If you are in the midst of your home being foreclosed on and your attempts at a loan modification or short sale have failed and you do not have sufficient defenses in a foreclosure defense of the action, bankruptcy may be an option for you.
A business or an individual can declare bankruptcy once they have ascertained that it has become impossible to pay off one's creditors. It can give you a chance to start over from a financial point of view, as most debts are relieved or reduced after bankruptcy as been filed.
Chapter 7, or liquidation bankruptcy, means that your 'estate' - i.e., your assets - is sold in order to pay off your creditors. A reorganization bankruptcy can also involve the selling of assets, but more often than not you can retain a majority of your assets while your creditors? needs are assessed.
Depending on your circumstances and your objectives, Chapter 7, Chapter 13 or Chapter 11 may be an option for you. Each form has significant advantages and disadvantages. However, not all, and sometimes none of these advantages are available to you. In addition, in bankruptcy you may be able to negotiate your debt and possibly pursue a loan modification. The Law Offices of James T. Maye is available to assist you in reviewing your options.
Reorganization bankruptcies can be filed under the following guidelines:
Chapter 9 - municipalities
Chapter 11 - businesses and individuals with many assets
Chapter 12 - farmers, fisherman
Chapter 13 - individuals with steady income
Chapter 15 - international cases
Contact the Law Offices of James T. Maye today at 203-939-1380 to learn more about your options under the current bankruptcy laws. For a free evaluation of your case, click here and fill out the initial intake form. Mr. Maye is here to help.