Coble & Urenovitch, LLC


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(419)877-2600
6778 B Providence Street
Whitehouse, Ohio 43571

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Bankruptcy

Filing for bankruptcy can be difficult, especially if you consider yourself to be a responsible person. At Coble & Urenovitch, LLC, we want to help answer all your questions, choose which Chapter is right for your financial situation and walk you thought the process.

What is Bankruptcy?

Bankruptcy is a legal status of a person (or other entity) that cannot repay the debts it owed to creditors. Generally, a debtor declares bankruptcy to obtain relief from debt, and this is accomplished either through a discharge of the debt or through a restructuring of the debt. 

Bankruptcy in the United States is a matter placed under federal jurisdiction by the United States Constitution (in Article 1, Section 8, Clause 4), which allows Congress to enact "uniform laws on the subject of bankruptcies throughout the United States". The Congress has enacted statutes governing bankruptcy, primarily in the form of the Bankruptcy Code, located at Title 11 of the United States Code. Federal law is amplified by state law in some places where Federal law fails to speak or expressly defers to state law.

Types of Bankruptcies

Under Title 11 of the Bankruptcy code, there are 6 types of bankruptcy:

  • Chapter 7: basic liquidation for individuals and businesses; also known as straight bankruptcy; it is the simplest and quickest form of bankruptcy available
  • Chapter 9: municipal bankruptcy; a federal mechanism for the resolution of municipal debts
  • Chapter 11: rehabilitation or reorganization, used primarily by business debtors, but sometimes by individuals with substantial debts and assets; known as corporate bankruptcy, it is a form of corporate financial reorganisation which typically allows companies to continue to function while they follow debt repayment plans
  • Chapter 12: rehabilitation for family farmers and fishermen;
  • Chapter 13: rehabilitation with a payment plan for individuals with a regular source of income; enables individuals with regular income to develop a plan to repay all or part of their debts; also known as Wage Earner Bankruptcy
  • Chapter 15: ancillary and other international cases; provides a mechanism for dealing with bankruptcy debtors and helps foreign debtors to clear debts.
  • The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13

For further information on Bankruptcy, we encourage you to call our office and get personally aquainted with someone who can answer all your questions.

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Coble & Urenovitch, LLC
6778 B Providence Street (POB 2867)
Whitehouse Ohio 43571
Phone: (419)877-2600
Fax: (419) 877-9772
jurenovitch@sbcglobal.net
text candu to 72727