Bankruptcy or insolvency is a federal legal proceeding where individuals, partnerships, corporations, and/or municipalities who cannot satisfy their debts as they are or become due can get a financial “fresh start.” When this occurs, the debtor is entitled to protection under Title 11 of the United States Bankruptcy Code. Although bankruptcy is commonly viewed as a quick escape-hatch from difficult and unmanageable debts, declaring bankruptcy cannot cure every financial problem, nor is it the right step for every financial issue.
For debtors, bankruptcy can be helpful in eliminating the legal obligation to pay many debts, ending wage garnishment, and stopping creditors who are attempting to fraudulently collect in excess of the debts owed by the debtor. However, it cannot eliminate certain debts to secured creditors or debts singled out by bankruptcy law for special treatment such as child support, alimony, court restitution orders, criminal fines, and some taxes and student loans.
Although bankruptcy can be a very valuable debt management tool, it is also not the best option for every financial stress. Each debt and financial situation is different and there is no one formula for deciding if and when bankruptcy is the best choice.
Our bankruptcy attorneys are experienced in all types of bankruptcies, including:
- Chapter 7
- Chapter 9
- Chapter 11
- Chapter 12
- Chapter 13
- Chapter 15
Our bankruptcy attorneys are knowledgeable and experienced in navigating the labyrinth of regulations pertaining to all types of bankruptcy. In addition, our attorneys have substantial experience in the prosecution and defense of bankruptcy litigation in all manner of contested matters and adversary proceedings, including but not limited to fraudulent conveyances, preferences, director and officer claims, relief-from-stay motions, and other motions and requests for relief that arise in some bankruptcy cases.
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