The nation’s economy has hit a stumbling block due to job layoffs, the bursting of the housing bubble, credit sliding and personal calamities such as divorce or exorbitant medical bills. As more and more individuals and business are cribbing under piles of debts, bankruptcy is becoming an increasingly common path to help people turn their lives around.
Experience and expertise can be the difference between a favorable recovery and no recovery at all in bankruptcy and workout matters. At the Armstrong-Firm you can be sure to get the best possible advice and results out of your bankruptcy case. Our practice encompasses all aspects of business bankruptcy and our attorneys have worked in bankruptcy cases for years to understand the pressures created by bankruptcy for the client.
What is Bankruptcy?
Bankruptcy is defined as “a legally declared inability or impairment of ability of an individual or organization to pay its creditors.” When individuals have no other option left then filing for bankruptcy becomes an unavoidable step that enables the debtor to make a fresh start and the creditor to recoup at least part of the debt.
When person or business finds themselves in a position where they can no longer pay their creditors, bankruptcy can be available. Those attempting to go through the bankruptcy process deserve to be properly represented so they can get every chance to recover financially. Those who feel that Bankruptcy is the only option left will often feel overwhelmed with how the process works and how it will affect them. As experienced Bankruptcy attorneys, the Armstrong-Firm will guide you through the process and counsel you with compassion and care as you work to get back on your feet.
How to go about Bankruptcy proceedings?
Bankruptcy proceedings are legal proceedings that debtors are entitled to under federal law when they are unable to pay back their creditors or when they are reeling under excessive debts. When a bankruptcy filing is made, the creditors have no option left but to wait for the decision of the court to determine how they would get back their money. Generally, the declaration of bankruptcy absolves the bankrupt entity or individual from the legal obligation to repay most or all debt, however, the procedures are very complex and needs legal guidance from an experienced attorney to draw a favorable outcome.
Why is it so important to hire a bankruptcy lawyer?
The law does not require a person declaring bankruptcy to have a lawyer or attorney. However, bankruptcy filings are complicated, you may not understand the type of bankruptcy that is most appropriate in your situation, so it is advisable that you contact one of the attorneys at the Armstrong-Firm to handle your case and help you out of your precarious situation. At the Armstrong-Firm, the attorneys would also advise you on whether consumer credit counseling may be a better alternative than a declaration of bankruptcy.
Filing Bankruptcy may seem deceptively simple, but a small mistake can lead to more years of debt. It is difficult to understand the different procedures of filing for bankruptcy and it is best to leave the complex paper work for us to handle. At the Armstrong-Firm, the attorneys are well equipped to handle your filings and lighten your work load substantially. You must understand that filing for bankruptcy is not an overnight process and takes some effort as well as a good deal of time, so it best to leave the complexities for us to handle while you can continue on with your life and work.
One of the greatest benefits to hiring an Armstrong-Firm attorney is that you would soon realize that your finances and life are improving. Our attorneys would help you with not only preparing the case, but also stop collection agencies from harassing you as well as fighting for reasonable wage garnishment if necessary. You can be rest assured that we will leave no stone unturned to get you the best possible results.
The Complexity of Bankruptcy
Filing for bankruptcy is a complex procedure and it isn’t free. You must seek legal help from the experienced attorneys of the Armstrong-Firm to walk you through the process and guide you correctly. Before filing for bankruptcy, you will need to show income, assets, debts and expenses. The courts would try to liquidate your assets to pay off the debts, so it is necessary that you seek guidance from an experienced attorney who can help you in your bankruptcy filings. You need the services of an experienced Armstrong-Firm bankruptcy attorney who can advise you on the entire process and even whether you should do it at all.
What are Bankruptcy Chapters?
At present, there exist six types of bankruptcy under the Bankruptcy Code, located at Title 11 of the United States Code:
1. Chapter 7 – straight bankruptcy for basic liquidation.
2. Chapter 9 – municipal bankruptcy to resolve municipal debts.
3. Chapter 11 – corporate bankruptcy for restructuring.
4. Chapter 12 – family farmers and fishermen bankruptcy.
5. Chapter 13 – wage earner bankruptcy for regular income earners.
6. Chapter 15 – international bankruptcy to allow foreign debtors to clear debts.
Out of all these different Chapters, Chapters 7, 11, 12 and 13 are the most common. Each chapter requires different things, from a Chapter 7, where debts are totally discharged or paid off with liquidated assets to a Chapter 12 which is specifically for family farmers and fishermen. Included in bankruptcy are also factors such as: which assets you are allowed to keep as exemptions and when you can keep those assets, such as your house or car. At the Armstrong-Firm, we will help inform you which chapter of the Bankruptcy Code you should file under, advise you on which assets you will be able to keep and negotiate a repayment plan if necessary. With many years of filing and representing cases in Federal courts, we have the knowledge to help you when it feels like you have nowhere else to go.
At the Armstrong-Firm, the attorneys have the requisite experience, resources and contacts to represent clients in wide variety of bankruptcy cases. We offer sophisticated and proactive strategies to maximize recoveries and give the clients the best possible results.