The bankruptcy process is complex and requires a careful and attentive approach as every situation and case is different. We handle each case with a high level of detail and personal attention to help ensure our clients’ bankruptcy process is as smooth as possible.
The decision about what will happen depends on your marital status, income and expenses, household size, assets and equity in assets. Given the individual nature of each case, please contact us for a free consultation to discuss your case and options.
We can help you with your bankruptcy problems such as:
- Foreclosures and sheriff’s sales
- Landlord/Tenant problems
- Collections and creditor harassment
- Utility shutoffs
- Debt resolution
- IRS penalties and fines
- Payday loans
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is known as a liquidation. Most people filing a Chapter 7 bankruptcy eliminate their unsecured debts, while being able to keep their home, car, and personal property. This will allow you to eliminate your debt and get a fresh start. A basic chapter 7 bankruptcy takes approximately 4 months and only involves one meeting with a chapter 7 trustee. Certain debts are not dischargeable and can be discussed at your free consultation.
Businesses looking to close can also file a chapter 7 bankruptcy. The business cannot continue to operate after the case has been filed. The assets of the business will be liquidated by the chapter 7 trustee and the business will be closed.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is known as a reorganization. Individuals with mortgage arrears, car payment arrears, utility shutoff notices, or non-dischargeable taxes or non-exempt equity in assets are typically the ones filing for chapter 13 relief. Generally, you need to repay the secured and priority debts through a 3-5 year plan. The length of the plan is determined by the means test and your budgetary needs. The amount paid in each plan is determined by many factors. Only individuals can file a chapter 13 bankruptcy. Married couples may file jointly or individually if their spouse does not need to file.
Chapter 11 Bankruptcy
This is a business reorganization or a reorganization for wealthy individuals. Chapter 11 bankruptcy cases are involved and expensive. We will evaluate your company’s financials, secured debts and tax liabilities in comparison with your assets, accounts receivables, and company’s cash flow. Based on these factors, we will then recommend the best debt reorganization strategy for you. Some small-business owners may be eligible for debt relief under a Chapter 13 bankruptcy.