For individuals and business facing financial hardship, it may be necessary to explore the options for relief under the U.S. Bankruptcy Code. Options include asset liquidation, financial reorganization or repayment plan. We have been admitted to practice in the Federal Courts since 1975 and since that time to the present day have been involved in hundreds of chapter 7 bankruptcy petitions being filed in the US Bankruptcy Court. We also represent people in chapter 13 (wage earner) bankruptcies which are usually required when someone’s real property is in jeopardy. Global Law provides bankruptcy services for residents and businesses throughout Maryland and Virginia.
- Chapter 7 Liquidation – A Chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 11 and chapter 13. Instead, the bankruptcy the debtor’s nonexempt assets are sold and the proceeds of those assets are sold to pay creditors. Corporations, partnerships, and sole proprietorships and individuals may file Chapter 7 Bankruptcy.
- Chapter 11 Reorganization – In a Chapter 11 bankruptcy case the debtor (usually a business) proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can seek relief in Chapter 11.
- Chapter 13 Individual Debt Adjustment – Chapter 13 bankruptcy offers individuals (including sole proprietors) a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time.