There are two types of bankruptcy laws, one is filing under Chapter 7 and the other is the case filing under Chapters 11, 12, and 13. The case, which is filed under Chapter 7 is called liquidation. This involves appointing a legal guardian for collecting the property that is nonexempt.

There are a number of alternatives to Chapter 7 of bankruptcy law. The debtors involved in business such as sole proprietorship, corporations, or partnership businesses can try to remain in the same business by avoiding liquidation. These debtors can look forward to Chapter 11 of bankruptcy law. The Chapter 11 defines that these debtors can look for adjustments of debts and may also apply for an extension of the repayment date.

On the other hand, the sole proprietors can seek an adjustment of their debts under Chapter 13 of bankruptcy law. Under this case one can get the way to saving their homes. The businessperson can hire the Best business attorney in this case as he would be the one to help find solutions to the bankruptcy problems.

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