The financial crisis is taking a toll on many Americans. The unemployment rate is higher than it has been in years and many people are finding themselves upside down on their homes. Owing more on your home than it is currently worth is a very difficult situation, especially if you don't have a job to provide income to make the monthly mortgage payments. When you can no longer afford the payments on your home or the other bills that you have every month, it may be time to consider bankruptcy. Bankruptcy is a process that a lot of people take advantage of and should really only be used when there is no other option. You do need to know that there are different types of bankruptcy that will apply to specific situations and people. It is important for you to do some research and find out the differences between chapter 11 versus chapter 13 bankruptcy so that the process is smooth for you.
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There are both similarities and differences in chapter 11 and chapter 13 bankruptcies. Both types of bankruptcy involve the debtor and attorney creating a plan to reorganize and consolidate all existing debt. With a chapter 13 bankruptcy the creditor is required to accept the plan that is drafted as long as it meets existing legal bankruptcy standards, but with chapter 11 the creditors can vote to determine whether or not the plan will be accepted.
The biggest difference between chapter 11 and chapter 13 bankruptcy is who can file for each type. Chapter 11 bankruptcy is an option for business and people who have large amounts of both debt and income, while chapter 13 bankruptcy is available for other individuals as well as sole proprietorship. Another main difference is that there are debt and income limits that change each year for eligibility with chapter 13.
With all of the information that is available on bankruptcy and the differences that each type has, it is important to get as much help as you can. One great option that you have when considering a bankruptcy is a San Antonio bankruptcy lawyer. A bankruptcy lawyer can help you through the process of a bankruptcy and help you ensure that you understand everything and don't miss a step. Your bankruptcy lawyer will also be able to help you put together the plan for your debt consolidation. This is important especially if you are filing chapter 11 because the plan will have to make sense and follow all guidelines that are in existence for these complex laws.
If you are considering hiring a bankruptcy lawyer, you will want to do some research on the lawyers that are available in your area. Get online and find the lawyers that are in your area, if there are review from past customers, you may want to read them because they will be a good indicator of what your experience will be like as well. The process of bankruptcy can be very difficult and take quite a long time, but in the end it will be well worth the effort that you put into it when your bankruptcy goes through.
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