

The Bankruptcy Process

If you think that you may need a Bankruptcy Attorney, Coastal Law can help you with a no-charge Consultation at 843-488-5000

The document below provides information about the federal bankruptcy laws. If you are considering bankruptcy, the document will give a basic explanation of the different type of bankruptcy and will attempt to answer some of the frequently asked questions about the bankruptcy process. 
Click for Bankruptcy Basics Document

 

Additional information about Bankruptcy

 

The information presented in our pages on bankruptcy should not be cited or relied upon as legal authority and should not substitute for the advice of a competent bankruptcy attorney.

 

Telephone: Coastal Law - Main Office:  1-843-488-5000

Monday to Friday   8:00am to 5:00pm (EST)

Saturdays, Sundays and federal holidays please leave a message. If you have a legal emergency, please let us know and we will respond as soon as possible.

 

 

 

 

 

  
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