Posted by Goose on February 22, 2009 at 19:20:28 from (67.63.68.13):
In Reply to: O/T Bankruptcy? posted by DireStraights on February 22, 2009 at 18:29:13:
Sounds like Bill filed Chapter 11, where you're protected from creditors while you reorganize. If Chapter 11 is successful, you do keep all your assets.
Chapter 7 is total liquidation, where the only thing that isn't liquidated is your home and a $2,000 car. (I think). Everything else is sold off.
If I were you, I'd see a REPUTABLE credit counseler (not one of the nutcases that advertise on TV), or an attorney with the appropriate specialties right now. You may be able to keep from filing at all, or at least stay with Chapter 11.
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