Personal and Business Bankruptcy: Chapter 7, Chapter 11, Chapter 13
Bankruptcy is never an easy decision and may not be the right option for you. Calvert County, MD bankruptcy attorney John Burns will meet with you and discuss your unique financial situation. Together, you'll discuss the right option for you and your family. Call today for a no obligation consultation: 301-441-8780.
A Chapter 7 bankruptcy filing is an orderly, court-supervised procedure by which a trustee collects the assets of the debtor's estate, reduces them to cash and distributes that cash to creditors
If you file a Chapter 7 bankruptcy, the court could eliminate your unsecured debts and you would owe your unsecured creditors nothing.
A Chapter 13 bankruptcy is a reorganization of your financial situation.
The main purpose of a Chapter 13 bankruptcy is to enable you to retain certain assets that would otherwise be liquidated in a Chapter 7 bankruptcy.