Chapter 7 = Basic Liquidation, Chapter 11 = Business Reorganization, Chapter 13 = Personal Reorganization
Video Transcribed: Oklahoma Bankruptcy Attorney Edward Kelley here, answering your bankruptcy questions with oklahomacitybankruptcyattorney.pro finishing up our series on all of the chapters dedicated to this unprecedented, good time to file.
With lowered incomes and all the difficulties people are facing one benefit is probably never been a better time to file. If you didn’t quite qualify for a chapter 7, you probably do. If you’re needing to shelter in, they’re doing all hearings by telephone and trustees are probably being as forgiving as they have or ever will be given the difficulties everyone is facing right now.
So, I went over chapter 7, 11 and 13 in detail and I did mention a little bit about 12, that’s your farm specific bankruptcy, but I didn’t go into any details on that. For those of you that need help with that, just get in touch with me 888-DEBTLINE or email@example.com, and I’ll get you going with that.
But as far as the other chapters that most of you will fall into, we’ve got chapter seven, your basic liquidation. That’s the one you want if you can do it, cut and run, give up your assets except your exempt assets, which is most of them, house, car, personal belongings, all of those are safe.
And then we’ve also got chapter 13, which is kind of like a personal reorganization, although not quite. If you make too much money to do with seven, or if you need to keep your house out of foreclosure, get caught up on an arrearage on your home or car, chapter 13 is the way to go.
Then of course, chapter 11, business reorganization. If you are a business struggling and record numbers of chapter 11s are being filed right now, but you think you can make it with a little breathing room, then chapter 11 is your way to accomplish that. You can become a debtor in possession and in sort of a partnership with the trustee and your creditors, you can keep things afloat until you can get back on your feet.
So, if any of those apply to you, this may be the best time that you’ll face to do that with the understanding and relaxed atmosphere in the bankruptcy courts right now. So, if I can help in any way, please get in touch. 888-DEBTLINE, firstname.lastname@example.org or here on our Facebook group, Oklahomans for Debt Relief. Talk to you again soon.