Bankruptcy

Bankruptcy Solutions That Work. Regain Control of Your Finances:

We offer skilled counsel and representation in all aspects of bankruptcy law, including:

  • Chapter 7 Bankruptcy (Liquidation)

  • Chapter 11 Bankruptcy (Business Reorganization)

  • Chapter 13 Bankruptcy (Individual Debt Repayment)

  • Creditor Representation

  • Bankruptcy Litigation

  • Out-of-Court Workouts and Debt Restructuring

Chapter 7

Chapter 7, often called "liquidation" bankruptcy, is the most common form of bankruptcy for individuals and businesses. In this process, a court-appointed trustee sells the debtor's non-exempt assets to pay off creditors. For individuals, many assets are typically exempt, allowing them to keep essential property. Most unsecured debts are discharged, giving the debtor a fresh financial start. Chapter 7 is typically best for those with limited income and significant unsecured debts. The process usually takes 3-6 months to complete.

Chapter 11

Chapter 11 bankruptcy is primarily used by businesses, though individuals with substantial debts can also file. Often called "reorganization" bankruptcy, it allows the debtor to continue operating while restructuring their debts and obligations.

The debtor proposes a reorganization plan, which must be approved by creditors and the court. This plan may involve renegotiating terms, downsizing operations, or selling certain assets. The goal is to allow the business to remain operational and return to profitability. Chapter 11 is complex and can be expensive, typically lasting several months to years.

Chapter 13

Chapter 13 bankruptcy, also known as a "wage earner's plan," is designed for individuals with regular income who want to repay all or part of their debts. The debtor proposes a repayment plan to make installments to creditors over three to five years. This allows individuals to keep their property, including homes in foreclosure, while catching up on missed payments.

Chapter 13 is ideal for those who have a steady income and want to protect certain assets. It also offers some advantages not available in Chapter 7, such as the ability to stop foreclosure proceedings and extend secured debts over the life of the plan.