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Bankruptcy might be the last alternative many individuals and businesses consider as a resolution for their debt problems. However, filing for bankruptcy relief can provide the fresh start that you need so that you can recover from a financial crisis. Whether you are facing personal bankruptcy or business bankruptcy, The bankruptcy attorneys of Berkshire & Burmeister can help you find a debt relief solution that is affordable and beneficial based on your current financial situation and future financial goals.
We are a debt relief agency. We help people file bankruptcy relief under the Bankruptcy Code.
When you file bankruptcy, you can choose the kind of bankruptcy that best meets your needs.
Chapter 7 – A trustee is appointed to take over your property. Any property of value will be sold or turned into money to pay your creditors. You may be able to keep some personal items and possibly real estate depending on the law of the State where you live and applicable federal laws.
Chapter 13 – You can usually keep your property, but you must earn wages or have some other source of regular income and you must agree to pay part of your income to your creditors. The court must approve your repayment plan and you budget. A trustee is appointed and will collect the payments from you, pay your creditors, and make sure you live up to the terms of your repayment plan.
Chapter 12 – Like Chapter 13, but it is only for family farmers and family fishermen.
Chapter 11 – This is used mostly by businesses. In chapter 11, you may continue to operate your business, but your creditors and the court must approve a plan to repay your debts. There is no trustee unless the judge decides that one is necessary; if a trustee is appointed, the trustee takes control of your business and property.
If you have already filed bankruptcy under chapter 7, you may be able to change your case to another chapter.
Your bankruptcy may be reported on your credit record for as long as ten years. It can affect your ability to receive credit in the future.
Our bankruptcy lawyers in represent creditors and other parties in interest in bankruptcy actions. The Bankruptcy Code limits the actions creditors can take after a debtor files for bankruptcy relief. Therefore, creditors should understand their legal rights and their options for protecting their interests in a bankruptcy case.
The bankruptcy process can be complicated. It is easy to violate bankruptcy laws if you are not familiar with the process. Let us guide you through the process from the creditors’ side to avoid any potential legal issues or problems.
If you have questions about bankruptcy or want more information about the bankruptcy process, contact our office for a free consultation with one of our bankruptcy attorneys.
Call 402-827-7000 to reach a helpful Berkshire & Burmeister associate