​​BANKRUPTCY OPTIONS

Chapter 11 Bankruptcy

Chapter 13 bankruptcy, or the “wage earner” bankruptcy proceeding, is a type of personal bankruptcy that reorganizes an individual's debt. A manageable repayment plan is established that allows debtors to make installments to creditors over a typical span of three to five years.

Chapter 13 bankruptcy is usually a good option for individuals, married couples, or small businesses with a steady monthly income and those who have assets that they want to keep. This type of bankruptcy can stop foreclosure proceedings, allowing you to keep your home.  


If you own a small business, filing for Chapter 13 bankruptcy can help you manage your debt while allowing you to keep your business. We will work with you and creditors to lower interest rates and agree to better terms of payment to help you turn your business around. 

​Chapter 11 bankruptcy reorganizes the debts of individuals, corporations, partnerships, and limited liability companies (LLC's). Unlike Chapter 13, Chapter 11 bankruptcy has no limit on the amount of debt and is therefore typically employed by large businesses seeking to restructure their debt.

The debtor usually remains in possession of all assets and is allowed to operate the business under the court’s supervision. A trustee may be appointed to oversee the debtor’s management. 

Chapter 7 Bankruptcy

Chapter 13 Bankruptcy

​Chapter 7 bankruptcy is one of the most utilized types of personal bankruptcy that eliminates most debts and allows you to make a fresh financial start. Certain non-exempt assets may be seized and sold off to settle debts with creditors. Chapter 7 bankruptcy puts an immediate stop to creditor harassment, wage garnishment, lawsuits and other collection attempts. Although you may be hesitant to file for bankruptcy because you are afraid it will hurt your credit score, filing for bankruptcy can actually help increase your credit score by reducing your debt to income ratio. 

Not everyone qualifies for Chapter 7 bankruptcy. To be eligible for a Chapter 7 bankruptcy repayment plan, your income must be below a certain threshold. If it is determined that your income is too high, you may still be able to file Chapter 13 bankruptcy.

We can help you decide which type of bankruptcy is best to suit your needs. You don't need to go through this alone. 

Call us today for a free consultation.

Here at the Law Offices of Dougherty & Guenther, we know that considering to file bankruptcy is a very stressful time in your life.

We understand, and we're here to help you get a fresh start.

Don't let yourself get buried in the paperwork. Contact us instead.