Ontario Bankruptcy Attorney
Stress from financial woes are prime factors in marital discord and can lead to drastic actions by frustrated debtors. There are other ways to deal with financial distress, however, and getting sound advice from a seasoned attorney from the Ontario Bankruptcy Attorney can assuage many of your concerns.
Bankruptcy relief may be a way to get your finances in order and restore sanity to your hectic life. Depending on the type of filing you do, most of your debts such as credit cards, medical expenses and even tax arrearages in some cases can be wiped out. Secured loans can be satisfactorily handled as well. If you have a home in or facing foreclosure, a Chapter 13 can stop the process and help you get your mortgage current over time. Small business owners can take advantage of a Chapter 13 to keep their doors open and not be worried about lawsuits. In most of these cases, debtors are able to retain all of their personal assets.
Bankruptcies can be tricky in some cases and you may not be aware of what you must disclose. For these and other reasons, use an experienced attorney from the Ontario Bankruptcy Attorney.
Filing a bankruptcy petition can be daunting since you may have been involved in certain transactions that can arouse suspicion or have assets that you might lose if you are not careful. Responding to a motion and to questions from creditors or the trustee who oversees your case can be difficult unless you have competent representation. Having an attorney from the Ontario Bankruptcy Attorney advising you is your best opportunity to getting the relief you deserve.
Our attorneys handle three types of bankruptcy — Chapter 7, Chapter 13 and Chapter 11:
Chapter 7 Bankruptcy
Chapter 7 is the most common type of bankruptcy filed since it can be utilized by consumers as well as businesses of any type. For consumer and business debtors a filing can erase all unsecured debt and enable most to retain their personal assets.
If you are contemplating filing any kind of bankruptcy, you first must take a debt counseling class that can either be completed online or in the offices of your Chapter 7 Bankruptcy Lawyer. This can be completed in an hour or so. You will also have to pass a means test that examines your income to see if it below the state median for your household size. If you do not meet the criteria, one of our Chapter 7 Bankruptcy Lawyers can determine if your disposable income meets a certain level.
If you are eligible, you will meet with a Chapter 7 Bankruptcy Lawyer who will go over your debts, assets, household budget, available exemptions and various transactions over the past year. When we file your petition, an automatic stay will go into immediate effect that stops all civil proceedings against you including asset seizures, creditor calls and other collection activities.
You will then attend a meeting with the trustee that may be attended by creditors. One of our Chapter 7 bankruptcy lawyers will accompany you and advise you on any concerns from the trustee. If amendments need to be made or information is requested, we can handle it for you so that any misgivings about whether your final discharge will be granted will be put to rest.
Chapter 13 Bankruptcy
A Chapter 13 is a repayment plan and is an option for debtors who either are unable to file for a Chapter 7, who wish to repay their creditors or who face foreclosure of their homes. It is important that you meet with a Chapter 13 Bankruptcy Attorney if you find that you stand to lose certain assets, such as a second home, or you have fallen behind on your mortgage. Under a Chapter 13, you can repay your creditors over a 3 or 5-year period. For homeowners in arrearages, you can make up the deficiency over the life of the plan but you do have to keep your mortgage payments current. A benefit is that a second mortgage could be dismissed once your discharge is granted though this should be discussed with a Chapter 13 Bankruptcy Attorney on how to handle junior mortgages and to get them discharged as an unsecured debt.
Debtors do have to take a mandatory debt counseling class and prior to discharge, a financial management class that can be taken in the offices of one of our Chapter 13 Bankruptcy Attorneys.
Small business owners use Chapter 13 to keep their businesses open and running while retaining many of their vendors who will be repaid either in full or in some percentage. Talk to one of our Chapter 13 Bankruptcy Attorneys to see how this filing may benefit you.
Chapter 11 Bankruptcy
For corporations and other businesses that are failing or facing lawsuits that could wipe them out, filing for Chapter 11 relief may be the answer. This is a reorganization process that either allows the business to continue running its own affairs or it has the trustee or an appointed individual make material decisions about its operations to keep it afloat. Debtor businesses can renegotiate contracts and leases for better terms and seek other sources of funding. In many cases, streamlining the business by selling off assets or subsidiaries is done in an effort to achieve ultimate profitability.
The business is required to present a reorganization plan that a select group of creditors reviews and either accepts or rejects though in some cases the trustee may force it on them. Creditors’ committees may offer their own plans for approval once the business offers its own.
Individuals in rare cases may use Chapter 11 as well. This may occur if the debtor has too much debt to qualify for a Chapter 13 or too much income for a Chapter 7. A Chapter 11 lawyer can assess this if you fit within either of these categories.
Chapter 11 bankruptcies are complex, lengthy and costly. You will need the services of a trusted Chapter 11 lawyer from our group if you want your reorganization to be efficient.
Most bankruptcies successfully enable debtors to start with a fresh slate and a new attitude on how to run their personal or business affairs. Contact the Ontario Bankruptcy Group if you wish to discuss possible solutions to your financial difficulties.