The Reich Firm has successfully represented its clients in personal bankruptcy matters since 1933. Its current attorneys have vast experience and knowledge to help you navigate the personal bankruptcy process. The two principal types of bankruptcy relief available to an individual (“Debtor”) are Chapter 7 and Chapter 13.
- The typical Chapter 7 Debtor has few assets whose debts are usually associated with credit cards, bank loans, store purchases and medical bills. There is generally no distribution to creditors in a Chapter 7 case.
- The typical Chapter 13 debtor files bankruptcy because he or she: (a) is in arrears with rent payments, mortgage payments, automobile loans, taxes or other secured debt payments; (b) has substantial debts which cannot be discharged in a Chapter 7 case; or (c) has assets which he or she wishes to keep and which may not be possible in a Chapter 7 case. In a Chapter 13 case, unlike a Chapter 7 case, there is a distribution to creditors.