Personal Bankruptcy

Bankruptcy: Liquidation vs. Reorganization - Which is best for me?

Liquidation

A liquidation is the sale of the debtor’s assets and the use of the proceeds of that sale to issue disbursements to the creditors that are owed money by the debtor. In certain cases, the debtor will be able to retain assets that are exempt under the law. As with all bankruptcies, it is important to consult with a bankruptcy attorney prior to filing a liquidating bankruptcy as it can lead to the forced sale of assets as well as claims being brought by a private trustee. There are several bankruptcy chapters permit for liquidation, and it is important to understand your options. The professionals at Bilu Law, P.A. are here to advise you on potential liquidation options and guide you through this process.

Reorganization

A reorganization is a bankruptcy where the debtor proposes a plan to repay creditors. A reorganization may offer to pay creditors a fraction of their claims against the debtor. It may permit the extension of payments over a certain period of time to allow the debtor to better control his or her financial situation or decrease certain interest rates or fees to allow for more reasonable payments. A reorganization will also avoid liquidation of the debtor’s assets to repay debts as long as the Court can confirm the debtor’s proposed repayment plan. There are several bankruptcy chapters permit for liquidation, and it is important to understand your options. The professionals at Bilu Law, P.A. are here to advise you on potential liquidation options and guide you through this process.

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