What Type of Bankruptcy Should I File?
There are two types of bankruptcy for individuals: Chapter 7 and Chapter 13. While the elimination of debt is the end result of both types of bankruptcy, each involves a significantly different process. It is important to understand what type of bankruptcy you are eligible for, if not both, as well as which one makes the most sense in your situation.
At Rothschild & Ausbrooks, PLLC, we start by getting to know your situation, so you can be confident that the guidance we provide is based on your needs. Our attorneys have more than three decades of experience serving people just like you in Nashville and throughout Tennessee, so you can also trust that the advice and information we provide is sound.
The Choice Between Chapter 7 and Chapter 13
One of the most important aspects of the bankruptcy process is the means test. Not only does this test determine if you are eligible for bankruptcy, it determines which chapter of bankruptcy you are eligible for. The most common form of bankruptcy is Chapter 7. If you feel as if you are stuck between a rock and a hard place because of your debt, you will most likely find yourself eligible for Chapter 7. If not, you may still qualify for Chapter 13. In some cases, you may be eligible for Chapter 7, but choose to file Chapter 13. The key is to review all of your options with our lawyers so you can make the decision that is right for you.
Other Types of Bankruptcy
Perhaps you have heard of another type of bankruptcy, such as Chapter 11. There are other types of bankruptcy available for businesses and others. Many business owners believe they need to file Chapter 11 when, in reality, Chapter 7 or Chapter 13 may make more sense. Our lawyers will review your situation and help you decide the best type of bankruptcy for you.
Contact Us for a Free Bankruptcy Consultation
Please contact Rothschild & Ausbrooks, PLLC, today to get answers to questions about types of bankruptcy.
