Bankruptcy
Bankruptcy is a legal vehicle that provides relief to individuals and businesses in serious financial trouble, and protects their creditors to the extent possible. Generally, the bankruptcy process assesses the debtor's assets and liabilities, and provides a structure within which the debtor is allowed to keep some property and ordered to satisfy as many eligible debts as possible, according to an order of priority established by law. Remaining debts are discharged, except those of certain types, like domestic support orders, debt obtained by fraud, and most tax debt.
The traditional stigma of bankruptcy has faded and been replaced by the view that it is a fresh start after a time of trouble. Most bankruptcy debtors experience unexpected and extreme financial shock, such as that caused by sudden events such as job loss, business failure, death, divorce, or illness.
In such cases, filing bankruptcy may be the right answer. If you are facing serious financial challenges, it is very important to seek the counsel of an experienced bankruptcy attorney to help you to assess your legal options.
Worrying about what went wrong in the past often traps individuals and business owners struggling with financial insolvency. In our bankruptcy practice, we make every effort to put our clients’ pasts behind them and work hard to place them in the best long-term financial situation possible.
Bankruptcy practices routinely handle:
· Credit Card Debts
· Credit Harassment
· Garnishments
· Home Foreclosures
· Repossessions
· Liquidation
· Individual Reorganizations
· Invalid Claims
· IRS Collections
· Lawsuits
· Judgment
Consumer Bankruptcy
When an individual falls desperately behind in his or her debt payments, one option may be to declare bankruptcy, a legal proceeding in a federal bankruptcy court that allows the debtor to be relieved of some or all of his or her debts. Although in many ways bankruptcy can give a person a fresh start, it is important to remember that bankruptcy can also negatively affect his or her credit rating and make it hard to obtain credit in the future. A lawyer experienced in bankruptcy law can advise you as to whether bankruptcy may be the right move for you.
Commercial Bankruptcy
Like a consumer, a business sometimes finds itself in the uncomfortable position of being unable to pay its debts. One solution is to file for bankruptcy, a legal process in federal bankruptcy court that releases the business from the obligation to pay all or some of its debts. Although bankruptcy provides a fresh start, bankruptcy can also have harmful credit consequences. Sometimes the bankrupt business even ceases to exist at the end of the court proceedings. A lawyer experienced in bankruptcy can advise business owners about whether bankruptcy is right for them.
Credit Counseling Requirement in Bankruptcy
In 2005, Congress passed and the president signed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), a bankruptcy reform law. One of the new requirements BAPCPA imposes on a new bankruptcy debtor is to receive credit counseling from an approved credit counseling agency before the bankruptcy filing. A lawyer experienced in consumer credit and bankruptcy law can help educate debtors about these new counseling requirements.
Surviving the Emotional Effects of Bankruptcy
No matter what circumstances ultimately led to filing bankruptcy, both the practical and the emotional impact on the debtor will be enormous. Confronting the emotional and psychological issues surrounding bankruptcy and reaching an understanding and acceptance of the situation are essential to rebuilding and maintaining a successful financial life. An experienced bankruptcy attorney can guide a debtor through the complicated legal, financial, and emotional maze of bankruptcy and steer him or her in the right direction for the future.
BANKRUPTCY IS A SERIOUS MATTER WITH LONG-TERM CONSEQUENCES. THIS HANDOUT CANNOT EXPLAIN EVERY ASPECT OF THE BANKRUPTCY PROCESS
Bankruptcy is a legal vehicle that provides relief to individuals and businesses in serious financial trouble, and protects their creditors to the extent possible. Generally, the bankruptcy process assesses the debtor's assets and liabilities, and provides a structure within which the debtor is allowed to keep some property and ordered to satisfy as many eligible debts as possible, according to an order of priority established by law. Remaining debts are discharged, except those of certain types, like domestic support orders, debt obtained by fraud, and most tax debt.
The traditional stigma of bankruptcy has faded and been replaced by the view that it is a fresh start after a time of trouble. Most bankruptcy debtors experience unexpected and extreme financial shock, such as that caused by sudden events such as job loss, business failure, death, divorce, or illness.
In such cases, filing bankruptcy may be the right answer. If you are facing serious financial challenges, it is very important to seek the counsel of an experienced bankruptcy attorney to help you to assess your legal options.
Worrying about what went wrong in the past often traps individuals and business owners struggling with financial insolvency. In our bankruptcy practice, we make every effort to put our clients’ pasts behind them and work hard to place them in the best long-term financial situation possible.
Bankruptcy practices routinely handle:
· Credit Card Debts
· Credit Harassment
· Garnishments
· Home Foreclosures
· Repossessions
· Liquidation
· Individual Reorganizations
· Invalid Claims
· IRS Collections
· Lawsuits
· Judgment
Consumer Bankruptcy
When an individual falls desperately behind in his or her debt payments, one option may be to declare bankruptcy, a legal proceeding in a federal bankruptcy court that allows the debtor to be relieved of some or all of his or her debts. Although in many ways bankruptcy can give a person a fresh start, it is important to remember that bankruptcy can also negatively affect his or her credit rating and make it hard to obtain credit in the future. A lawyer experienced in bankruptcy law can advise you as to whether bankruptcy may be the right move for you.
Commercial Bankruptcy
Like a consumer, a business sometimes finds itself in the uncomfortable position of being unable to pay its debts. One solution is to file for bankruptcy, a legal process in federal bankruptcy court that releases the business from the obligation to pay all or some of its debts. Although bankruptcy provides a fresh start, bankruptcy can also have harmful credit consequences. Sometimes the bankrupt business even ceases to exist at the end of the court proceedings. A lawyer experienced in bankruptcy can advise business owners about whether bankruptcy is right for them.
Credit Counseling Requirement in Bankruptcy
In 2005, Congress passed and the president signed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), a bankruptcy reform law. One of the new requirements BAPCPA imposes on a new bankruptcy debtor is to receive credit counseling from an approved credit counseling agency before the bankruptcy filing. A lawyer experienced in consumer credit and bankruptcy law can help educate debtors about these new counseling requirements.
Surviving the Emotional Effects of Bankruptcy
No matter what circumstances ultimately led to filing bankruptcy, both the practical and the emotional impact on the debtor will be enormous. Confronting the emotional and psychological issues surrounding bankruptcy and reaching an understanding and acceptance of the situation are essential to rebuilding and maintaining a successful financial life. An experienced bankruptcy attorney can guide a debtor through the complicated legal, financial, and emotional maze of bankruptcy and steer him or her in the right direction for the future.
BANKRUPTCY IS A SERIOUS MATTER WITH LONG-TERM CONSEQUENCES. THIS HANDOUT CANNOT EXPLAIN EVERY ASPECT OF THE BANKRUPTCY PROCESS
