- Chapter 7
- Chapter 13
- Wage Garnishments
- Payment Plans Available
- Seized Bank Accounts
- Judgment Release
Bankruptcy can be a daunting process, whether you’re filing as an individual or for a business. Filing bankruptcy without the help of an attorney can be even more confusing and stressful, and mistakes can be costly. The Johnson & Autrey Law Firm can provide you with legal advice about the different types of bankruptcy, whether it’s a Chapter 7, Chapter 11 or even a Chapter 13, and how they might apply to your situation. Bankruptcy attorneys can also help you with all of the required filings and represent you in court.
Johnson & Autrey Law can help you manage personal or business debts you are unable to pay. Bankruptcy laws allow people and businesses to (1) get a “fresh start” by relieving most debts; and (2) repay the money owed to all creditors as fairly as possible.
When you file for bankruptcy protection, all other legal actions against you are put on hold. Creditors cannot sue you, garnish your wages, repossess your car or home entertainment system, or start or continue with a foreclosure action against your home.
There are different types of bankruptcy filings and each has its own advantages. Since unpaid debt can significantly impact your future purchasing power and credit rating, you should see a bankruptcy attorney to make sure the benefits of filling bankruptcy outweigh the consequences. “Fresh start” bankruptcy is often used when debts far exceed the assets and income. Chapter 7 is the “fresh start” chapter of the bankruptcy chapter. While it may be a relief to get out from under a heavy debt load, certain assets and property may have to be sold for the benefit of the creditors. Reorganization, on the other hand, does not discharge all debts, but allows for a repayment plan over time, often at steep discounts. Reorganizations are only allowed where there is sufficient and regular income to support a repayment plan.
Businesses often use Chapter 11 to reorganize and save their business, while qualifying. Individuals often use Chapter 13. Selecting the right bankruptcy chapter can be a complicated analysis. Consulting with a licensed bankruptcy attorney is highly recommended.
No two bankruptcies are the same. Your debt load, ownership of exempt and nonexempt assets and your income all affect how you will file your bankruptcy case and its outcome. If you are not sure if bankruptcy is right for you, discuss your situation with local bankruptcy attorneys and determine if bankruptcy can give you the relief you need. While bankruptcy may be a last resort, having a bankruptcy attorney negotiate with creditors on your behalf may help creditors understand the seriousness of your situation and to ensure that any agreements reached are properly documented and enforceable.