CHAPTER 7: In many instances, individuals may retain their property while relieving themselves of burdensome and unmanageable debt, including personal loans, credit card obligations, medical bills, and in certain situations, tax obligations. For those individuals who own property that is determined to have little or no "equity" or value, a Chapter 7 "straight liquidation" generally suits their needs. Businesses may also file a Chapter 7 bankruptcy case as a method of closing their doors and going out of business.
CHAPTER 11: Feitlin Youngman Karas & Youngman has a reputation for moving Chapter 11 debtors through the bankruptcy process quickly. This often results in substantial savings in legal, accounting and other costs for our clients. Chapter 11 is typically a tool used for the reorganization of corporations with an eye towards exiting from the bankruptcy arena with a more sound financial future. In some instances Chapter 11 may be an option for an individual debtor who has debts in excess of the Chapter 13 maximum debt.
CHAPTER 13: For those individuals who own property that is deemed to have value, a Chapter 13 bankruptcy case enables them to keep their property, while re-paying their creditors, either in part or in full, over a period of between three and five years. Many individuals utilize the protections of a Chapter 13 bankruptcy case to save their homes from foreclosure. Chapter 13 can also give you breathing space to catch up on mortgage arrears over time.
