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Contemplating bankruptcy is an important financial decision, one that can impact you for years to come. Economic conditions have been tumultuous. Creating even more hardship, bankruptcy laws tightened in 2005, making it more difficult for already struggling Americans to get a fresh start. Hanley Law helps clients – individuals, families and businesses – navigate through all types of bankruptcies like Chapter 7, Chapter 11, and Chapter 13.

Chapter 7 Bankruptcy

Also known as “Liquidation Bankruptcy,” Chapter 7 cancels or discharges debts that commonly cause people debt problems like credit cards, medical bills, and civil lawsuit judgments. There are many reasons why bankruptcy relief is sought: extended unemployment, unexpected medical expenses, divorce, or a list of other extenuating circumstances. Whatever the cause, a burden of debt can be debilitating and can feel insurmountable.

Each Chapter 7 bankruptcy case is unique and requires a comprehensive review of a client’s financial situation. Keeping real and personal property varies greatly between bankruptcy cases, but when properly and professionally handled, many clients are able to keep most or all of their property and discharge all unsecured debt. We start with an initial consultation to determine which debt relief solutions are available and work closely with you to determine what option works best based on your current financial situation and goals for the future.

Chapter 13 Bankruptcy

Commonly referred to as “Consumer Reorganization Bankruptcy” or “Wage Earner’s Bankruptcy,” Chapter 13 enables individuals with regular income to develop a plan to repay all or a portion of their debts under the supervision of the Bankruptcy court for a 3 to 5 year time span. In many cases, clients are able to retain their homes, cars and other personal property, while discharging a portion of their remaining debt.

Like Chapter 7, there are stringent eligibility requirements for a Chapter 13 bankruptcy, including the type and amount of the debt, as well as current income stream of the filer. As with any bankruptcy proceeding, it is important to have a complete financial assessment to determine if Chapter 13 bankruptcy is the right debt relief solution for you.

Chapter 11 Business Bankruptcy

Also known as “Business Reorganization Bankruptcy,” Chapter 11 is available to every business regardless if they are a sole proprietor or corporation. This type of bankruptcy is commonly pursued to assist businesses that are unable to service their debt or pay creditors. Qualifying for this kind of debt relief depends upon several factors. With an extensive background in small business law, Hanley Law helps business owners navigate Chapter 11 for restructuring debt or liquidating a business.