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Wellens & Jablon, LLC
540 B & A Blvd., Suite #2
Severna Park, Maryland 21146
General Inquiries: email@example.com
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We recognize that, through unforeseen
circumstances, individuals and small business can encounter financial
difficulties. Business reversal, illness, loss of employment and ease of
credit have combined to produce record levels of bankruptcies. We can
help you confront these problems, develop a plan, and reach the best
possible solution. The process of bankruptcy allows individuals and
small businesses to get a fresh start financially.
Types of Bankruptcies
- Chapter 7 – A consumer or business
asks the bankruptcy court to discharge the debts owed. Certain debts
cannot be discharged. In exchange for the discharge of debts, the
business assets or the consumer’s nonexempt property is sold and the
proceeds are used to pay creditors.
- Reorganization Bankruptcy – File a
plan with the bankruptcy court proposing how you will repay your
creditors. Some debts must be repaid in full, others you pay a
percentage and some are not paid at all.
- Chapter 13 – for consumers with
secured debts under $807,750 and unsecured debts under $269,250.
- Chapter 12 – for family farms
- Chapter 11 – a complex process for
businesses and consumers with debts in excess of Chapter 13 debt