Bankruptcy and Reorganization:

The firm handles the full range of bankruptcy and related matters, including business and individual filings under all Chapters of the Bankruptcy Code,  including Chapter 7 (Liquidation or “Straight Bankruptcy”), Chapter 13 (Wage earner and business debt adjustment plans), Chapter 12 (Farm Reorganization), and Chapter 11 (Commercial Reorganization).  In Chapter 7 an individual is able to retain essentially all household assets and there are exemptions for a homestead and one motor vehicle.  Most individuals in financial distress qualify for Chapter 7 under the new guidelines, although there may be some non-exempt assets to consider.  Chapter 13 is normally considered when there is a foreclosure in process or there are non-exempt assets to be retained, or the budget reflects disposable income that is available to make some payment back to creditors.  Chapter 12 is a very useful tool for farms that have experienced short term cash flow problems that have caused a default in payment of secured debt.  The debt can be restructured with a new term and interest rate.  Chapter 11 is usually used for non-farm business entities to reorganize, although it is also available to individuals who do not qualify for Chapter 13 because of the debt limitations of that Chapter. The firm also handles bankruptcy litigation matters for debtors and creditors, including objections to discharge, and defense of preference and fraudulent conveyance claims.