Bankruptcy

When an individual, married couple, or business is unable to manage its financial burden, bankruptcy is an option. Under Chapter 7 of the U.S. Bankruptcy code, an individual or corporation's assets are liquidated and they can essentially start from a clean slate.

Chapter 13 Bankruptcy is available for individuals who have a regular income but are struggling to pay off creditors and need to have their debts reorganized and consolidated. A benefit of Chapter 13 is that you are often able to retain mortgaged assets such as a home or vehicle, whereas they would likely be liquidated and sold under Chapter 7. 

Chapter 11 Bankruptcy is available for businesses that are no longer financially viable. Under Chapter 11, a judge approves a corporate reorganization plan that allows the company to stay in business and pay debts over a specified period of time. By restructuring the business, you are able to retain assets and continue paying employees and contractors. Additionally, there may be alternatives for your business under the Small Business Reorganization Act (SBRA), which was signed into law in August 2019. 

Filing for bankruptcy can have a significant impact on your financial future. However, for many, it is the only option to stop creditors from calling about overdue payments and give you a fresh start. Our experienced attorneys can help you decide which option is best for your specific situation.

Some bankruptcy services include: 

• Filing petitions

• Schedules of assets and liabilities

• Schedules of current income and expenses

• Statement of financial affairs

• Bankruptcy litigation