Chapter 11, Chapter 7, and Chapter 13 in Manhattan

Who ever thought it was a good idea to put laws in place to help the financially struggling people, and then write them in language you need 3 college degrees to understand? It's not like you are feeling nice and relaxed to read through all kinds of legal jargon when you are staring bankruptcy in the face. You thought you could just read through the Manhattan bankruptcy laws and have a good idea of your options and how to proceed. No one ever told you that there is more than one chapter of bankruptcy. You have the Chapter 11, Chapter 7, and Chapter 13 bankruptcy plans to consider. Each one has its own requirements and qualifications. A simple explanation of each kind is the best way to start the process of determining if bankruptcy is the right financial move for you. Even if you think you understand the New York state bankruptcy laws, consult a lawyer before you decide to do it alone.

• Chapter 11 bankruptcy
• Chapter 13 and Chapter 7 bankruptcy
• moving on after bankruptcy in Manhattan

One of the first decisions you have to make in regards to your Manhattan bankruptcy is if it is for your personal or business finances. A Chapter 11 bankruptcy is designed to help struggling businesses stay open and get out of debt at the same time. As a business owner you will be required to honor certain existing contracts. The rest of your debt will be reorganized and you will be expected to make a predetermined monthly payment to the court appointed trustee. The business is allowed to continue to operate and you and your business have a fresh start to make things right. It's a win-win situation for any business owner who doesn’t want to give up on their dream.

Under Manhattan bankruptcy law a Chapter 13 works much like a Chapter 11 except it's for personal reasons. You don’t keep your business, but you can save your home from foreclosure. Chapter 7 is different in it is a liquidation of your assets. It gives you a clear financial start, but at the cost of anything of value you own. While it seems harsh, Chapter 7 bankruptcy has helped thousands of people move on with their lives.

Regardless of the type of bankruptcy you are qualified for, Chapter 11,. Chapters 7, and Chapter 13, are all there to provide a new future for those who need a hand up.