Q: I am a 69 year old man with a lot of debt. I am considering filing bankruptcy would I file chapter 7 or 11 ?
A: You would file Chater 7 or chapter 13. Chapter 11 is business reorganization. You would need a thorough evaluation of your complete finances by a bankruptcy attorney to held you decide which chapter..
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If you’re facing significant debt, understanding the differences between Chapter 7 and Chapter 11 bankruptcy is crucial. Chapter 7 involves liquidating non-exempt assets to pay off creditors and can lead to the discharge of most unsecured debts. It is generally quicker and more suitable for individuals with limited income and fewer assets.
Chapter 11, however, is typically used by businesses but can be an option for individuals with complex or substantial debts. It allows you to reorganize your finances and create a repayment plan, which can help you retain more of your assets compared to Chapter 7.
Given your situation, Chapter 7 might be the more straightforward and faster option if you qualify. It’s important to consult with a financial advisor or attorney who can provide personalized advice based on your specific financial circumstances.
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