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What Is Bankruptcy

Definition of Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. Creditors may file a bankruptcy petition against a debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed. In the majority of cases, however, bankruptcy is initiated by the debtor (a "voluntary bankruptcy" that is filed by the bankrupt individual or organization).

There are six types of bankruptcy under the Bankruptcy Code, located at Title 11 of the United States Code:

  • Chapter 7: basic liquidation for individuals and businesses.
  • Chapter 9: municipal bankruptcy.
  • Chapter 11: rehabilitation or reorganization, used primarily by business debtors, but sometimes by individuals with substantial debts and assets.
  • Chapter 12: rehabilitation for family farmers and fishermen.
  • Chapter 13: rehabilitation with a payment plan for individuals with a regular source of income.
  • Chapter 15: ancillary and other international cases.

I Would Rather Avoid Filing for Bankruptcy!

If you would rather avoid the stigma, cost and stress of a bankruptcy and still significantly reduce your debts you have a legal and effective option.

  • Your Debts could be reduced by up to 60%*
  • You could reduce your monthly expenses by half
  • You don't need a loan, to be a home owner of even have good credit.
  • You only need to take a couple minutes to see if your financial situation qualifies. Which is FREE.

You will get a free FULL consultation from a professional debt relief provider who will answer all your questions, provide details on their program, determine if your situation is right for debt negotiation and most importantly estimate how much your debt can be reduced by. You will get any and all costs associated with their service free and UP FRONT before you make any decision. It only takes a few minutes to generate your quote, but you may spend as much time as you wish getting your questions answered.

If at the end of this consultation you are comfortable with the service and debt reduction amount you can start right away. If you feel this is not the right solution for you, you have absolutely no obligation or cost. Simply thank your counselor and say goodbye.

It's that simple to find out if you can avoid bankruptcy and reduce your debts.
Start now with our easy 2 step consultation process below:

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We are Not offering a Government based or backed Bailout Program.

Chapter 7 11 13 is a referal service that puts you in touch with companies offering services you are interested in receiving quotes and consultations from. Chapter 7 11 13 is not an end provider of debt relief services nor are we part of any agreementor contract of services you may commit to with a debt relief company.

The content provided on Chapter-7-11-13.net is a general description of services. Actual benefits, costs and features of services will vary from company to company. It is up to you, the consumer to consult with the service provider and any professional you deem appropriate to educate yourself on all the details of their program before making any decision.

By completing a form on this website you are requesting a service to contact you, in most cases by telephone, regardless of your status on the do not call list (DNC). Forms on this website are for information requests only, mainly for quotes, they are never an application or pre-qualification for services. Chapter 7 11 13 evaluates carefully the service providers we put you in touch with, however we do not endorse nor are we responsible for the actions taken or services provided by any particular company that may be found by using the Chapter-7-11-13.net website.

Chapter 7 11 13 is not providing legal, financial, investing or any other professional advice. Although we believe the content on this website to be acurrate it is general in nature and does not fully describe the complex details of every debt situation or program you may decide to use. It is recommended that you always contact a professional in the appropriate field for advice before making any decision.

In no case should you, the visitor, believe that there is any gaurantee that a you will not have to file bankruptcy now or in the future. This type of claim is not possible since bankruptcy is YOUR decision. * Up to 60% Debt reductions shown are real examples of some of the higher potential debt reductions possible. The debt negotiation industry averages about a 50% debt reduction, plus fees for their service, your results will vary. Chapter 7 11 13 is not the end provider of debt relief service thus we do not gaurantee any debt reduction amount, this will be estimated by the debt relief company you choose to use.

Important Issues to Consider when Evaluating Debt Settlement or Negotiation Programs

Consumers should not use a debt settlement service if they are able to pay their minimum balances due each month. Nor should the join if they do not have a legitmate financial hardship.

1) late fees, penalties, and interest will continue to accrue on the consumer’s debt until the consumer’s creditors accept and receive a settlement; (2) a consumer’s creditors may still sue to collect on the debts and garnish the consumer’s wages; (3) interest rates applicable to the consumer’s debt may increase; (4) any money a consumer saves in negotiating a settlement with a creditor must be treated as income for tax purposes; and (5) a debt settled for less than the full amount owed may result in a negative notation on the consumer’s credit report.

Chapter 7 11 13. is not acting as a lender or broker. The information provided by you to Chapter 7 11 13 is not an application for a mortgage loan, nor is it used to pre-qualify you with any lender. If you are contacted by a lender or broker advertising within our network, your quoted rate may be higher, depending on your property's location, your credit score, your loan-to-value ratio, debt-to-income ratio, and other factors.

Debt relief services may not be available in all states. It is your responsibility to confirm the debt relief service you choose is able to do business in your state.

Chapter-7-11-13.net is not liable for any loss resulting from a business relationship formed by you the consumer and an end service provider found using the chapter7-11-13.net website.

 

 

 

 

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