Navigating the Complicated World of Bankruptcy

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2022

How To Choose The Right Type Of Bankruptcy

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When you pursue bankruptcy, you will have to decide what sort of case you will pursue. There are two options, liquidation and restructuring. Each has its strengths and weaknesses, so a bankruptcy lawyer will want you to understand both so you can exercise the right option for you. Liquidation vs. Restructuring Liquidation refers almost exclusively to the Chapter 7 process. It is available to both individuals and businesses. The idea is that the court will liquidate your non-exempt assets, meaning a court-appointed trustee will sell non-essential items and use the proceeds to pay your creditors.…

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