Bankruptcy

Bankruptcy is a legal proceeding in which an individual who cannot pay his or her bills can get a fresh financial start. Filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you, at least until your debts are sorted out according to the law. We can strategize your best plan of action and then fight to eliminate your legal obligation to pay most or all of your debts; our goal is to provide you with a fresh financial start.

We at the Law Office of Marc Scolnick know that finding the right attorney to represent you is a choice not to be taken lightly. That’s why we offer free consultations to walk you through your needs, the scope of your goals, and your budget.

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Types of Bankruptcies

CHAPTER 7 BANKRUPTCY

In a Chapter 7 bankruptcy we help you wipe out your debts and get a “Fresh Start”. In most Chapter 7 cases, the debtor has large credit card debt and other unsecured bills and very few assets. In the vast majority of cases a Chapter 7 bankruptcy is able to completely eliminate all of these debts. This process is a liquidation where the trustee collects and sells all of your non exempt assets. The trustee sells the assets and pays you, the debtor, any amount exempted. The net proceeds of the liquidation are then distributed to your creditors with a commission taken by the trustee overseeing the distribution.

We can help you with: overextended credit, lack of adequate insurance, catastrophic medical expenses, marital problems, unemployment, or out of control spending. Ensure your financial future by filling out the contact form below or by calling our office to schedule your free consultation.

CHAPTER 11 BANKRUPTCY

Chapter 11 cases usually are filed by corporations, partnerships, and limited liability companies. However, they can sometimes be filed by individuals. You can file under Chapter 11 if you have too much debt or income to qualify under Chapters 7 and 13. After you file for this type of bankruptcy, we can help you draft and file a reorganization plan with the court. Additionally, we will help you write the necessary disclosure statement, which is a document that contains information about your assets, liabilities, and business affairs. In fulfilling your Chapter 11 plan, we will be able to help you restructure your finances and help you put debt in the rear view mirror. Safeguard your financial future by filling out the contact form below or by calling our office to schedule your free consultation.

CHAPTER 13 BANKRUPTCY

Under a chapter 13 bankruptcy, we will work with you to proposes a 3-5 year repayment plan to your creditors, offering to pay off all or part of the debt. You can use Chapter 13 to prevent foreclosure; make up missed car or mortgage payments; pay back taxes; and to stop interest from accruing on your debt. Chapter 13 bankruptcy is a reorganization, and therefore less dramatic than the liquidation of a Chapter 7 bankruptcy. Take the first step in freeing yourself from debt by filling out the contact form below or by calling our office to schedule your free consultation.