bankruptcy attorney

Bankruptcy Lawyer: Everything You Need to Know

If you find yourself needing to file for bankruptcy, you’ll need an advocate to guide you through this complex process. This is where a bankruptcy lawyer comes in. Filing for bankruptcy is a way for individuals to obtain protection from creditors and can provide relief from some or all of a person’s debt obligations. 

Chapter 7 vs. Chapter 13: What’s the difference?

There are two main types of bankruptcy filings: Chapter 7 and Chapter 13. Chapter 7 involves the discharge of most unsecured debts such as credit cards, medical debt and personal loans by the court. Debt such as student loans, alimony and child support as well as tax debt will not be discharged under Chapter 7. This type of filing is often called a “second chance” as it can provide relief from these unsecured debts providing an opportunity to restructure your financial situation.      

Chapter 13 generally involves a reorganization of your debts in a fashion that will allow you to repay them and get current. There is generally a 3-5 year time limit on the reorganized payments and debtors can usually work it out to keep their primary residence. 

In either case, the rules can be very complex, there

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February 11, 2023 by ATTORNEY

How Can a Business Bankruptcy Give You Something to Be Thankful for?

The holiday season can be a stressful one for anyone. Add to that seasonal stress the worries of a business struggling with debt, and you may feel like you have nothing worth being thankful for this holiday season

If your business is buried in debt or having trouble paying bills, learn more about how business bankruptcy can give you something to feel thankful for in the coming year:Why Should You Consider Filing for Business Bankruptcy?

There are many reasons why a business may consider filing for bankruptcy. The last three years have taught the entire world to be kinder when judging the financial decisions of others. Extending some of that grace to yourself and your business during these difficult financial times is important.

Whether you are buried under a mountain of unmanageable debt or just need help to reorganize those debts to make a better plan for the future, business bankruptcy might be the answer.

Businesses that find themselves in need of financial relief have two options when it comes to bankruptcy – liquidation or reorganization. This is the primary difference between Chapter 7 business bankruptcy and Chapter 11 business bankruptcy.

Chapter 7 business bankruptcy is often

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December 15, 2022 by ATTORNEY

Chapter 7 Bankruptcy: What to Expect & How Bankruptcy Works | Business

Filing for bankruptcy is never an easy choice.

But sometimes, it can feel like the only way to escape the vice grip of debt and move on with life.

Most personal bankruptcy filers will turn to a Chapter 7 bankruptcy, which offers almost total debt forgiveness and a quick discharge time.

But before you can get a fresh start from a Chapter 7 bankruptcy, you should know the basics — and what to expect from the bankruptcy process.

What Is Chapter 7 Bankruptcy?

In researching your options, you’ll find there are two common types of bankruptcy for individuals and couples: Chapter 7 and Chapter 13. While similar in many ways, they differ in some big areas.

Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” is a bankruptcy by which individuals or couples who are deemed to not have a high enough income to pay back debts can absolve themselves through liquidating their assets. You can include both secured debts and unsecured debts.

If the liquidation doesn’t cover the entire debt, then the remaining balance is typically forgiven.

Chapter 13 bankruptcy, also known as “wage-earner bankruptcy,” is for those whose income or other qualifiers make them ineligible

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October 28, 2022 by ATTORNEY
May 2024
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