Bankruptcy
Personal and Professional Representation During Difficult Financial Times
The attorneys and staff of the Appel Law Group understand the frustrations and emotional toll of being in debt. The struggle of worrying about future credit and being able to make ends meet impacts both individuals and businesses. The bankruptcy laws are designed to give individuals and businesses debt relief and often a clean slate. If your debts seem insurmountable or your business is insolvency, bankruptcy can provide a chance to resolve these difficult problems. Bankruptcy and the credit counseling required by law could be the first of some positive financial and emotional choices for you.
Appel Law Group attorneys and staff do not cast judgment over our clients who have chosen to take a positive step toward financial recovery. We try to respect and assist you with your choice to make a change which could help your personal and professional life. Even if bankruptcy isn't an option for you, the initial consultation offered by our firm could provide you with answers to nagging questions.
CHAPTER 7 BANKRUPTCY - BUSINESS OR INDIVIDUAL DEBT DISCHARGE
Chapter 7 bankruptcies apply to individuals and businesses. In a Chapter 7 bankruptcy, our clients keep the assets permitted by law (exempt property), and the remainder of non-exempt property (if any) is divided by your creditors. Under the current bankruptcy laws, an individual's ability to file under Chapter 7 is restricted by the “means” test. Our attorneys can help you determine if you are a candidate and explore your options if you are not.
CHAPTER 13 BANKRUPTCY - CONSUMER DEBT REORGANIZATION
A Chapter 13 bankruptcy is for individuals who must or wish to pay their debt if it were restructured. Some candidates for Chapter 13 have assets to protect, but limited funds to pay debts. Accordingly, they may not want or have the ability file a Chapter 7. Chapter 13 allows individuals to restructure much of their debt, making more affordable payments over a 36-60 month period, while retaining certain assets and discharging some debt. A business debt reorganization falls under Chapter 11.
To determine if a bankruptcy is right for you and what kind of bankruptcy is appropriate, contact the Appel Law Group today for an in-person or phone consultation. We strive to give every client, even those going through difficult financial times, personal and professional service.
