- We listen carefully to the information provided by our clients, empathize and analyze their situation to gain a proper understanding of their current financial state. Our attorneys will objectively assess your situation, determine your goals, and develop the best possible strategy for resolving your financial issues. We will discuss the bankruptcy process, describe the different types of bankruptcy available to you, and help you determine what the best course is for you and your family or business. We help our clients navigate the tumultuous waters of financial and economic crisis until they reach solid ground.
Types of Bankruptcy
- Chapter 7 – liquidation for individuals and businesses: The goal of a Chapter 7 bankruptcy is to discharge your debts and to give you a fresh start. In most cases, all secured and unsecured debt such as mortgages, car loans, credit card debt, medical bills and judgments are discharged in a Chapter 7 bankruptcy. You may even be able to keep your home and cars in a Chapter 7 bankruptcy if that is your goal.
- Chapter 13 – reorganization for individuals: A Chapter 13 bankruptcy is a repayment plan whereby you are permitted 36-60 months to bring your mortgage, car loans and other secured debts current. A large portion of your unsecured debts such as credit cards, medical bills, and installment payments may be discharged to permit the use of your income and other resources for payment of secured debts like mortgages and car loans. At the end of a completed plan, the debtor is given a discharge of the remainder of unsecured debt.
- Chapter 11: A Chapter 11 bankruptcy is similar to a Chapter 13, but is a reorganization for a business. It is subject to certain caveats for businesses.
- Chapter 12: A Chapter 12 is bankruptcy for farmers or fishermen.
- We will prepare and file your bankruptcy petition, plan, schedules, forms, statements and declarations necessary for a complete bankruptcy application. We will thoroughly explain each step of the process to alleviate any fears about the unknown or “what if’s” of your case. We will also represent you at the meeting of the creditors and at confirmation hearings. We will notify you of any changes in your status with the court or creditors that require your attention.