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What type of Bankruptcy should I file?

What type of Bankruptcy should I file?
Daniel L. Pahlke

What type of Bankruptcy should I file?

Chapter 7 - A chapter 7 bankruptcy lets individuals wipe out their debt and move on with a fresh start. Credit card debt, medical bills, repossessed vehicles, payday loans, cash advances and other unsecured loans can all be wiped out in a chapter 7.  Usually you can keep all the property you own, get rid of unsecured debt and obligations and move on with life in a few months.

Chapter 13 - A chapter 13 bankruptcy lets individuals get out from under their debt while making some payments to creditors as party of the bankruptcy plan.  A chapter 13 also is designed to help if your home is in foreclosure as it can allow you to keep your home and catch up the payments you have missed.

Chapter 12 -A chapter 12 bankruptcy is for family farmers and ranchers.  We have helped farmers and ranchers restructure their debt all across South Dakota.  While a bankruptcy is an option, we also help farmers and ranchers work out of financial issues outside of bankruptcy.  Either way, it is your livelihood and it is important to us and we want to help you continue your operation.

Chapter 11 - A chapter 11 bankruptcy is generally for a business that needs to restructure its operation.  Chapter 11 is a powerful tool for a struggling business.  We have advised all types of businesses in South Dakota on best way to turn around the operation.  If your business is struggling with cash flow issues or creditors attempting to take your assets, call Pahlke Law to discuss your next move.


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