Are all bankruptcy options the same?

  • Chapter 7 involves a straight liquidation.
  • Chapter 13 is a plan to pay either all or part of what’s owed over a course of time.
  • Chapter 11 is when a person owes a great deal of money and may have significant assets.
  • Each chapter is different and each has its benefits and detriments.
Cohn, Lifland, Pearlman, Herrmann and Knopf LLP