Chapter 7, Chapter 11, Chapter 13 … .
An Orange County resident's head might spin when trying to grapple initially with the various forms of bankruptcy and the debt-relief options they provide.
And that's OK. In fact, it is completely understandable. For starters, state and federal bankruptcy law is not the most user-friendly legal realm that members of the general public -- and even lawyers who are not specialists in the field -- confront and seek to decipher.
Indeed, it is often considered to be comparatively complex, even esoteric.
Many people have delved somewhat into the specifics of Chapter 7 and Chapter 13 bankruptcy rules and protections, respectively, given that those forms of debt relief are what most consumers ultimately look to when confronting formidable financial challenges and contemplating a bankruptcy filing.
Chapter 11 is a different animal, though, being a type of bankruptcy that is less familiar and more complex to many consumers.
The Law Office of Christopher P. Walker, P.C., serves clients throughout much of Southern California needing financial help with debt problems. One thing we centrally note on the Anaheim Chapter 11 page of our website is that Chapter 11 might be the optimal type of bankruptcy filing for many struggling businesses and individuals to pursue.
Although the proof is in the details, of course, with every case being different, many clients ultimately find that Chapter 11 reorganization makes best sense for them as a filing option. As we note on the above-cited page, it "gives a business or a person breathing room, making it possible to pay off debts partially or over time while keeping important property and assets."
Chapter 11 is quite distinct from other forms of bankruptcies in myriad and fundamental ways, which means that it is not for every client.
However, for select businesses and individuals, it can be a top-tier and effective option for resolving economic woes and regaining financial traction.
Our firm can answer questions regarding Chapter 11 and provide experienced legal representation in any type of debt-relief matter.