Answer:
Chapter 7 generally involves liquidation, Chapter 13 uses a repayment plan for individuals with regular income, and Chapter 11 provides a broader reorganization process for businesses and certain higher-debt individuals.
Chapter 7 generally involves liquidation, Chapter 13 uses a repayment plan for individuals with regular income, and Chapter 11 provides a broader reorganization process for businesses and certain higher-debt individuals.
The appropriate bankruptcy chapter and likely result depend on income, assets, debt types, payment arrears, exemptions, and long-term financial goals. An individualized review can identify the protections and obligations that apply.
For guidance tailored to your situation, speak with our Galveston bankruptcy lawyers.