Bankruptcy Lawyers Offer Protection
In these difficult economic times, personal and corporate indebtedness reflect the harsh reality that it was easier to get credit than it has been to meet those credit obligations. Since the beginning of the recession, millions of Americans have had no choice but to file for bankruptcy protection.
Bankruptcy attorneys represent personal bankruptcy clients as well as corporate bankruptcy entities. Most bankruptcy attorneys specialize in either corporate bankruptcy cases or personal bankruptcy clients. In either situation, the indebted client has many decisions to make and some of those decisions are painful.
However, there are three main chapters in bankruptcy filings. Chapter 7 is a complete liquidation for all corporate assets and many personal assets. Chapter 13 bankruptcy is recommended by personal bankruptcy attorneys whose clients can provide the court a creditable three-year reorganization plan. Chapter 11 bankruptcy attorneys represent corporate clients who can submit a restructuring of secured and unsecured corporate debt.
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