Have you fallen on tough times financially? Do you own a business that has a small cash flow that’s just enough to make modest payments to your creditors? Or, does your business not have any cash flow coming in at all? Alternatively, have you accumulated debt on personal expenses and there’s just no way you can pay it all back? If you answered “yes” to either of those questions, then it might be time to seriously consider filing for bankruptcy. There are different kinds of bankruptcy options available for consumers and small business owners.
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When you’re in danger of going bankrupt, what you need are solutions, fast. For the most part, consumers can file for either Chapter 7 or Chapter 13 Bankruptcy. Typically, which bankruptcy plan is right for you will depend upon your income level. If you make below a certain level, you can file for Chapter 7. If so, unless you have considerable assets (which could be liquidated) you may not have to pay much if anything. You may have to sell some of all of your assets, but some property can be exempted. That’s how you could keep your car, your home, and so forth.
By that same token, if you make above a certain income level, then you could qualify for Chapter 13. That bankruptcy requires you to make monthly payments as part of a repayment plan. This can go on for multiple years. As opposed to eliminating them, you would be repaying these debts over time. Obviously, dealing with anything like bankruptcy can be frustrating, anxiety-inducing, and even scary. That’s why it’s necessary to have top-notch bankruptcy attorneys who can support you through the entire process.
Small Business Bankruptcy
If you own a small business, then you may qualify for Chapter 7, Chapter 13, or Chapter 11 bankruptcy. Just as with Consumer Bankruptcy, if you qualify, Chapter 7 Bankruptcy can allow you to keep certain important assets, such as vehicles, property, and so forth. In Chapter 13 and Chapter 11 Bankruptcy, your business can continue operation but you must be able to make certain monthly payments. You may also be allowed to keep more property than you may in Chapter 7.
There are other rules and regulations that go along with filing for small business bankruptcy if you’re part of a corporation or partnership. As you might imagine, all of these processes are complicated, so it makes sense to have an experienced law group at your side.
The Levinson Law Group Joint-Venturing with Bankruptcy Attorney Jeffrey Larkin
The Levinson Law Group has been helping consumers and small business owners with bankruptcy for some time. If you go back and look through this page, the words “if” and “may” appear several times. That’s for a reason: bankruptcy law is complex. That’s why it’s so important to have a law firm by your side that has done this before. To that end, the Levinson Law Group is happy to announce joint-venturing with prominent bankruptcy attorney Jeffrey Larkin.
As of this writing, Americans all over are financially impacted by COVID-19. By working together, we’ll be able to provide much-needed help. Consulting with attorneys can be the first step towards finding the right option for your particular situation. Schedule a consultation today by calling (877) 256-3946.