Bankruptcy is a term and a situation that no one wants to find him or herself in. Unfortunately, it happens and it has to be dealt with as soon as the situation warrants to prevent worse from going to worst. When the case is that your bills and debt are overwhelming and bankruptcy appears to be the last option, you should know the kind of bankruptcy most suited for you.
There are several kinds of bankruptcies, Chapter 7, Chapter 11, Chapter 12 and Chapter 13. Chapter 7 bankruptcy is complete liquidation. Chapter 11 is the bankruptcy used primarily for the reorganization of debt with businesses, although individuals may qualify for it as well. Chapter 12 is bankruptcy for farmers who need help and Chapter 13 is an opportunity for debt adjustments of individuals. This article will focus on the Chapter 11 bankruptcy. A law firm in Missouri provides an Arnold MO Chapter 11 bankruptcy.
The clear purpose of the Chapter 11 bankruptcy is to help businesses, small and sole proprietorship, as well as corporate entities reorganize their debts. When the business has been burdened to the point of where there seems to be no way out, Chapter 11 becomes an option. The thrust of the Chapter 11 is to allow the bankruptcy filer an opportunity to present a plan to regain financially, which includes cutting back on expenses and finding ways to generate more income. Simultaneously, the creditors are put on hold. This may be a great option and “ram in the bush” for the business that is in trouble, but it is a lengthier process than the other bankruptcy options and more costly, besides.
The Bankruptcy Law Firm of Sean C. Paul offers an Arnold MO Chapter 11. The firm has been providing debt solutions for clients in St. Louis, MO and Arnold, MO for over seven years. They offer relief in the various types of bankruptcies, offer advice for repossessions, counsel clients on foreclosures and can help you to end harassment from creditors immediately. If you need consultation on a debt matter or relief from creditors, you can visit the website of Sean C. Paul, Stlbankruptcyfirm.com.