Bankruptcy And Debt Relief
Bankruptcy is a legal process and financial tool through which people or business entities who cannot repay debts to creditors seek relief. Bankruptcy shouldn’t be seen as the end of your economic well-being; these laws were created to give an individual or business a fresh start. Sometimes unforeseen events, like unexpected medical emergencies, a difficult divorce, or the loss of employment, can make it challenging to make good on debt payments. We’re here to help determine whether bankruptcy is an option or whether there are alternative solutions to consider.
Many misconceptions exist that cause people to worry that filing for bankruptcy will ruin their credit or prevent them from getting a loan. However, doing nothing can often lead to your credit and financial future being damaged further. Unfortunately, there are no do-overs when filing bankruptcy: If you don’t get it right the first time, your bankruptcy filing could be denied, and you won’t get the debt relief and asset protection you need.
HoganWillig Attorneys at Law has offered bankruptcy legal services for more than 50 years. Our bankruptcy attorneys can help clarify common misconceptions and offer assistance, and relief, when experiencing financial difficulties. Finding bankruptcy counsel that you trust and have confidence in during this difficult time is of the utmost importance, and we welcome the opportunity to assist you. Our legal professionals are skilled in bankruptcy proceedings involving Chapters 7, 11, 12, and 13.
Overview of Bankruptcy Options
Chapter 7: Liquidation Bankruptcy
Chapter 7 is the most common type of bankruptcy that is often used to handle excessive credit card debt, medical bills, and other unsecured debts.
Chapter 13: Repayment Bankruptcy
Chapter 13 is often used when someone is facing a foreclosure on their home and need an opportunity to get back on track through monthly payments. Chapter 13 is also available to those who may not qualify for Chapter 7 based on their income or assets. In addition, it often allows for a reduced repayment to unsecured creditors.
Chapter 11: Business Bankruptcy (Reorganization Bankruptcy)
Although individuals can file a chapter 11 bankruptcy, it is most often done by larger businesses who want to remain in business. A chapter 11 bankruptcy also involves a plan of reorganization to pay back certain creditors over a period of time.
Chapter 12: Farmers and Fishermen Bankruptcy
Chapter 12 is very similar to a chapter 13 bankruptcy, but it is only available to farmers and fishermen.
What sets HoganWillig apart from other bankruptcy law firms is personal attention and expert guidance from a certified bankruptcy attorney. We help clients climb out from under overwhelming debt and get the fresh financial start they need and deserve. When you come to our law office, you will meet with a lawyer who will take the time to get to know your financial situation and answer your questions. To learn more or schedule a free, confidential initial consultation, call us today.