Overwhelming debt is something that millions of Americans deal with every day. Overdrawn accounts and overdue invoices can also place substantial pressure on businesses. When these problems become too much to bear, filing for bankruptcy could bring immediate relief and provide a permanent solution to debt problems. However, not every bankruptcy case is the same.
Before filing a case in court, it is crucial to speak with a knowledgeable attorney about what bankruptcy entails and what chapters you may qualify for. At Doroshow, Pasquale, Krawitz, and Bhaya, an Elsmere bankruptcy lawyer can explain your options, gather the required documentation, and file petitions with the Bankruptcy Courts to protect your financial future.
Seeking Debt Relief for Elsmere Residents
Individuals and couples can take on debt in various ways. Overwhelming credit card payments, sudden medical expenses, car repossessions, and underwater mortgages are all common reasons for seeking bankruptcy protection. Upon successfully completing a bankruptcy case, consumers will see a discharge from most forms of consumer debt, and put an end to all future collection efforts.
Individuals and couples looking to file for bankruptcy should discuss their options with a local lawyer to choose the chapter that best fits their needs. A Chapter 7 will discharge many debts. By contrast, in a Chapter 13, consumers can secure debts after completing a set of scheduled payments.
In all bankruptcy cases, our skilled team of local attorneys and paralegals can assist in the collection of all relevant data and the submission of that data to the court. Our office can also help individuals and couples to locate approved credit counseling courses that are a prerequisite to any bankruptcy case.
Obtaining Bankruptcy Protections for Businesses
Most businesses carry some form of debt. Sometimes, this debt makes it impossible to turn a profit or results in legal action. Filing for bankruptcy may be appropriate in this cases.
All businesses have the option of seeking protection through Chapter 7. This will result in the sale of most of the company’s assets and result in winding down operations. However, a Chapter 11 bankruptcy may also be a valid option. Here, the court will oversee the reorganization of the company in exchange for the discharge of many forms of debt and the right to continue operations. Under these scenarios, a company has the right to submit a proposed reorganization plan to the court.
Sole proprietorships may also be able to seek protection under Chapter 13. This can allow the company to remain in business while making regular payments to creditors through the court. Regardless of which bankruptcy chapter a company chooses to pursue, an Elsmere bankruptcy lawyer can take the lead in gathering detailed financial information and filing petitions in Bankruptcy Court.
Call an Elsmere Bankruptcy Attorney for Legal Assistance
Facing substantial debt can put a lot of financial and emotional strain on individuals, couples, and companies. Constant calls from creditors, lawsuits, and even wage garnishments are just a few of the threats that you may be facing. One option to obtain relief is to file a Bankruptcy Petition. This will not only result in an immediate halt to collection efforts, but it may also result in the total discharge of most of your debt.
At the law offices of Doroshow, Pasquale, Krawitz, and Bhaya, an Elsmere bankruptcy lawyer is ready to advocate on your behalf. Our experienced attorneys can help to choose the right bankruptcy chapter, gather the necessary information to submit an application, and track that application’s progress through the courts. Reach out to our firm today to learn how we can help you. The first consultation is free.