What Is Bankruptcy?
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Transcript of What Is Bankruptcy?
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WHAT ISBANKRUPTCY?
By Lee Legal
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When you experience financial difficulties you may need to regroup
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With the proper legal guidance, bankruptcy can be the
RIGHT CHOICE
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In this presentation we will look at some basic
facts about bankruptcy
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Two Types ofBANKRUPTCY
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There are essentially two different types
of bankruptcy
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1 LIQUIDATION
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2 REORGANIZATION
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MOST COMMON FORMS OF
BANKRUPTCY
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Chapter 7
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Chapter 7Chapter 13
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Chapter 7 bankruptcy involves the discharge of your debt
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Chapter 13 bankruptcy involves reorganizing your debt
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1 Chapter 7 Bankruptcy
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Chapter 7 bankruptcy is
appropriate for those who cannot repay their debts
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If you file for this type of bankruptcy your debt will be discharged, and you can start afresh
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Chapter 7 Benefits
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When you file for Chapter 7 bankruptcy
you stop garnishments, lawsuits, and
repossessions
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Your unsecured debt will be discharged
This includes credit cards, payday loans, overdrawn bank accounts, and other forms of unsecured debt
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As you begin anew free of these
encumbrances you can start to rebuild
your credit
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2 Chapter 13 Bankruptcy
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Chapter 13 bankruptcy is for people who have enough income to make payments on
their debts
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You reorganize your financial responsibilities and emerge with a more manageable
situation
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Chapter 13 Benefits
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Chapter 13 can put a stop to any
foreclosure efforts that may be underway
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Garnishments, legal actions,
and repossessions
will cease
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Intrusive collection efforts
will stop
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Ultimately, you'll have up to five years to stick to a
plan that gets you back on track
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Chapter 11 & Chapter 12
Chapter 11 and Chapter 12 bankruptcies
exist as well
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3 Chapter 11 Bankruptcy
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Chapter 11 is generally going to
be utilized by businesses for reorganization purposes or by individuals with
multiple real estate assets
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4 Chapter 12 Bankruptcy
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Chapter 12 allows farmers and fishermen
to reorganize their debts
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WHAT’S
BESTFOR YOU?
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After viewing this presentation you have some
basic information about bankruptcies
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To find out what course of action will be best for you,
schedule a consultation with our firm
LEE LEGAL
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We will gain an understanding of your situation, become apprised of your goals,
and make the appropriate recommendations
LEE LEGAL
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Bankruptcy Lawyer in Virginia and Washington, DCBankruptcy Lawyer in Virginia and
Washington, DC
www.Lee-Legal.com
(202) 448-5136(703) 879-2870
(202) 448-5136(703) 879-2870