Understanding Your Bankruptcy Options

September 15th, 2011 | Author: | Bankruptcy

Declaring bankruptcy can be difficult for people to accept, and can be even more daunting if you don’t fully understand the process.  There are many different kinds of bankruptcy, so it is important to understand the distinctions before you decide on what’s best for yourself and your family.  Many people find themselves confused with the process of bankruptcy, but it doesn’t have to be confusing.

Types of Bankruptcy

Depending on your occupation or your personal circumstances, certain kinds of bankruptcy may be better for you than others.  The different kinds of bankruptcy include:

  • Chapter 7 Bankruptcy
  • Chapter 11 Bankruptcy
  • Chapter 12 Bankruptcy
  • Chapter 13 Bankruptcy
  • Small Business Liquidation
All of these categories have specific stipulations for filing and eligibility, so it is important to understand the differences.  Some types of bankruptcy are catered to individuals, while others are aimed at business owners, and still others apply only to fishermen and farmers.  What is important is knowing which category is right for you.

Of course, bankruptcy is not your only option if you are facing financial difficulties.  Many people choose to hire a bankruptcy attorney to negotiate their monthly payments so that they might agree upon a repayment plan with their creditors.  Deciding which option is right for you can be difficult, but consulting with an attorney can make the decision much easier.

Contact Us

If you or someone you know is facing serious financial difficulty, contact an experienced Lafayette bankruptcy attorney at the Law Office of Adam G. Young, PLC, today by calling 337-261-8800.  We can help you decide if bankruptcy is the right financial decision for you and your loved ones.

 



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