Business Bankruptcy

The complexities of running a business become even more difficult when you are facing bankruptcy. This is the right time to contact a professional attorney who can help you find your way through the specific rules and regulations that pertain to business filings. Allow Caroline Cantrell to take a daunting concept and make it less threatening and more manageable. Call or contact us today to begin understanding what your options are and what lies ahead.

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Chapter 7

Chapter 7 is also called "straight bankruptcy" or "liquidation bankruptcy." An individual, family or business that is financially struggling, is eligible to file a Chapter 7. Credit cards, medical bills, deficiency balances on repossessed cars are examples of debts discharged in a chapter 7 personal bankruptcy. In some instances back taxes are dischargeable in a Chapter 7 bankruptcy. A Chapter 7 bankruptcy takes about 90 days from start to finish. It is important to remember that some debts are not dischargeable including child support, some taxes, student loans, traffic tickets, restitution and court fines. Contact us to discuss whether Chapter 7 fits your insolvency situation.

Chapter 12

Chapter 12 bankruptcy is intended to address farmers or fishermen who may be claiming bankruptcy. This provides a chance to reorganize debt and keep the family farm or fishing operation going. It does not pertain to debtors with primarily consumer debts. Contact us to discuss whether a Chapter 12 fits your situation.

 

M. Caroline Cantrell, Attorney at Law