Bankruptcy
Se habla espanol.
Our Free "Move Forward" ™ Service: We realize that debts may result from bad spending choices, job loss, divorce or medical expenses. While these events may lead to a situation where debts have accumulated, it does not mean that you can't look and Move Forward™. In fact, we know from experience, this may be a good time to start a business of your own-especially if you have lost your job. If you have a skill or idea and free time, roll up your sleeves and get creative. While we handle your bankruptcy, we will provide, at no cost to you, 2 hours of free counsel and guidance in starting a new business including advising on forming the business so you have protection from lawsuits, doing your business legally, protecting trademarks, signing and forming business contracts, inexpensively building websites, inexpensive marketing ideas, and crafting your plan.
If you prefer to spend your time searching for a new job, some or all of the free service we provide can be used to help you focus your job search and pepare a well-articulated, grammatically correct and effective resume for your job search.
Once you file for bankruptcy, we use our legal and business backgrounds to help you Move Forward™. We clean up your past and help carve out your future. No one but The Siskind Law Firm serves you in this way.
Bankruptcy Services:
We help consumers who are swamped with debt-- and who don't have significant assets to protect-- to file for liquidation bankruptcy under Chapter 7 of the federal Bankruptcy Code, giving them a fresh financial start. We help consumers with significant assets that they would like to keep--such as a home--to file under Chapter 13 for a court supervised debt repayment plan. With a source of income and a manageable plan, our Chapter 13 clients can get back on their feet financially, generally within 3 to 5 years. Finally, we help financially troubled businesses to get breathing space from creditors through a Chapter 11 Bankruptcy reorganization that can restore their viability and vitality.
We listen to our clients to get a complete understanding of their financial situation and other relevant circumstances. We explore with them alternative approaches to dealing with financial distress, other than filing for bankruptcy. In the process, we strive to make sure than our clients' misconceptions about bankruptcy are dispelled and their fears are addressed so that they fully understand their options before choosing a course of action.
SUMMARY OF PROTECTIONS UNDER CHAPTER 7, CHAPTER 13 & CHAPTER 11 OF THE BANKRUPTCY CODE
Chapter 7 -- Personal Bankruptcy Debt Liquidation
Chapter 7 is a form of debt relief by which you may eliminate most forms of unsecured debt, such as credit cards, medical bills, and personal loans. In many cases, you can keep your home, car and other personal belongings. We may be able to use Chapter 7 to accomplish the following:
* Stop Harassing Calls from Creditors
* Stop Garnishments on Wages
* Eliminate Repossession of Assets
* Lower Your Auto Payments
Chapter 7 can also wipe-out lawsuits that have been filed or judgments that have been awarded against you. Chapter 7 is the chosen solution when you have no significant income to use toward paying off debts as they are due. Filing Chapter 7 is a way for you to at least begin on the road of re-establishing your credit by reducing your debt-to-income ratio. If you are serious about filing Chapter 7 then it is best to do so sooner rather than later, if for no other reason, to begin to turn your financial life around today and not tomorrow.
Chapter 13 -- Personal Bankruptcy Reorganization
Chapter 13 is a debt repayment plan through which you consolidate your debts over a three-to-five year period. Your creditors cannot collect from you during the term of the plan. Debts that are generally consolidated in a Chapter 13 are mortgage arrears, balances on vehicle loans, student loans, credit card debts, and other unsecured debts. Some of the things that can be done through filing under Chapter 13 include:
* Halting a Foreclosure on your House
* Consolidating Student Loans
* Saving your Car or other Vehicle
• Protecting Cosigners
Chapter 13 works for people who have an income stream so that creditors can be paid off in accordance with a plan. For people with jobs and who therefore don't qualify for Chapter 7, but are overwhelmed with debt that is past due, Chapter 13 may be the answer. Chapter 13 may also be the answer for those who own homes or other major assets that they want to protect from a forced sale. Before you are forced into a liquidation, you should consider a Chapter 13 procedure. Call us now if you have equity in a home or car that could be lost to you unless you take appropriate legal action now.
Chapter 11 -- Business Debt Reorganization Bankruptcy
It can be to the advantage to debtors and creditors alike to let a troubled business reorganize its debts under the protection of a bankruptcy court. With breathing space, and a reasonable amount of time, debts can be repaid. Reorganization provides debtors with a greater opportunity to retain their assets if they agree to pay off their debts according to a plan approved by the bankruptcy court. If the debtor fails to adhere to the plan, however, the court may still order liquidation.
Here are some common misconceptions about bankruptcy:
1. It's very difficult to file for bankruptcy.
It is not difficult to file for bankruptcy. But it is recommended that you hire an experienced bankruptcy attorney to make sure that its done right, and that alternatives to bankruptcy are fully explored.
2. Only "deadbeats" file for bankruptcy.
You can let go of this misconception about bankruptcy. Most people file for bankruptcy after a life-changing experience, such as a loss of a job, a serious illness, or a divorce. They've struggled to pay their bills for months and just keep falling further behind. Bankruptcy is a financial tool that at times, could make sense for almost anyone, including people and companies known for their wealth, or past business successes.
3. If you're married, both spouses have to file for bankruptcy.
This is not necessarily true. It often happens that one spouse has a significant amount of debt in his or her name only. However, if spouses have debts they want to discharge that they are both liable for, they should file for bankruptcy together. Otherwise, the creditor will simply demand payment for the entire amount from the spouse who did not file for bankruptcy.
4. I should not include certain creditors in my bankruptcy filing because it's important to me to pay them back someday and if the debt is discharged (under a Chapter 7 liquidation), I can't ever repay them.
It's a nice idea. After a successful bankruptcy, most of your debts will be discharged, and you are no longer obligated to repay them, but you would always have that opportunity. It is your choice. If your conscience bothers you because you didn't pay your debts, there's nothing in the Bankruptcy Code that prevents you from doing that once you get back on your feet. However, bankruptcy is an all-or-nothing deal, so you must include all your creditors in the bankruptcy petition.
5. You can't get rid of back taxes through bankruptcy.
Generally speaking, this is true. As the old saying goes, there are two things in life on which you can be fairly certain. . . but there is such a thing as tax bankruptcy. To have a chance of success, you have to file all your returns and the taxes owed need to be at least three years old.
6. You can only file for bankruptcy once.
This is not true. You can file for Chapter 7 bankruptcy once every six years. For a Chapter 13 court-approved debt repayment plan, you can file more often than that, but you cannot have more than one bankruptcy case going at one time. It's probably not a great idea to make a habit of filing bankruptcy, however.
7. I can max out all my credit cards, file for bankruptcy, and never pay for the things I bought.
If it sounds to good to be true, it probably is. Proceed in this fashion, and you could be charged with fraud. Fraud is definitely is not condoned by bankruptcy judges. The trustee in your case will review all your purchases right before your filing. Bankruptcy trustees know what to look for to find fraud.
If you are in financial distress -- and there are some definite warning signs that you may be heading toward a bankruptcy -- contact us at once, so that we can begin to put your financial house in order. We can assist you with your needs in any state through our network of attorneys and law firms nationwide.
