Benefits of Bankruptcy
Bankruptcy gets rid of most or all of your debt, so the first benefit is that it gives you a fresh start. The second benefit is that it puts you in a better position to obtain financing for a home. Lenders require only 12 months to 24 months of a good payment history after bankruptcy to obtain a good financing rate for a mortgage. The third benefit of filing bankruptcy is that it stops all collection proceedings including foreclosure that are not only in progress at the time of the filing but also those that haven’t started yet.
Chapter 7 of the U.S. Bankruptcy Code allows individuals to discharge all of their debt allowable under the law. It also allows for liquidation of a person’s assets to pay off their debt. Most Chapter 7 cases, however, are considered “no asset” cases. In these cases, the debtor either has no property to liquidate or does not have any equity above their exemptions as allowed by state or federal law. This Chapter is often used when a debtor has been laid off from work, has been out of work for an extended time for medical reasons or divorce.
A business can clean up their debt by filing Chapter 7 bankruptcy and liquidate its assets to pay off its creditors. This process is used for businesses that are closing or cease operating under that business name.
We help families reorganize their finances under Chapter 13 of the U.S. Bankruptcy Code. In this case, the person will repay some or all of their debts in 3-5 years. The money is paid to a trustee who pays the debt under the pan. Once this plan is completed, the debtor’s dischargeable debts are discharged.
PROVIDING EXPERT BANKRUPTCY MANAGEMENT
AUTOMATED DOCUMENT &
OTHER PRACTICE AREAS
We represent management and executive level employees as well as those that are part of the leadership team in discrimination cases against their employers. We also draft pre-employment contracts with clients' employers on their behalf as well as negotiate and draft severance agreements. We represent clients in Mediation, Unemployment Hearings, before the EEOC and before the U.S. Department of Labor.
We also represent small businesses before the Department of Labor and the EEOC.
We help musicians, artists, producers, song writers, authors and singers negotiate and draft contracts in their respective industries. We also assist in small business organization, trademark and copyright filings for our entertainment clients.
We assist individuals in collecting settlements after being struck by another driver or being injured on another's premises. We advocate on your behalf to get you compensation for your injuries.