Difference between bankruptcy types

Want to know the difference between the types of bankruptcy?

Check out this chart:

Chapter 7 Chapter 11 Chapter 13
Who can file? People Businesses People
What does it do? Liquidation.  All of your debt is discharged – meaning you usually pay creditors $0 Business Reorganization. You repay creditors a percentage of the debt ranging from 0 to 100% over a 1 to 5 year period. The balance is discharged. Personal Reorganization. You repay creditors a percentage of the debt ranging from 0 to 100% over a 1 to 5 year period. The balance is discharged.
How long does it take? 3 to 6 months 1 to 5 years 1 to 5 years
How much does it cost? $1500 to $2000 flat fee+ filing fees $5,000 retainer $2,500 retainer

We encourage you to rule out debt settlement before filing bankruptcy

 

AZCLG provides Bankruptcy help.
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Rochelle

Rochelle

My firm has 3 goals – be cost effective & efficient, make complicated things simple, and change the way people think about attorneys. We do this by offering flat rates with payment plans, educating our clients, and by encouraging everyone to ask us questions to better understand what we do & why we do it. I am a credit attorney and I love helping people with debt and credit legal issues.

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