Sherman Law Firm, P.C. provides Bankruptcy legal services designed to help you regain control of your life and get a fresh start toward a new financial future. We offer our clients a powerful legal resource and a proven plan for success. Listed below is a comprehensive list of legal services we offer our clients.
General Bankruptcy Information
This purpose of the act has been again and again emphasized by the courts as being of public as well as private interest, in that it gives to the honest but unfortunate debtor…, a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of pre-existing debt.”
Since this is just as true today as it ever was in the past. We have Provided Some Bankruptcy General Information Below.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is sometimes call a straight bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. A discharge of applicable debts may occur within four months.
Chapter 11 Bankruptcy
The chapter of the Bankruptcy Code providing for reorganization usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. Individuals can also seek relief in chapter 11.
Chapter 13 Bankruptcy
This type of bankruptcy is most often used by individuals who want time to repay debts like mortgage arrears or collateralized property. It is particularly effective in dealing with IRS debt. It establishes a payments of a portion of the total debt owed over a period of three to five years.
There are two kinds of business bankruptcies, Chapter 7 and Chapter 11. Business owners file bankruptcy to receive the automatic stay to give the business a chance to liquidate in an orderly manner in Chapter 7 and reorganize in Chapter 11.