Within the term of bankruptcy, there are different Chapters that you can file under. The type of Chapter that you can file under is determined by your circumstances. While some lawyers will be able to handle each type of Chapter, many will specialize in certain Chapters to better help their clients. Bankruptcy lawyers in New Orleans can specialize in Chapter 7, Chapter 9, Chapter 11, Chapter 12, Chapter 13, or Chapter 15 bankruptcy. Liquidation Chapter 7 bankruptcy allows you to completely wipe out the debt that you owe, ultimately giving you a fresh start. The downside to liquidation is that certain assets you may have are subject to be taken away and used to pay off part of the debt. Some items are considered exempt property, but most items are fair game. If you do not have any assets that are nonexempt, then the debt is still cleared but the creditor will not receive distribution. You will then receive a discharge a few months after the petition was filed that releases you from debts. Chapters 9 and 11 are more for businesses or municipalities. These Chapters allow them to reorganize the debt according to a plan that repays a portion of some of the debt while discharging others. Adjustment Chapters 12 and 13 are for those who have a regular income. Chapter 12 is for farmers or fishermen while 13 is for everyone else. You propose a plan to repay the debt over a set period of time. The creditor can either approve or deny the plan. The discharge is issued after the debt has been paid and you are protected from any lawsuits or garnishments during this time. Chapter 15 solely deals with debts that cross borders. The paperwork and legal processes can be confusing and hard to follow. Bankruptcy lawyers in New Orleans can help you to navigate the process and determine which Chapter you fall under. Kirkpatrick and Associates (http://www.kirkpatrickandassociates.com) ONLY does bankruptcies. Every day, we help people get out from under debts of all amounts. So far, we’ve wiped out over $50 million in debt. For more info visit us at Bankruptcy lawyers in New Orleans.
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