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Choosing a bankruptcy lawyer is not an easy matter. You can’t simply
rely on a television or yellow page ad. You should thoroughly review
an attorney’s credentials before you retain his or her services.
We know that you are looking for an experienced bankruptcy attorney you can trust, an attorney who will treat you with the respect you deserve.
The attorneys featured in the Bankruptcy Directory are knowledgeable in all aspects of bankruptcy law, including Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Chapter 11 Bankruptcy, as well as Non-dischargeable debts.
Bankruptcy and lawsuits are both extremely complex and frustrating. An experienced bankruptcy lawyer in your area can advise towards the best course of action given the details of your case. An experienced bankruptcy lawyer can help you make the right decisions, beginning with whether to answer the complaint, to determining which of your assets are exempt, and helping you with every decision throughout the bankruptcy process.
Chapter 7 Bankruptcy is also known as “liquidation,” "straight bankruptcy," or “complete bankruptcy,” is the most commonly filed form of bankruptcy among individuals. Chapter 7 Bankruptcy essentially allows the debtor to make a fresh start. When a Chapter 7 Bankruptcy has been filed, a trustee collects the debtor's nonexempt assets, which are then reduced to cash, and distributions are made to the creditors in accordance with bankruptcy law. In most Chapter 7 Bankruptcy cases the debtor receives a discharge releasing him or her from personal liability for certain dischargeable debts. You should consider a Chapter 7 Bankruptcy if there is no hope in repaying any of your debts, there are no cosigners involved, or if court action by creditors is imminent. Businesses that wish to liquidate their assets and discontinue business may also file under Chapter 7 Bankruptcy.
Chapter 11 Bankruptcy primarily applies to commercial enterprises that wish to continue business operations while repaying creditors through a court-approved reorganization plan. Under Chapter 11 Bankruptcy, the debtor has the right to file a plan of reorganization within 120 days after the order for relief. The debtor must provide creditors with a disclosure statement that allows the creditors to evaluate the plan, although whether the plan is approved is ultimately the Court’s decision. The debtor has a number of options under Chapter 11 for returning the business to profitability. These options include reducing debts by repaying a portion of them while discharging others, discharging burdensome contracts and leases, and rescaling operations of the business. Upon completion of the plan, the debtor usually has undergone a period of consolidation and emerges with a reduced debt load and a reorganized, and more profitable, business.
Chapter 13 Bankruptcy is designed for an individual who has a regular source of income, a desire to pay his or her debts, but currently is unable to do so. Chapter 13 Bankruptcy may be preferable to Chapter 7 Bankruptcy because Chapter 13 Bankruptcy usually allows the debtor to keep a valuable asset, such as his or her own house. Under Chapter 13 Bankruptcy the debtor may arrange and propose a plan to the Court. The plan illustrates how the debtor will repay creditors over time, between three and five years. The Court must then approve this plan. If the Court approves the plan, the debtor will make payments to the creditors through a trustee. The debtor is then protected from actions by creditors including lawsuits, wage garnishments, and actual contact with the debtor for the life of the plan. Upon completion of the plan, any remaining debts are discharged. You may consider filing a petition under Chapter 13 Bankruptcy if you owe debts that are not dischargeable under Chapter 7 Bankruptcy, such as taxes and child support, or if you have liens that are larger than the value of the assets securing the debt, you have years of unfiled taxes, you are behind or car or house payments, or your assets are worth more than the available exemptions.
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