pay back debts in bankruptcy

Chapter 13 bankruptcy where you pay back your debts has a number of benefits including: a lower level of risk to the debtor loosing assets (i.e. home, cars, etc.), ability to catch up missed mortgage and car payments, lower risk level of litigation from creditors, as well as means to pay back creditors in a fair and equitable manner.

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If your business is organized as a corporation or a limited liability company (LLC), your personal assets are usually protected from business creditors –unless you specifically gave up your so-called “limited liability” protection. Unfortunately, you may have done so if the bank or other creditor required a personal guarantee and/or personal security before loaning you…

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