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Bankruptcy – Chapter 7People file Chapter 7 bankruptcies for many reasons – a creditor is garnishing wages or bank account, a pending lawsuit, to stop a foreclosure action in its tracks, or to end the constant harassing phone calls from creditors. No matter what, you do not want to be another number stuck in the constant grind of a bankruptcy mill – you want to be treated with respect and compassion. You expect answers promptly when you ask them and you certainly do not want any surprises. Our personal touch and accessibility is why clients come to us and refer their friends to us. A common misconception is that Chapter 7 bankruptcies are only for poor people. This is not true. If you have family members to support and have little to no disposable income at the end of the month, then a Chapter 7 bankruptcy may help you find the fresh start you need. Every case is different and we will review your circumstances to determine if this is a good option.Bankruptcy – Chapter 13For those ineligible to file bankruptcy under Chapter 7, Chapter 13 still provides many of the same benefits available under Chapter 7. These include the automatic stay and discharge of debts. Our typical fee for a Chapter 13 case is $3,500. A case filed under Chapter 13 is often called a “reorganization” because the filer’s disposable income (if any) is used to pay off his or her debts. The repayment period is usually five years. Typically, at the end of the repayment period whatever debts that have not been paid in full are discharged. The automatic stay will put an immediate pause to any foreclosure action. This stay will also allow you the time to submit a loan modification application, which can be done during the pendency of the bankruptcy. The lower the mortgage payments, the more likely you will be able to afford the Chapter 13 plan. What most people do not know is that an investment property’s mortgage can be “crammed down” and paid for in the plan at the market value of the property. In simpler terms, you modify the mortgage of the investment property (cannot be done on your homestead) to lower the principal to the market value, then pay off that amount over the five years of the plan. This works best when you have a renter in the property and you can use the rent payments to make the plan payments.Bankruptcy – Chapter 11When a company is in distress, we set a plan in motion and can move very quickly. We represent corporate debtors and help them put together a plan that will satisfy their creditors. This includes complex negotiations and involves creative ways of creating leverage. Plans of reorganization, debtor-in-possession financing agreements, cash collateral negotiation, relief from stay litigation and adversary proceeding litigation are all pieces of a global strategy that we can put together for your business. Our experience in a large variety of fields allows us to deal with many of the issues that arise along the way.Bankruptcy – Creditor Representation and Adversary ProceedingsLending funds or assets can be a risky business, especially when considering the fact that bankruptcy is always an option for the borrower. If the borrower is hiding assets or involved in fraudulent activity, they may not be entitled to discharge your loan in their bankruptcy. We can review their petition and schedules for you to determine improprieties, take 2004 examinations of the debtors, and object to the discharge when necessary. Additionally, we have substantial experience in adversarial proceeding litigation. If you are being sued in an adversarial proceeding, you need an aggressive defense. We will work towards getting the adversary proceeding dismissed or resolved quickly and efficiently. If a trial is required, we will not shy away.

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