Bankruptcy Basics

Bankruptcy Basics


Bankruptcy is a legal remedy created as a safety net for the individual. Filing for bankruptcy isn’t an admission of failure. It’s a legal tool you can use to restore your financial health.

Filing bankruptcy under Chapter 7, Chapter 13, or Chapter 11 of the Bankruptcy Code takes careful preparation and an understanding of legal issues. Misunderstandings of the law or making mistakes in the process can affect your rights, your financial situation, even your life with long-term, unintended consequences. While anyone can file bankruptcy without an attorney — called filing pro se — even the Administrative Office of the United States Court system strongly recommends hiring an attorney.

The Bankruptcy Code is complex, and each individual’s situation is different. You are best served by hiring an attorney with experience, someone who has “seen it all.” The Tinsman Bankruptcy Team has that experience — exclusively practicing bankruptcy for 20+ years, filing over 3,500 cases, and millions in debt discharged. Furthermore, not all attorneys are equal. Why hire an attorney or a law firm that may only handle bankruptcy cases as a sideline, or may only file a few cases each year. Bankruptcy is ALL WE DO, day in and out, working to get the best possible results for our clients.

Our bankruptcy practice falls into three main areas: Chapter 7, Chapter 13, and Chapter 11 bankruptcies. Read more about each of these types of bankruptcy below, then call or contact us to schedule an appointment for your free, initial consultation.


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Chapter 7 Bankruptcy from The Tinsman Bankruptcy Team

Chapter 7

This chapter of the Bankruptcy Code provides for the sale of a debtor’s assets to pay creditors, and is the most common, least expensive, and quickest form of bankruptcy.

Chapter 13 Bankruptcy from The Tinsman Bankruptcy Team

Chapter 13

This chapter provides for adjustment of debts of an individual with regular income, allowing a debtor to keep property and repay debts over time, usually 3 to 5 years.

Chapter 11 Bankruptcy from The Tinsman Bankruptcy Team

Chapter 11

This chapter generally provides for reorganization, usually involving businesses, with a plan of reorganization to keep the business alive and pay creditors over time.

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Please note that our attorneys are unable to serve areas outside of Southwest Missouri.