Bankruptcy Help in Manchester
Fisher & Williams PLC in Manchester represents clients on bankruptcy cases dealing with anything from reorganization proceedings to repayment plans for unsecured debts. Here attorneys discuss the differences among Chapter 7 and Chapter 11 bankruptcies, as well as other related topics.
Manchester Bankruptcy Laws
In 1978, Congress enacted the Bankruptcy Code, which in summary gave debtors a fresh start from their burdensome debts. There were substantial changes made to the US Bankruptcy Code in 2005, when the Bankruptcy Abuse Prevention and Consumer Protection Act was signed by President Bush. If you were to take a look at the current code (January 2008) you will notice that six of the nine chapters listed (Chapters 1, 3, 5, 7, 9, 11, 12, 13 and 15) are the types of bankruptcy cases covered by this code. The most common cases in bankruptcy are:
Chapter 7 Bankruptcy
Also called liquidation, Chapter 7 bankruptcy is where a trustee converts the assets of debtor’s estates into cash, making distributions to creditors. There is certain exempt property from this conversion, and a Manchester bankruptcy lawyer can delve into the possibility of “no-asset cases” with you.
Chapter 11 Bankruptcy
Also called reorganization, Chapter 11 bankruptcy is used by commercial enterprises opting for a court-Submitted plan for reorganization.
Personal Financial Reorganization
The first step in any bankruptcy proceeding is to contact a lawyer who can advise you if you require adversary proceedings, or if you should seek a hardship discharge. Navigating the US Bankruptcy Code is very tricky and easy to get lost in. Depending on the location, you will have to deal with one of three bankruptcy courts in Tennessee. If you are looking to file Chapter 7 bankruptcy in Manchester for example, then you’d have to begin the process with the Bankruptcy Court for the Eastern District of Tennessee.
