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San Diego, California Bankruptcy Lawyer George Panagiotou answers:

What are the different types of bankruptcy?

Bankruptcy can be filed under Chapters 7, 11, 12, and 13 of the U.S. Bankruptcy Code. Chapter 7 bankruptcy, considered liquidation bankruptcy, appoints an impartial trustee to sell the assets of a debtor to pay off creditors' claims; generally, Chapter 7 debtors retain their homes, public benefits, and child support payments but surrender most other holdings. Chapter 13, or reorganization bankruptcy, differs in that it allows the debtor to retain some assets by proposing a repayment plan over a period of three to five years to the creditors via the trustee. Chapter 12 bankruptcy is reserved for farmers and fishermen who choose to file and propose a repayment plan to their creditors. While those forms can all be used by individuals, Chapter 11 typically is employed by large corporations; Chapter 11 allows businesses to propose a repayment plan for creditors as well as seek new sources of profit.

Sushma Raju THELAW.TV RESEARCHER

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Costa Law Group
http://www.thecostalawgroup.com

3645 Ruffin Road, Suite 100
San Diego, California 92123

(619) 817-6001

About Our Firm

Costa Law Group is one of the largest bankruptcy filers in San Diego County. Our bankruptcy practice includes Chapter 7, Chapter 11, and Chapter 13, as well as alternatives to bankruptcy such as debt settlement and other forms of debt relief. Our legal services are competitively-priced, and we can arrange flexible payment plans as necessary. We also offer free or low-cost initial consultations in all areas of our practice. Evening and weekend appointments are available, and we welcome both English-speaking and Spanish-speaking clients to our office.

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The California lawyer(s) at Costa Law Group offer their Bankruptcy Law services to residents of San Diego, South Bay, Chula Vista, National City, Carlsbad, Lakeside, Lemon Grove, Point Loma, Ocean Beach, Oceanside, Pacific Beach, Solana Beach, San Marcos, East County, Encinitas, Escondido, Vista, Poway, University City, Del Mar, Coronado, Ramona, El Cajon, La Mesa, Spring Valley, La Jolla, North County and San Diego County.


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