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Absolutely not. Bankruptcy is meant to protect debtors, not punish them. Though Chapter 7 bankruptcy does include a liquidation process, filers can exempt (and therefore keep) many types of essential property. In a Chapter 13 bankruptcy, there is no liquidation, and you will make monthly payments as part of a reorganization plan.

The goal of a Chapter 11 bankruptcy is to set up a business for future success by restructuring its obligations. This may involve downsizing or liquidating certain assets, but the process is intended to keep the business open and functioning.

Potentially, yes. Chapter 13 bankruptcy is generally the ideal choice if you are in danger of losing your home to foreclosure. If you file before a sale takes place, the automatic stay will stop the foreclosure process, which typically cannot continue until your case is over. Your Chapter 13 plan payments will go toward secured debts, including missed mortgage payments, before they touch unsecured debts. By the end of the plan, you will have caught up on your mortgage and freed up additional financial resources by wiping out unsecured debts.

Subchapter V is a type of Chapter 11 bankruptcy available exclusively to businesses with less than $3,024,725 (as of April 2022, excluding debts owed to company insiders). Subchapter V can be a less expensive and time-consuming alternative to a traditional Chapter 11 bankruptcy, but this approach comes with more court oversight. We can determine whether your company qualifies for Subchapter V and walk you through how the process works.