At the Goodman Law Firm, we offer assistance to both individuals and businesses in filing for bankruptcy in Maine. Our attorneys have experience in handling various types of bankruptcy cases, as defined by the United States Bankruptcy Code. We can guide you through the entire process, from assessing your financial situation to determining the best course of action for your specific needs.
Types of Bankruptcy
Chapter 7 Bankruptcy
Chapter 7 of the U.S. Bankruptcy Code is a set of laws that define liquidation procedures. Chapter 7 is sometimes referred to as “straight bankruptcy” or simply “liquidation”. A business in financial crisis can file for bankruptcy under Chapter 7, and so can individuals. Liquidation, in short, is the redistribution of property and assets.
Chapter 11 Bankruptcy
Chapter 11 of the U.S. Bankruptcy Code is a set of laws that describe the process of reorganization. It is used most frequently by corporations, but Chapter 11 bankruptcy is an option for any type of business or individual who can not pay off their debts.
Chapter 11 bankruptcy can be a complex process. It may take months, and sometimes years to complete, depending on the details of the case. The first step in the process, after a business stops operations, is usually to determine a trustee. In many cases, the trustee is a debtor of the business. The trustee will sell assets and use the proceeds to pay off all debts. The entire process takes place in a bankruptcy court, overseen by an impartial judge.
Chapter 12 Bankruptcy
Chapter 12 of the U.S. Bankruptcy Code is, in short, a form of debt consolidation for independent farmers and fishermen who are unable to pay off their debts. The process takes place in bankruptcy court with a judge overseeing a plan for debt rehabilitation. In some cases, an individual can be forced into Chapter 12 bankruptcy by a creditor.
Chapter 13 Bankruptcy
Chapter 13 of the U.S. Bankruptcy Code is, in short, a form of debt consolidation for individuals who are unable to pay off their debts. The process takes place in bankruptcy court with a judge overseeing a plan for debt rehabilitation. In some cases, an individual can be forced into Chapter 13 bankruptcy by a creditor.