HLA provides representation for both commercial and personal bankruptcies.
There are three principle types of bankruptcy protection
available for businesses and individuals, each with its own set
of characteristics and qualifying criteria.
All bankruptcy protection grants a reprieve from harassing
creditors, a halt to all lawsuits (including foreclosures), and
a fair opportunity for financial assessment and strategy.
Disadvantages include damage to credit history and possible
liquidation of assets.
HLA provides representation for both commercial and personal
bankruptcies. Meet with a federally-licensed HLA attorney to
discuss your situation and determine whether bankruptcy
protection is the best option for you.
Chapter 7
Bankruptcy under Chapter 7 is best characterized as a “fresh
start.” This type of bankruptcy gives businesses and individuals
the opportunity to discharge past debts and avoid liability
under court judgments.
Chapter 11
Chapter 11 is reorganization, as opposed to liquidation. This
type of bankruptcy is typically utilized by businesses and high
net worth individuals. The idea is to create a sustainable plan
for repayment of debts.
Chapter 13
Chapter 13 also involves a plan for repayment of debts, and
it is much more accessible than a Chapter 11. Just the same, not
all debtors will qualify for Chapter 13 as they may lack the
steady income necessary to fund a viable Chapter 13 plan.
Quick Facts
Understand your rights
under the bankruptcy
code.
Discuss your
circumstances with an
HLA attorney to
determine the
alternative that's right
for you.
