Bankruptcy is a legal process that provides financial relief for individuals and businesses unable to pay their debts. It allows them to either liquidate assets to pay creditors or reorganize their debts through a court-supervised process.
Chapter 7 bankruptcy, or liquidation bankruptcy, allows individuals and businesses to eliminate most of their debts. It involves the sale of non-exempt assets to repay creditors, and give debtors a fresh start.
Chapter 13 bankruptcy is a form of bankruptcy that allows individuals with regular income to reorganize their debts
and repay them over a period of time, usually 3 to 5 years.
Jean H. Taylor Bankruptcy 301 N. Alamo Blvd Marshall, Texas 75671, USA +1 (903) 938-9788