Many of the clients of Liberatore DeBoer seek guidance from our attorneys in order to petition for bankruptcy relief. Individual clients commonly face the potential loss of their house, their savings, and even their income. Business clients are often at risk of losing their company’s financial assets, good will and customer relationships. These issues can arise from a variety of circumstances, a business or personal crisis, a divorce, or even the death of a family member, friend or business partner. The bankruptcy attorneys at Liberatore DeBoer are experienced in the areas of Chapter 7 Bankruptcy, Chapter 11 Bankruptcy, Chapter 12 Bankruptcy and Chapter 13 Bankruptcy. As experienced, bankruptcy lawyers, our firm can help to set your mind at ease and get you on the road to financial recovery.

In its Notice To Consumer Debtor(S) Under §342(B) Of The Bankruptcy Code, the United States Bankruptcy Court provides the following information in regards to the various types of bankruptcy filings:

Consumer Bankruptcy

Liberatore DeBoer assist individuals in filing for bankruptcy relief under Chapter 7 and Chapter 13.  Individuals come to our firm with unique financial problems arising from a variety of circumstances – sometimes a potential foreclosure, business closure, divorce, or the loss of a job.  We walk through each person’s financial situation and provide guidance and advice on how to best overcome his or her debt crises and achieve a fresh financial start.

There are many occasions when we advise the filing of a Chapter 7 or Chapter 13 by the individual.  Each chapter provides unique tools for restructuring or eliminating debt and we tailor our advice to the individual’s situation. The bankruptcy attorneys have extensive experience with bankruptcy and are able to trouble shoot.  Our caring and experienced staff provides extensive assistance in gathering documents and completing the paperwork necessary to file for bankruptcy relief.  We strive to set your mind at ease and get you on the road to financial recovery.

Chapter 7

Chapter 7 is referred to as a “straight” bankruptcy by many people.  Under this chapter, a person files a petition with the bankruptcy court accompanied by schedules and statements reflecting all property, all debts and certain financial transactions (sales, gifts, transfers, etc.) undertaken during the past several years.  A Chapter 7 trustee is appointed to, among other things, evaluate whether there is non-exempt property available for him or her to liquidate in order to provide a distribution to creditors.  Our firm will assist you in identifying your property, scheduling it appropriately, maximizing your exemptions, and working with the trustee throughout the process.

The objective in a Chapter 7 is to receive a discharge at the conclusion of the process.  We work with you to take all steps necessary to receive that discharge.  The Bankruptcy Code contains certain provisions that carve-out some debts from the bankruptcy discharge.  We are able to advise you as to which debts might survive bankruptcy and assist you in receiving the broadest possible discharge.

If you have filed or are in the process of filing a Chapter 7 bankruptcy with our firm, please click here to access our Resources page.

Chapter 13

The official Notice to Consumer Debtors Under Section 342(b) of the Bankruptcy Code explains that “Chapter 13 is designed for individuals with regular income who would like to pay all or part of their debts in installments over a period of time. You are only eligible for chapter 13 if your debts do not exceed certain dollar amounts set forth in the Bankruptcy Code. Under Chapter 13, you must file with the court a plan to repay your creditors all or part of the money that you owe them, using your future earnings. The period allowed by the court to repay your debts may be three years or five years, depending upon your income and other factors. The court must approve your plan before it can take effect.”

Chapter 13 contains unique tools which enable an individual to catch up on mortgage arrearages, restructure vehicle and other secured loans, pay non-dischargeable taxes over time and avoid the loss of non-exempt property.  Our attorneys will walk a potential client through the provisions of Chapter 13 to see whether its provisions better meet the client’s financial objectives.

Chapter 11

Chapter 11 is designed for the reorganization of a business but is also available to consumer debtors. Its provisions are quite complicated, and any decision by an individual to file a chapter 11 petition should be reviewed with an attorney.

Chapter 12

Chapter 12 is designed to permit family farmers and fishermen to repay their debts over a period of time from future earnings and is similar to chapter 13. The eligibility requirements are restrictive, limiting its use to those whose income arises primarily from a family-owned farm or commercial fishing operation.