When you are overwhelmed with debt you need a compassionate and understanding advisor to explain in simple terms your legal and financial options. We are a Debt Relief Agency and we help people file for relief under the Bankruptcy Code. We also help people avoid bankruptcy with strategies that protect their rights and with knowledge to gain that needed advantage in dealing with creditors.
If you have reached the point where the best resolution to your financial difficulties is to file for bankruptcy, Winsor Law Group can help. Our attorneys can help you understand your options, file bankruptcy notices, negotiate with creditors, and find the best way to hold onto assets while in repayment.
CHAPTER 7 -Debt Liquidation
A Chapter 7 bankruptcy can give you a financial fresh start. Some of your assets may be liquidated to pay debts, but with proper pre-bankruptcy planning with an experienced and dedicated attorney, most, if not all, of your personal possessions can be preserved. This type of bankruptcy is available to individuals who either pass a “means test” or who qualify under the median income rule or as a non-consumer debtor.
A Chapter 7 bankruptcy can quickly wipe the slate clean, discharging all your debts. It is also available for businesses; although with proper guidance a business may be able to wind down without bankruptcy. Only after a frank discussion with an experienced bankruptcy lawyer can you discover whether a Chapter 7 is best for you or your business.
CHAPTER 13- Wage Earner Plan
If you opt to file a Chapter 13 bankruptcy, you create a payment plan, similar to a budget, that lasts approximately 3 to 5 years. Any creditor not paid during the plan may be discharged at the end. This means you will not be liable for those debts after your bankruptcy. With a Chapter 13 you may even be able to strip a second mortgage off your house, cram down car loans to a lower balance, lower interest rates, and eliminate a lot of debt. All payments are made under the supervision of a trustee and the bankruptcy court.
CHAPTER 11- Business or personal
For some individuals, a Chapter 11 is the best method for reorganizing and eliminating debt. It is similar to a Chapter 13. One significant difference is that a Chapter 11 can be used by someone who has too much debt to qualify for for a Chapter 13.
For some businesses, the only way to stay in business is to file a Chapter 11. The business can reorganize debt and may be able to reduce and eliminate some of the debt. If your business is having financial struggles, the sooner you counsel with a trusted attorney the better. An attorney with experience in business and bankruptcy can help guide you through the difficult and complex decisions related to keeping your business open.
