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Corporations restructure themselves by filing bankruptcy protection as have many famous, successful American icons such as Henry John Heinz (the ketchup guy), Henry Ford, Mark Twain, Donald Trump (Trump actually filed bankruptcy twice), Walt Disney, Larry King and even President and very Honest Abe Lincoln! The point here is that there is definitely life after bankruptcy so get out of your negative and worrisome mindset and find a highly skilled Bankruptcy attorney.

Bankruptcy, by far one of the most feared words in the English language. Our parents and culture taught us that it means to lose everything you own. Anyone who has ever played the very popular board game Monopoly has seen the little guy who has declared bankruptcy with his pockets turned inside out to indicate that he is now destitute. There is even a popular evening game show where you spin a wheel full of prizes and money but if the marker lands on “Bankruptcy” they play this awful sound and you lose all the money that you may have accumulated during the round. The perception of bankruptcy is that it’s the death of your financial health; that you have reached the end of your rope, and you end up homeless and humiliated. This is not the case… not by a long shot!

Corporations restructure themselves by filing bankruptcy protection as have many famous, successful American icons such as Henry John Heinz (the ketchup guy), Henry Ford, Mark Twain, Donald Trump (Trump actually filed bankruptcy twice), Walt Disney, Larry King and even President and very Honest Abe Lincoln! The point here is that there is definitely life after bankruptcy so get out of your negative and worrisome mindset and find a highly skilled Bankruptcy attorney.

Under New York State law there are two main avenues in filing bankruptcy. The first is Chapter 7 bankruptcy and the second Chapter 13 bankruptcy.Under Chapter 7 Bankruptcy the debtor liquefies (sells) all of his properties and assets in order to pay for the debts he or she owes; this however is not usually the case when we are talking about consumers. In most consumer cases, all the assets are exempt, and therefore there are no assets to liquidate and there is no dividend to creditors. Chapter 7 Bankruptcy is usually the quickest and most painless form of bankruptcy. It is available to individuals, married couples, partnerships and corporations.

Chapter 13 Bankruptcy is also known as a reorganization bankruptcy. Chapter 13 Bankruptcy is filed by individuals who want to pay off their debts over a period of three to five years. This type of bankruptcy appeals to individuals who have non-exempt property that they want to keep. It is also only an option for individuals who have predictable income and whose income is sufficient to pay their reasonable expenses with some amount left over to pay off their debts.

Contact a highly skilled Bankruptcy attorney from HometownLawyers.net to help with your questions about bankruptcy.