What are the different types of bankruptcy?

00:03 hi my name is attorney Robert M Geller
00:06 Law Offices of Robert F Geller PA and we
00:09 are a consumer bankruptcy law firm and
00:12 today we are going to talk to you about
00:14 what the different types of bankruptcy
00:17 are generally there are four or five
00:21 different types of bankruptcy that is
00:24 filed
00:24 one is a chapter 7 bankruptcy and that
00:28 is what most individuals or consumers
00:31 normally file there is chapter 9
00:33 bankruptcy that is a municipal
00:35 bankruptcy some of you heard about
00:37 Detroit filing bankruptcy there is a
00:40 chapter 11 bankruptcy that is what most
00:45 corporations or individuals file
00:48 generally if it’s an individual it’s a
00:50 individual has a lot of income and a lot
00:52 of assets and then there’s chapter 12
00:55 which is the former bankruptcy so people
00:58 who are in the farm industry or people
01:02 who farm animals or form fish that would
01:05 be a type of bankruptcy that they would
01:07 file and the final form of bankruptcy is
01:11 a chapter 13 bankruptcy chapter 13
01:14 bankruptcy is like a chapter 11
01:17 bankruptcy it’s also a reorganization
01:19 except a chapter 13 bankruptcy is only
01:23 for an individual so let me talk a
01:25 little bit more in detail our law firm
01:28 is mostly a consumer bankruptcy law firm
01:31 so generally we only file chapter 7 and
01:34 chapter 13 bankruptcies so let’s talk
01:37 about chapter 7 chapter 7 bankruptcy is
01:41 probably what most people or individuals
01:44 think of when they come into our office
01:46 and want to file a bankruptcy the way
01:49 generally a chapter 7 is or works is
01:52 it’s a three month bankruptcy which
01:55 means basically in three months you get
01:57 a bankruptcy discharge generally it will
02:01 get rid of most of your debt it does not
02:05 get rid of some debt
02:06 like income certain income taxes it does
02:09 not get rid of alimony we generally like
02:13 our clients to file chapter 7 bankruptcy
02:16 because it’s the fastest path to get
02:20 back to rebuilding your credit then and
02:26 in most chapter 7 bankruptcies most
02:28 people are able to keep their assets
02:32 their home it’s only secured debt that
02:37 they don’t pay for like if they’re not
02:39 paying their mortgage that they wouldn’t
02:41 be able to keep it or if they’re not
02:42 paying their security car loan that they
02:44 would be able to keep it but the good
02:46 thing again about filing chapter 7
02:47 bankruptcy is you get your discharge in
02:49 a period of 3 months the next type of
02:53 bankruptcy that we file is a chapter 13
02:55 I’d say in our firm we file somewhere of
02:59 all the cases we file we file about 20
03:02 or 30 percent chapter 13s and about 7080
03:05 percent of our cases or chapter 7 so
03:09 what does a chapter 13 do why does
03:11 somebody file a chapter 13 bankruptcy
03:13 the main reason people file chapter 13
03:16 bankruptcy is because they’re trying to
03:19 save their home they’re behind on their
03:22 mortgage payments and they come in our
03:25 office and don’t even know what they can
03:27 do so we would recommend a chapter 13
03:30 bankruptcy for them what a chapter 13
03:33 bankruptcy allows them to do is to catch
03:36 up whatever they’re behind let’s say
03:38 they’re behind $6,000 it gives them up
03:42 to 5 years to catch up on their mortgage
03:44 and or also we help them keep their home
03:48 by filing a chapter 13 bankruptcy
03:50 through a mortgage modification process
03:53 where we try and remodel mortgage a
03:56 couple of other reasons we would file a
03:58 chapter 13 bankruptcy is some people are
04:01 not eligible to file chapter 7 they make
04:03 too much money or they have too much in
04:06 assets or they may have filed a chapter
04:09 7 bankruptcy too recently and not be
04:11 eligible to file a chapter 7 so chapter
04:14 13 bankruptcy is also called the
04:16 wage-earner bankruptcy
04:18 and it’s basically a payment plan over a
04:22 period of three to five years if you
04:26 have any questions please call us and
04:30 we’d be glad to help you with that and I
04:32 look forward to helping you build a
04:35 bridge to a brighter future through
04:37 bankruptcy thank you

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$Law Offices of Robert M. Geller, P.A.
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At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.