Your Complete Guide to Bankruptcy In South Florida
Chapter 7 Bankruptcy is a type of personal bankruptcy that allows individuals to discharge certain debts by filing for bankruptcy. A Chapter 7 bankruptcy discharges any unsecured debts such as credit card bills, medical bills, etc.
Chapter 11 Bankruptcy allows businesses to keep operating while they develop a plan to pay their creditors back. Chapter 11 is only for businesses that have valuable assets or are still generating income.
For individuals, Chapter 13 bankruptcy is a debt repayment plan. You’ll work with the court and your creditors to come up with a plan to repay all or part of your debts over a three to five year period.
