At Lakeside Legal, we help both creditors and debtors work with bankruptcy courts. Attorney Vanderloop has assisted clients since 2007 to provide a fair fresh start for prior debts. If you feel like you can’t meet your bills a bankruptcy may be necessary.
Bankruptcy is defined as a legal way of providing relief to businesses and individuals with too much debt. It hits the pause button on a financial picture, addresses assets from that point and then allows a positive financial future.
Usually, debtors can file for bankruptcy protection under Chapter 7 or 13 of the Bankruptcy Code based on their financial situation. While Chapter 7 will help in eliminating most of the debts, but it still requires liquidation of non-exempt assets to pay the remaining creditors. Under Chapter 13 of the Code, the individuals can keep their assets and pay off their debts over three to five years. Moreover, they can also engage in agreements with creditors to deal with such situations. Chapter 12 applies to certain debtors involving in farming operations.
Filing for bankruptcy includes a large amount of paperwork that helps in providing information about the individual or his business’s assets, income, debts, and other related information. During the bankruptcy process, you can keep some of your properties, while the remaining will go to your creditors so that you can get rid of all your financial obligations.
A business can file for bankruptcy under Chapter 7 to liquidate and under Chapter 11 to reorganize its business. Under Chapter 7, the business will stop operating and a trustee will be appointed who will deal with the liquidation of the assets and then pay off all the creditors. Oftentimes no actual bankruptcy filing is necessary for the business but the business owner may need to file to avoid personal guarantees.
If you want to file for bankruptcy and need the consultation of a bankruptcy attorney throughout the procedure, then you need to get in contact with our reliable bankruptcy attorneys. Our bankruptcy lawyers will provide you with the best available options. Even if you don’t have any options available, our lawyers will be there to guide you through the whole process at each step.
By hiring a bankruptcy attorney, you will be assisted throughout the legal process in the correct way. Once you have filed a bankruptcy, you will be relieved and feel confident enough that your financial affairs are managed by a professional. If it is possible to think about proper timing, bankruptcy planning may also yield a better result after the discharge. It is important to reach before things get to the breaking point and you have a crisis requiring immediate filing.
We’re the best bankruptcy firm to assist you in Fond du Lac, Oshkosh, Lomira, Waupun or the rest of Fond du Lac, Dodge and Winnebago counties. Meet with us and we’ll get you help quickly.