We Make Bankruptcy Fast and Easy

No one wants to file bankruptcy. But certain things happen in our lives that are out of our control. During those tough times, we encourage our clients to stop worrying about what got them into trouble and start focusing on the solution!

There are three main types of bankruptcy:

• Chapter 7 Bankruptcy
• Chapter 13 Bankruptcy
• Chapter 11 Bankruptcy

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is commonly referred to as “straight bankruptcy.” If eligible, you can discharge 100 percent of your debt. Most people will keep their necessary assets such as their home, vehicle, personal property, life insurance, etc.

You may not be eligible to file Chapter 7 if your household income exceeds certain limits set by law. In addition, people who own valuable assets above and beyond what is considered necessary run the risk of losing those assets. For example, you can generally keep your home and vehicles during Chapter 7, but you risk losing a boat or motorcycle.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is commonly referred to “reorganization bankruptcy.” Chapter 13 is a three to five year repayment plan. All of your debt is essentially frozen, you are protected from any collection activity, and you repay some portion of your debt over the three to five year plan. Some people pay back as little as 1 percent of their total debt, others might pay back 10 percent, 50 percent, and so on. The amount you have to repay is based on how much you can afford to repay. At the end of your plan, the remaining unpaid portion of your debt is discharged.

Under Chapter 13, you keep all your assets, no matter how valuable they might be.

Typically, people file Chapter 13 for one of three main reasons:

1. Their income is too high and they are not eligible to file Chapter 7.
2. They have valuable assets that they want to keep and they might lose under Chapter 7.
3. They have a home in foreclosure and they need three to five years to catch up the mortgage payments.

Business Bankruptcy and Chapter 11

If you are self employed or own a business, an ordinary bankruptcy attorney may not be able to help you. You need attorneys that understand business law, tax law, and all of your debt relief options. In some cases, we recommend the business file bankruptcy in addition to the owner filing a personal bankruptcy. In other cases, one bankruptcy case can solve the problems.

We help our business clients understand all of their debt relief options. In addition, our attorneys have experience resolving complicated business tax issues.