Knowledgeable legal professionals at the law offices of william r baily helping you find the best possbile solution so you can worry about the more important things in life Our practice Areas Include: Criminal Defense and Appeals, Personal Injury, Contract Disputes, Wills and Estates, Employment Law, Family (Divorce, Custody, Modifications and Contempt), Bankruptcy, Loan Modifications and more…… Bankruptcy is a federal court process designed to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcies can generally be described as “liquidations” or “reorganizations. ” Chapter 12: The chapter of the Bankruptcy Code providing for adjustment of debts of a “family farmer,” or a “family fisherman” as those terms are defined in the Bankruptcy Code.

Chapter 13: The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.)

Claim: A creditor’s assertion of a right to payment from the bankruptcy debtor or the debtor’s property.

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