Well you are having financial problems and
you are considering filing a bankruptcy and you are asking yourself what kind of bankruptcies
are there. My name is Andy Forman and I’m a Business and Consumer Bankruptcy Lawyer
in Tampa, Florida and I help people make those decisions every day. There are two main types
of bankruptcies. There are reorganizational bankruptcies which allow you to restructure
debit. They are Chapter 13, Chapter 11 and Chapter 12 family farming reorganization and
then there is Chapter 7, liquidation bankruptcy which results in a discharge that wipes out
the debt. Chapter 7 is available to individuals, companies, partnerships and LLC’s. Chapter
13 is a reorganizational bankruptcy and is only available to individuals, people. Chapter
11 is available as a reorganizational tool to corporations, partnerships, LLC’s and other
nonnatural persons whose debts exceed a certain dollar amount. Chapter 12 is a reorganization
for a family farm and Chapter 9 is a reorganization for municipalities. There are many types of
bankruptcy and by consulting with a bankruptcy lawyer you’ll be able to make the right choice.
I’m Andy Forman. Good luck with your bankruptcy.