Bankruptcy

Bankruptcy Lawyer

For an individual or business looking at the possibility of filing for bankruptcy, it can feel like a scary and overwhelming process. At Lodestone Legal Group, we help guide clients though the bankruptcy process and help clients to prepare and file the bankruptcy petition. We then continue to provide guidance to clients up through the entire process until a discharge is received. We take the time to understand our client’s unique situation, to explain the entire process to the client, and advise the client on how to get the relief needed and how-to get the maximum results from bankruptcy.

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What Are My Options?

Chapter 7 liquidation is typically advisable for clients who have no assets of significant value and have accumulated debt that the client simply cannot repay. The usual Chapter 7 case lasts 3 to 5 months and only requires the client to make one court appearance. Chapter 7 will allow the client to discharge burdensome obligations such as medical debts, a home, or vehicle which the client can no longer afford.

Chapter 13 is a reorganization that is typically advisable for clients who have significant assets that they want to keep or clients who have fallen behind on a home or vehicle that they want to keep. Chapter 13 allows a client to consolidate all their debts and to develop an affordable payment plan for those debts. The plan usually allows the client to pay off their debts over a 36 to 60-month period.

Chapter 7 liquidation is typically advisable for a business in which the business owner desires to shutdown the business and to leave the shutdown process to someone else. In a Chapter 7, the assets or the business will be liquidated, and all the proceeds will be distributed to the creditors of the business. Chapter 7 allows for a simple and clean shutdown of the business.

Chapter 11 is a reorganization that is typically advisable for a business which has debts but significant revenue. Chapter 11 allows a business to continue to operate as it ordinarily does but with bankruptcy court supervision and protection. This allows the business to discount and restructure its debts while repaying the debts over a longer period of time and to terminate burdensome contracts and leases allowing the business to move forward.

Disclaimer

The information and materials available at this web site are for informational purposes only and not intended for the purpose of providing legal advice. You should contact an attorney for advice with respect to any particular issue or problem. Accessing this website, the material posted on this website, the email links contained within this site do not create an attorney-client relationship between Lodestone Legal Group and the user. The opinions expressed on this site are the opinions of the individual author and may not represent the opinions of the firm or any individual attorney.

Resources for Bankruptcy Lawyers

Will Bankruptcy Get Rid of All My Debts?

Question: Will bankruptcy get rid of all my debts? Bankruptcy is an amazing tool to help people out of a financial crisis. It can relieve you of much of your financial obligations and it’s designed to give you a fresh start with life. But bankruptcy will not necessarily eliminate all of your debt

What is a Bankruptcy Discharge?

One of the main reasons why people file for bankruptcy (either Chapter 7 or 13) is to obtain a discharge of their debts. A bankruptcy discharge releases a debtor from personal financial liability for certain debts. This means that a debtor no longer owes these debts, is not obligated to repay thes

Will I Lose My Home, Car, and My Possessions?

There are numerous myths about bankruptcy – ideas that many people hold that are not quite true or that are simply incorrect. These myths have, to a significant degree, shaped our culture’s perception of and attitude towards bankruptcy. This misinformation keeps good, honest debtors from pursuing