Coachella Valley Bankruptcy
Timothy S. Huyck, Attorney at Law
The most common type of bankruptcy is found in Chapter 7 of the Bankruptcy Code. It is also known as a straight bankruptcy or liquidation bankruptcy, although most cases do not involve any liquidation of assets. A typical Chapter 7 bankruptcy takes about 3 ½ to 4 months from start to finish and after the case is closed, you are free of all those debts that can be discharged.
This type of bankruptcy is available for individuals and businesses, such as corporations and LLCs, but when a business files under Chapter 7, it must cease operations.