Chapter 7 Bankruptcy

Debtors should be aware that there are several alternatives to chapter 7 relief our  Boston Bankruptcy .  For example, debtors who are engaged in business, including corporations, partnerships, may prefer to remain in business and avoid liquidation. Such debtors should consider filing a petition under chapter 11 of the Bankruptcy Code. Under chapter 11, the debtor may seek an adjustment of debts, either by reducing the debt or by extending the time for repayment, or may seek a more comprehensive reorganization. Sole proprietorships may also be eligible for relief under chapter 13 of the Bankruptcy Code. Chapter 7 Bankruptcy A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in Chapter 13 Bankruptcy. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property ma...