The time restrictions and forms required for filing any Chapter of Bankruptcy can be intimidating.

So if you are considering this - seek the advice of an experienced, qualified attorney, like those at Watson Law Firm of Harrison.

The Types Of Bankruptcy:

Chapter 7 - Liquidation

Chapter 11 - Reorganization

Chapter 12 - Voluntary repayment plan for family farmers or fishermen.

Chapter 13 - Voluntary repayment for individuals with regular income.

You Should Have An Experienced Attorney Review Your Decision to File Bankruptcy and the Proper Choice of Chapter. Call Watson Law.

Information on Chapter 7 Bankruptcy:

Your income must qualify for you to file Chapter 7. If your income is above the median for your state, you must file additional forms. 

If you file Chapter 7 Bankruptcy - know that you are allowed to discharge many of your debts while still retaining a substantial portion of your assets. The assets, referred to as 'Exempt Property', include: your home, car, clothing, household items & additional property up to the limit of your exemptions.

Exemptions are not automatic! 

The experienced attorney at Watson Law Firm of Harrison are experienced in finding out if you qualify. We can help you maximize your exemptions while still following all the rules.

Chapter 11, 12 & 13:

Individuals may use Chapter 11 to reset a current business plan when things seem overwhelming, but they really shouldn’t be.

Although Chapter 11 is often used for reorganizing a business, it is also still available to individuals in need.

Chapter 13 is for individuals who have regular income and would like to pay all or part of their debts in installments over a period of time, and to discharge some debts that are not paid.

You are eligible for Chapter 13 ONLY if your debts are more than certain dollar amounts set forth in 11 U.S.C./109.

Similar to Chapter 13, Chapter 12 permits family farmers and fishermen to repay their debts over a period of time using future earnings, and to discharge some debts that are not paid.

Like Chapter 7, there are certain debts that are not able to be discharged.