Bankruptcy Attorneys

Are you dealing with creditors calling you in the middle of the night? Has your debt become so consuming that you feel like you cannot breathe? If you are dealing with excessive debt, it may be time to consider filing for bankruptcy.

At Wetzel Gagliardi Fetter & Lavin, LLC, we bring a level of professionalism and attentiveness that cannot be beaten. If you are ready to take the next steps, consider scheduling an appointment with one of our experienced bankruptcy attorneys today.

What is Bankruptcy and the Process for Filing Bankruptcy?

Bankruptcy offers individuals a way to make debt more manageable and, in some cases, create a “fresh” start. Bankruptcy proceeds are initiated by filing a petition with the bankruptcy court. Most individuals file for either Chapter 7 or Chapter 13 bankruptcy, although Chapter 11 is available to individuals as well.

Unfortunately, some debts are non-dischargeable, meaning that they cannot be erased or reduced through bankruptcy. These include student loan debt, federal and state taxes, alimony, and child support. However, you may be able to arrange for a payment plan with bill collectors that fits your budget.

Overview of Chapter 7 Bankruptcy

Chapter 7 bankruptcy is often known as a “fresh start” bankruptcy. It involves liquidating the consumer’s assets and giving the proceeds to the creditors to pay off debt. People who have overwhelming debts often elect to file for Chapter 7 bankruptcy, allowing them to rid themselves of liabilities and rebuild their credit. In addition to individuals, corporate entities such as LLCs and partnerships can choose to liquidate assets through a Chapter 7 filing.

Chapter 7 bankruptcy can eliminate credit card debt, payday loans, judgments, and medical debt, to name a few. A consumer Chapter 7 bankruptcy case will typically take 4-6 months to complete. However, there are certain limitations that may make you ineligible for Chapter 7 bankruptcy.

Overview of Chapter 13 Bankruptcy

Often referred to as a wage earner’s plan, Chapter 13 offers a repayment plan for individuals. Many individuals file a Chapter 13 petition because they are disqualified from Chapter 7 bankruptcy, usually due to their income being too high.

Chapter 13 is not available to corporations or partnerships, although individuals who are self-employed and operating an unincorporated business will qualify. To qualify for Chapter 13, you must have less than $2.75 million in both secured and unsecured debt. Debtors are given between three to five years (based on their income) to pay off an agreed portion of their debt.

Overview of Chapter 11 Bankruptcy

Chapter 11 is commonly referred to as a “reorganization” bankruptcy. In this type of bankruptcy, a reorganization plan is proposed, creditors vote on it, and the court must approve the plan.

Although a Chapter 11 filing is not as common for individuals, it may be a viable option if you are disqualified from Chapter 7 or Chapter 13. Our bankruptcy attorneys can assist you in the process of filing Chapter 11 bankruptcy, allowing you to put your past transgressions behind you.

Providing Representation to Creditors

Although creditors face major roadblocks in collecting debts under the United States Code, our attorneys have experience representing creditors’ rights in bankruptcy proceedings. Whether you are a landlord or a financial institution, we are here to help you navigate the legal complexities that come with the different bankruptcy matters.

Reach Out to a Bankruptcy Attorney Immediately

Dodging aggressive bill collectors can create a great deal of stress in an already stressful world. Although filing for bankruptcy comes with disadvantages, it does allow you to get a handle on your debt, helping you to rejoin the financial mainstream community. If you are ready to learn what bankruptcy can do for you, contact us by phone or by filling out our online contact form.