| In today’s economic environment, bankruptcy affects every circle of friends and business acquaintances. Kumar, Prabhu, Patel & Banerjee's experienced attorneys understand every aspect of this challenging and despairing process. — Recent bankruptcy client |
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Financial distress can cause a myriad of problems for the debtor, both personally and professionally. In our current economy, no one is immune from financial difficulties. The need to file for bankruptcy protection should not be embarrassing. Our attorneys can help you decide how to best protect your family and business during, including. filing for Consumer Bankruptcy protection under Chapters 7 and 13, and Business Bankruptcy protection under Chapters 7 and 11. Although each bankruptcy case is different and the laws of your state may differ, the following general descriptions may be helpful:
Chapter 7 gives the debtor a fresh start by liquidating non-exempt assets to pay creditors and discharging most of the remaining debt. Some debts cannot be discharged (taxes, domestic support obligations, and certain educational loans and others). In individual cases, the debtor can keep specific property that is exempt from the creditor's reach (limited interests in real estate, motor vehicles, retirement accounts, education accounts, custodial accounts and specific personal property).
Chapter 11 is generally utilized by businesses or high wage earners to reorganize their financial practices. The debtor company or individual can propose a plan to pay pre-petition and post-petition creditors. After the plan is confirmed by the court, the debtor is required to make reduced payments according to the plan. When the plan has been completed, the debtor is discharged from debts that arose prior to confirmation, except for certain limited debts (taxes, domestic support, and educational loans).
Chapter 13 is generally known as a wage earner's plan, wherein an individual works out a plan to pay his or her debtors based on the type of claim the creditor holds (secured or unsecured debt). Depending on the individual debtor's disposable income, as calculated under the Bankruptcy Code, a payment plan extends three or five years. After completing the payment plan, the debtor receives a discharge of the debts, except for certain debts (as noted above).
Because of the breadth of experience with Kumar, Prabhu, Patel & Banerjee, our bankruptcy attorneys can seek counsel and assistance from others within the firm who specialize in practices such as litigation (related to insolvency), securities and real estate, to better serve the needs of each client’s bankruptcy issues.
Notice: Kumar, Prabhu, Patel & Banerjee, LLC is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. |
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| Contact Us |
If you have questions regarding bankruptcy, call the law firm of Kumar, Prabhu, Patel & Banerjee, LLC, for creative, individualized legal solutions. (After you have scheduled an appointment, complete the Preliminary Bankruptcy Questionnaire and return it to us at least two days before your appointment.) Kumar, Prabhu, Patel & Banerjee's bankruptcy practice attorneys:
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