Chapter 15 is the newest form of bankruptcy. It was developed in 2005 as part of the Bankruptcy Abuse Prevention and Consumer Protection Act and covers Ancillary/Cross-Border Cases. The purpose is to provide the tools needed to execute bankruptcies involving parties outside the jurisdiction of the United States.

Chapter 13 Bankruptcy is a form of debt restructuring or reorganization. It is referred to as Individual Debt Adjustment because rather than discharge all debts, the debts are restructured at the order of the court. Thus creditors must abide by the terms set. Generally speaking, Chapter 13 is used when the person filing for bankruptcy works and has a steady income.

Once all the needed information is gathered, filing may occur. So generally, within a few days the case may be opened. Of course, if there is an emergency such as impending foreclosure or repossession of a vehicle, we can expedite this process. About a month after you file, you will be required to attend a Creditor Meeting. Lastly, if there are no unforeseen hiccups, a Chapter 7 Bankruptcy can be complete within a few months (usually about 90 days)

Chapter 7 is used for both individuals and businesses seeking complete relief from all debts. Often referred to as a liquidation bankruptcy because most property is seized and sold to pay as much debt as possible, this is most often used by individuals and spouses. Business owners tend to avoid this form of bankruptcy because doing so required the closure and/or sale of the business, which is often the only means of income. For this reason, most businesses choose Chapter 11 whereas Chapter 13 provides individuals with the same advantages.

Chapter 11 is used by business entities, most often corporations, to restructure their debt. It is used in order to prevent the business from being closed and sold while debt is better managed.

Not generally, though in some cases, yes, a bankruptcy could impede getting certain jobs.

For instance, Casino employees are often required to submit to pre-employment background checks. Some may not hire an individual with a bankruptcy while others may only stipulate a recent or on-going bankruptcy. Essentially, financial businesses often restrict employment of persons with bankruptcies but aside from these, it should not be an issue. If you are currently employed and concerned that your bankruptcy could be an issue, you should check with your Human Resources Department for a conclusive answer.

If the answer you get is not ideal, be sure to bring this to our attention during your consultation. You cannot be fired for declaring bankruptcy. If you are ready to get started exploring your bankruptcy options, call us now at

312- 427-1558