PATHWAY LEGAL

PATHWAY LEGALPATHWAY LEGALPATHWAY LEGAL
Home
Services
  • Bankruptcy
  • Family Law
  • Estate Planning
Blog
Attorney
Schedule a Consult

PATHWAY LEGAL

PATHWAY LEGALPATHWAY LEGALPATHWAY LEGAL
Home
Services
  • Bankruptcy
  • Family Law
  • Estate Planning
Blog
Attorney
Schedule a Consult
More
  • Home
  • Services
    • Bankruptcy
    • Family Law
    • Estate Planning
  • Blog
  • Attorney
  • Schedule a Consult
  • Home
  • Services
    • Bankruptcy
    • Family Law
    • Estate Planning
  • Blog
  • Attorney
  • Schedule a Consult

What is Bankruptcy?

Bankruptcy is a legal process that allows individuals and businesses to rehabilitate their finances, either through repayment or debt forgiveness. Bankruptcy is also a way for creditors to collect unpaid debts from the debtor's available resources. 

About the types of bankruptcy services Pathway offers:

Chapter 7

 

Chapter 7 bankruptcy, sometimes referred to as "fresh start" bankruptcy or "liquidation" bankruptcy, is complete bankruptcy relief. Under Chapter 7 bankruptcy, a consumer debtor can eliminate all of her qualifying debt upon the sale of her non-exempt assets.

A business debtor that files for Chapter 7 relief does not receive a bankruptcy discharge; it does, however, receive the benefit of an orderly bankruptcy liquidation. 

A chapter 7 bankruptcy typically remains on a consumer debtor's credit report for up to 10 years. 

Chapter 13

 

Chapter 13 bankruptcy requires debtors to submit a payment plan to the bankruptcy court for approval. If the payment plan is approved, the debtor may keep her property and re-pay her debt over the course of three to five years. Unpaid balances on qualifying unsecured debts are discharged at the end of the three to five year payment period.  

A chapter 13 bankruptcy typically remains on a debtor's credit report for up to 7 years.

Business entities do not qualify for Chapter 13 bankruptcy.

Chapter 11

 

Chapter 11 bankruptcy is most common among business entities that wish to remain in business despite their current debt burden. Chapter 11 provides these debtors with the opportunity to remain in business and negotiate payment plans with their creditors while under the bankruptcy court's protection. The court must approve the payment plan. Unlike a Chapter 13 plan, there is no three to five year limitation on the payment plan's duration.

Individuals who do not qualify for Chapter 7 bankruptcy or Chapter 13 bankruptcy may seek Chapter 11 bankruptcy relief.

Schedule a free consultation to discuss your bankruptcy needs today.

Schedule a Consultation

Services

Copyright © 2024 Pathway Legal, LLC - All Rights Reserved.

  • Privacy Policy
  • Debt Relief Agency

This website uses cookies.

We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.

Accept