Chapter 7, 11, 12 & 13 Bankruptcy Attorneys in Gulf Coast
Offering Clients a Better Future
Experiencing crippling financial debt can be one of the most isolating and overwhelming experiences a person can face. Many people who are in debt feel alone and don’t know how to dig themselves out of the hole they’re in. Our Gulf Coast bankruptcy attorneys are here to let you know that you have options. At Davis & Davis, PLLC, our team offers dedicated legal counsel in Chapter 7, 11, 12, and 13 bankruptcies to help clients gain financial footing. We can educate you on each type of bankruptcy and assess your situation to help you determine which one is right for you. We’ve helped countless clients over the last 20 years who have been in the same situation you’re in now, and we’ve seen them take steps toward a healthier and more stable future. If you’re ready to start a new chapter and help yourself and your family get out of debt, call us for a free consultation.
Common Bankruptcy Types
Not all bankruptcies are the same. While bankruptcy is generally used to help individuals and businesses clear their debt, not all types are created equal. There are six different types that correspond to chapters in the Bankruptcy Code.
Some of the types of bankruptcies our attorneys help clients with include:
- Chapter 7: The most common kind of bankruptcy for individuals, Chapter 7 is known as a liquidation bankruptcy case, which means that an appointed trustee oversees the sale of your assets to pay off your creditors. Through this bankruptcy, all your debt is erased, barring student loans and taxes. If there are any assets you have and want to protect from liquidation, like your house or car, an attorney can help you defend them from being sold. Only individuals who cannot pay off any part of their debt qualify for this kind of bankruptcy.
- Chapter 11: Chapter 11 bankruptcies are used mostly by large businesses or corporations who need to reorganize their debt payments. Both creditors and the court must approve the plan the company creates to pay their debts while also continuing to run their business. Some individuals with a lot of debt and high-value assets, like celebrities or professional athletes, may also qualify for this type of bankruptcy.
- Chapter 12: Family farmers and fishermen can file for a Chapter 12 bankruptcy to avoid foreclosure on their property or having to sell their assets. Chapter 12 bankruptcies are similar to Chapter 13 bankruptcies, though they have higher debt limits.
- Chapter 13: The second most common bankruptcy option for individuals, Chapter 13 doesn’t forgive your debt like Chapter 7 – it helps you to reorganize your debt. Through the court, individuals can establish a monthly payment plan to pay off their debts over a period of three to five years. The amount you need to pay each month depends on your current income and amount of existing debt. This is an option for those who can’t currently pay off all their debts, but can afford small portions.