Bankruptcy

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Bankruptcy

Are you being hounded by credit card collection phone calls? Is it difficult to make ends meet every month? Has a reduction in income or medical difficulty made finances challenging?

There are several bankruptcy options that can be helpful in a variety of different scenarios. Bankruptcy is not right for everyone and after a free consultation the best option will be provided to each individual client. Every person and household has different difficulties and needs and the firm will construct an individualized plan for each client. Unlike other firms, we recognize these individualized needs and realize that there is no cookie-cutter case. As such, and with no extra cost, each bankruptcy client received an individualized plan to help that client get out from under the debt.

It is important that you act as quickly as possible. If a creditor like a credit card obtains a judgment against you, it may try to garnish your wages or sell your property. Additionally, if you are behind on your mortgage, every month that is unpaid late fees and interest accumulates.

Types of Bankruptcy

There are several different bankruptcies which individuals and business can file under the Federal Bankruptcy Code. Below is an explanation of the most commonly filed bankruptcies.

Chapter 7

Chapter 7 bankruptcies are a very common bankruptcy that is filed. A Chapter 7 can be filed by an individual, a married couple or a business. A Chapter 7 bankruptcy will wipe away almost all of your “unsecured” debt. Unsecured debt includes credit card debt, medical bills, some lines of credit and other unsecured loans. A successful Chapter 7 will take approximately 4-6 months.

When a Chapter 7 bankruptcy is filed, the automatic stay of the federal bankruptcy code comes into place. The automatic stay prevents creditors from pursing any legal action against you without permission from the bankruptcy court. There are some exceptions to the automatic stay so it is important that you discuss any concerns with your attorney. Two types of Chapter 7 can be filed: asset and no-asset. The Bankruptcy Code allows individuals to protect certain assets from liquidation through exemptions. Contact us today to see if a Chapter 7 is right for you.

Chapter 13

A Chapter 13 bankruptcy is essentially a repayment plan for individuals or married couples over a period of three or five years. Chapter 13 bankruptcies allow you to pay back what you can afford while keeping more assets than under a Chapter 7 bankruptcy. A Chapter 13 can also stop a Sheriff’s Sale or Tax Sale of your home and allow you to catch up on your mortgage or tax arrears over a period of time. There are several requirements of a Chapter 13 plan which we can go through with you at a free consultation.

When a Chapter 13 bankruptcy is filed, the automatic stay of the federal bankruptcy code comes into place. The automatic stay prevents creditors from pursing any legal action against you without permission from the bankruptcy court. There are some exceptions to the automatic stay so it is important that you discuss any concerns with your attorney. Contact us today to see if a Chapter 13 is right for you.

Chapter 11

A Chapter 11 bankruptcy is a repayment plan for businesses or individuals. A Chapter 11 allows a debtor to reorganize and restructure debts and file a Chapter 11 Plan to repay your debts in a reasonable and feasible manner. Chapter 11 bankruptcies are most often filed by businesses.

Chapter 11 bankruptcies allows businesses to not only restructure debt but can also allow businesses to void contracts, sell assets and change its corporate structure in an orderly manner to allow for a successful future. Generally, when a business files Chapter 11, it remains in control of its business and assets and files its own Plan of Reorganization.

When a Chapter 11 bankruptcy is filed, the automatic stay of the federal bankruptcy code comes into place. The automatic stay prevents creditors from pursing any legal action against you without permission from the bankruptcy court. There are some exceptions to the automatic stay so it is important that you discuss any concerns with your attorney. Contact us today to see if a Chapter 11 is right for you.