Chapter 7 Bankruptcy is commonly referred to as a "Fresh-Start" Bankruptcy option. It involves a complete liquidation of non-exempt assets and is usually discharged within 3-6 months after filing.
Chapter 13 Bankruptcy is meant for people with regular income (who do not meet the means test for Chapter 7) to develop a plan to pay back all or only some of their debts. This option is usually discharged in 3-5 years after initial filing.
Businesses with a heavy debt load have the same opportunities as consumers do with bankruptcy options. If you see hope for the future once you can get past your current debt, you might want to consider a Chapter 11 bankruptcy.
Foreclosure Defense is a method where an experienced Foreclosure Attorney can help you keep your home. AForeclosure Attorney can work out a deal with the bank that allows you to stay in your home, or fight the Foreclosure in court.