Our bankruptcy practice includes Chapters 7 and 13. What happens if you find yourself unable to pay your debts? Bankruptcy is a legal proceeding under federal law that allows a debtor who is having serious financial difficulties to obtain financial relief.
The decision to file is greatly influenced by the amount of debt you owe and your ability to make payments to your creditors, but it would allow either elimination (Chapter 7) or repayment (Chapter 13) of your debts under the protection of the bankruptcy court.