Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. A declared state of bankruptcy can be requested by creditors in an effort to recoup a portion of what they are owed; however, in the overwhelming majority of cases, the bankruptcy is initiated by the bankrupt individual or organization.
People facing Debt traps often find no ways to come out of it. They constantly have to face Harassment by Creditors and have to suffer because of the lack of awareness of their rights as a debtor.
A Chapter 7 filing means that the business intends to sell all its assets, distribute the proceeds to its creditors, and then cease operations.
A Chapter 13 Bankruptcy is a reorganization plan for individuals. To qualify for Chapter 13, an individual must have Secured Debts under $807,750 and Unsecured Debts under $269,750. Under Chapter 13 the debtor keeps all of their property, but in return they make regular payments to a trustee, who distributes the payments to the creditors. Most Chapter 13 plans last for three to five years, and then the remaining unpaid and eligible debts are discharged.
We help you come out of such situations through division of your assets among creditors and assist you to get rid of all liabilities and start afresh.
The Legal Target team also negotiates on behalf of you with your creditors so that you have to pay only a fraction of your debts. You continue doing business and repay once you have re-established yourself.
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