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Is Bankruptcy Right For You?

These are unprecedented times.  Through no fault of your own, the entire world’s economy contracted, many businesses were forced to close and millions of Americans became unemployed.

For some this has been a temporary lapse of income.  For others, the effects of the economic shut down may have a more permanent impact.  Rent, mortgages, utility bills, car payments, health care costs, and credit card balances need to be paid.  Stimulus and relief programs may not be enough to catch up on these expenses and get expenses back in line, even for those resuming employment.

If you own your home or small business, or both, let us help you evaluate your options.  We specialize in both personal and small business bankruptcy.  Let us help you get back on track and on the road to financial recovery.


Chapter 7 Bankruptcy

The chapter of the Bankruptcy Code providing for the “liquidation of assets “(i.e., the sale of a debtor’s nonexempt property and distribution of the proceeds to creditors.) The Debtor will receive a discharge of his or her debts.

Chapter 13 Bankruptcy

The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep the property and pay debts over time, usually three to five years under a plan of reorganization.)

Chapter 11 Bankruptcy

The chapter of the Bankruptcy Code providing for reorganization, usually involving a corporation or partnership. People in business or individuals can also seek relief in Chapter 11.  Recent changes to qualifications have made this option easier.

Foreclosure Defense

Many different kinds of defenses can be raised to preclude creditors from immediately advancing to the sale of a home.  It may be used to extend the time period to live in a house before a foreclosure can be concluded.

Mortgage Modifications

A legal strategy employed by homeowners to avoid foreclosure is the modification of a mortgage by convincing the lender to renegotiate the terms of the mortgage and make payments more affordable by extending the schedule.

Means Test

Section 707 (b)(2) of the Bankruptcy Code applies a “means test” to determine whether an individual debtor’s Chapter 7 filing is presumed to be an abuse of the Bankruptcy Code requiring dismissal or conversion of the case.