The goal of modern bankruptcy is to allow the debtor to have a “fresh start,” and the creditors to be repaid. Through bankruptcy, debtors liquidate their assets or restructure their finances to fund their debts. Bankruptcy law provides that individual debtors may keep certain exempt assets, such as a home, a car, and common household goods, thus maintaining a basic standard of living while working to repay creditors. Debtors are then better able to emerge as productive members of society, although with significantly flawed credit records.
An individual who is badly in debt can file for bankruptcy either under Chapter 7 (liquidation, or straight bankruptcy) or under Chapter 13 (reorganization).
We focus our practices on personal bankruptcy, helping individuals get debt relief through Chapter 7 bankruptcy or Chapter 13 bankruptcy filings. We will first determine whether you qualify to permanently discharge debt under Chapter 7 by going through the means test set forth in the recent changes to the bankruptcy laws. If you qualify, we will prepare and file all the documentation necessary to complete your Chapter 7 filing, and will protect your rights in meetings or hearings with creditors, the court, or the bankruptcy trustee.
If you are not eligible to file under Chapter 7, we will help you reorganize your debt under Chapter 13. We will work with you to put together a reorganization plan to submit to your creditors and will review any proposed repayment plans to make certain they are in your best interests. This repayment to creditors could be for as little as a penny on the dollar to the unsecured creditors, such as medical debt, credit cards, payday loans, utility bills and sometimes even income tax debt.
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