Our bankruptcy team helps individuals and businesses facing severe debt problems. We can help you understand the available options and assist you through the appropriate process.
The two most common forms of bankruptcy filings for individuals are Chapter 7 or Chapter 13.
A Chapter 7 bankruptcy has the basic effect of discharging debt. In other words, the legal obligation to repay the debt is removed and creditors can no longer attempt to collect. Certain debts cannot be discharged, and if some of your assets are nonexempt, they might have to be sold. There is also an income limit for Chapter 7, and if you are above this limit, you can file a Chapter 13 bankruptcy.
A Chapter 13 filing is a restructuring of debt, including the repayment of some of the debt, consistent with your income level. Filing a Chapter 13 bankruptcy will stop creditor harassment and garnishment and allow you to repay a portion of your debts while your financial situation stabilizes.
The most common form of bankruptcy for corporations, LLCs and partnerships is Chapter 11, a reorganization that gives the business breathing room while it puts a plan in place to restructure debt and business practices to continue operations.
Farmers in financial crisis have the option of a Chapter 12 filing, which enables the debtor to keep their farm and continue operations while resolving creditor obligations.
For additional information on our bankruptcy services, please click here. To view and complete our initial bankruptcy questionnaire, click here.
Creditor Side Representation
A common misconception among creditors is that once a bankruptcy petition is filed, they are out of luck. While creditors must cease collection efforts once a bankruptcy is filed, there are other options and rights available to legitimate creditors.
Our creditor’s rights team represents creditors in many bankruptcy situations. From a simple Chapter 7 liquidation filed by an individual debtor to a complex Chapter 11 filed by a large corporation, we are available to assist by:
- Filing a claim with the bankruptcy court, which might help protect your interests.
- Determining whether you have a secured interest in any of the debtor’s property and helping you protect that interest.
- Examining whether your debt has priority.
- Determining whether your debt might be nondischargeable; for example, if it is a debt incurred by fraud, false pretenses, embezzlement or theft, or willful and malicious acts by the debtor, you might be able to protect your ability to collect on the debt.
- Examining your rights with third-party debtors who might have cosigned a debt.
To learn more about our creditor side representation, click here.