What Is Bankruptcy?

1
Bankruptcy?
What Is
By Lee Legal
2
When you experience financial difficulties you
may need to regroup
3
With the proper legal guidance, bankruptcy can be
the RIGHT CHOICE
4
In this presentation we will look at some basic
facts about bankruptcy
5
Two Types of
Bankruptcy
6
There are essentially two different types of
bankruptcy
7
1
LIQUIDATION
8
(No Transcript)
9
2
REORGANIZATION
10
(No Transcript)
11
MOST COMMON FORMS OF BANKRUPTCY
12
Chapter 7
13
Chapter 7
Chapter 13
14
Chapter 7 bankruptcy involves the discharge of
your debt
15
Chapter 13 bankruptcy involves reorganizing your
debt
16
1
Chapter 7 Bankruptcy
17
Chapter 7 bankruptcy is appropriate for those who
cannot repay their debts
18
If you file for this type of bankruptcy your debt
will be discharged, and you can start afresh
19
Chapter 7 Benefits
20
When you file for Chapter 7 bankruptcy you stop
garnishments, lawsuits, and repossessions
21
Your unsecured debt will be discharged
This includes credit cards, payday loans,
overdrawn bank accounts, and other forms of
unsecured debt
22
As you begin anew free of these encumbrances you
can start to rebuild your credit
23
2
Chapter 13 Bankruptcy
24
Chapter 13 bankruptcy is for people who have
enough income to make payments on their debts
25
You reorganize your financial responsibilities
and emerge with a more manageable situation
26
Chapter 13 Benefits
27
Chapter 13 can put a stop to any foreclosure
efforts that may be underway
28
Garnishments, legal actions, and repossessions
will cease
29
Intrusive collection efforts will stop
30
Ultimately, you'll have up to five years to
stick to a plan that gets you back on track
31
Chapter 11 Chapter 12
Chapter 11 and Chapter 12 bankruptcies exist as
well
32
3
Chapter 11 Bankruptcy
33
Chapter 11 is generally going to be utilized by
businesses for reorganization purposes or by
individuals with multiple real estate assets
34
4
Chapter 12 Bankruptcy
35
Chapter 12 allows farmers and fishermen to
reorganize their debts
36
Whats
BEST
For You?
37
After viewing this presentation you have some
basic information about bankruptcies
38
To find out what course of action will be best
for you, schedule a consultation with our firm
Lee Legal
39
We will gain an understanding of your situation,
become apprised of your goals, and make the
appropriate recommendations
Lee Legal
40
www.Lee-Legal.com
Bankruptcy Lawyer in Virginia and Washington, DC
Bankruptcy Lawyer in Virginia and Washington, DC
[phone] [phone]
[phone] [phone]