Bankruptcy is a legal procedure initiated by an individual or a business that cannot pay their debts and seeks to have the debts discharged or reorganized by the courts. The three most common types of bankruptcy proceedings are Chapter 7 individual petitions, Chapter 11 business reorganization and rehabilitation petitions, and Chapter 13 wage earner’s plans. Representing bankruptcy clients requires thorough knowledge of the U.S. Bankruptcy Code. Generally, any bankruptcy-related claim must be filed with the U.S. Bankruptcy Court.
The Martinez Law Group has been representing both businesses and individuals in Chapters 7, 11, and 13 for many years. Let us help you. Call us today on our toll-free number 1-833-424-9032.
- Bankruptcy Petition – The document filed with the U.S. Bankruptcy Court that initiates a bankruptcy proceeding; usually contains the debtor’s assets, debts, and other liabilities.
- Chapter 7 (Individual Bankruptcy) – A petition filed under Ch. 7 of the U.S. Bankruptcy Code for an individual debtor to liquidate his or her assets and settle or discharge debts
- Chapter 11 (Business Reorganization) – A petition filed under Ch. 11 of the U.S. Bankruptcy Code for a business to reorganize its liabilities and assets, as well as settle or discharge its debts
- Chapter 13 (Wage Earner’s Plan) – A petition filed under Ch. 13 of the U.S. Bankruptcy Code where an insolvent debtor may ask the court to grant additional time for the debtor to pay off his or her debts, so long as the debtor is earning a steady income
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