During these difficult economic times, bankruptcy has become a common solution for many people. It is nothing to be embarrassed by. Declaring bankruptcy when one’s financial burden becomes too great is a responsible way of handling insolvency and taking care of yourself and your loved ones.
During these difficult economic times, bankruptcy has become a common solution for many people. It is nothing to be embarrassed by. Declaring bankruptcy when one’s financial burden becomes too great, is a responsible way of handling insolvency and taking care of yourself and your loved ones. The purpose of a bankruptcy is to allow debtors to obtain a fresh start and to lift the weight and pressure caused by creditor calls, letters, lawsuits, garnishments and attachments. With an experienced lawyer, you can take advantage of the protections afforded by bankruptcy laws. We take pride in helping you to understand and decide if bankruptcy is the best solution for you. Our bankruptcy attorneys offer you the personal attention needed from the day of your initial consultation through the conclusion of your legal matter. We will always be available to help navigate the difficulties of resolving your debts. With the care of our competent attorneys and skilled staff, you will find that that filing a bankruptcy can be surprisingly painless. Filing a bankruptcy will allow the following to happen:
- Preventing non-stop harassing telephone calls
- Stopping creditor litigation (lawsuits)
- Avoiding foreclosure of your home or other real estate
- Eliminating credit card debt
- Preventing wage garnishments
- Removing past judgments against you
- Stopping evictions to allow for relocation time
- Taking advantage of homestead exemptions
- Stopping repossession of your vehicle
Chapter 7 Bankruptcy
Generally, those who file a Chapter 7 Bankruptcy keep all or most of their property, except property which is extremely high in value or is subject to a lien which cannot be avoided or paid out over time. A Chapter 7 Bankruptcy is known as “straight” bankruptcy or “liquidation”. It allows you to “exempt” under the law, certain assets so that often liquidation does not take place. Our attorney’s will streamline this process for you.
Chapter 13 Bankruptcy
A Chapter 13 Bankruptcy is a type of “reorganization” used by individuals to pay all or a portion of their debts over a period of years, using their current income. Under a Chapter 13 Bankruptcy, we will formulate a plan with the Bankruptcy Court to determine how you will repay your creditors. Sometimes the Court may require that some debts be paid in full, while others may be repaid partially or not at all. This depends on what you can afford and the value of your assets.
Business Bankruptcy (Chapter 11)
If your business owes taxes or cannot afford to pay its debts and obligations, a Chapter 11 Bankruptcy could be the reorganizational tool you need to put your business back on track. We will work closely with you and your business to formulate a sound fiscal plan that, with continued business, will bring your obligations current over time.
Given the current economic state, many banks are now offering borrowers an opportunity to cure their missed payments through loan modifications, which provides you with a new monthly payment more suitable for your budget. Our Law Group will navigate you through this complex process. In some circumstances, the principal amount of your loan may be reduced.
Credit Card Debt Negotiations
If Chapter 7 bankruptcy is not right for you because you do not qualify or you have assets that would have to be surrendered, and if you cannot afford the payment plan necessary for a Chapter 13 Bankruptcy, we negotiate with your creditors to resolve your debts for a fraction of the total amount.
Cram Down & Strip Off
In a Chapter 13 Bankruptcy, Courts have the power to reduce and sometimes eliminate your mortgage debts. Our attorneys have the expertise necessary to determine whether the facts of your case will allow the Court to lessen your debt obligations.