Welcome to Bankruptcy Lawyer
Atlanta Business Bankruptcy Attorneys & Chapter 7 Lawyers
At Theodore N. Stapleton, P.C., we have been helping businesses and individuals undergoing financial hardships since 1983. The Bankruptcy Code offers relief under Chapters 11,7 and 13 for those businesses and individuals who qualify. Financial insolvency can cause a great deal of uncertainty, in some cases making credit harder to obtain. In many cases, filing for debt restructuring or liquidation can actually be a positive financial move. Call today to schedule a free consultation with Mr. Stapleton and get educated on the alternatives to bankruptcy, including non-judicial workout and repayment plans; and the requirements, process and ramifications of filing a Chapter 11 debt reorganization, a Chapter 7 debt liquidation or a Chapter 13 individual debt restructuring case.
Chapter 11 – Personal and Business Reorganization –Chapter 11 Bankruptcy -is used by individuals and businesses to reorganize their affairs while under the protection of the Bankruptcy Court. Chapter 11 may be more appropriate for some individuals as opposed to reorganization under Chapter 13.
What is chapter 11 of the bankruptcy code used for?
Chapter 11 of the Bankruptcy Code is used for a business reorganization of an individual sole proprietor,limited liability company, corporation or partnership.
How does it work?
The filing of the chapter 11 bankruptcy petition acts as a stay against any collection actions including foreclosures, garnishments, levies by creditors and taxing authorities, and lease terminations/dispossessory action. There are special provisions for small business debtors who have less than$2,566,050.00 in non-contingent, liquidated secured and unsecured debt but generally a chapter 11 debtor has 120 days after the filing of the petition to file a plan of reorganization and disclosure statement. The disclosure statement must detail the debtor’s financial history, future projections for income and expenses and show that it is feasible for the debtor’s business operations will be able to make the payments provided for in the plan of reorganization. The plan of reorganization must set forth classes of creditors and provide for payments to those classes of creditors over periods of time and with treatment provided for in the Bankruptcy Code. Once the disclosure statement has been approved by the Court as containing sufficient information to allow a reasonable investor to make an informed decision on voting to accept or reject the proposed plan of reorganization, it is sent out to all creditors with a copy of the plan of reorganization and a ballot. Each class of creditors can vote to accept or reject the plan and even if some creditors vote to reject the plan, the Court can confirm the plan over objection if certain requirements for “cram down” are satisfied. Once the plan is confirmed all creditors’ claims are governed by their treatment as set forth in the plan and upon substantial consummation of the plan are discharged.
What can I do if I need a Tax Workouts or Settlement?
Non-judicial negotiations between your attorney and the relevant taxing authorities can lead to resolution of tax problems in the most efficient and cost effective manner. If consensual resolution is unsuccessful, individuals and companies can utilize the provisions of the Bankruptcy Code to force a repayment schedule on the tax authorities. Generally, a wage earning individual can file a chapter 13 bankruptcy case, depending on the amount of the tax debt, and make payments over time. In a business case the individual or corporate debtor can make payments on priority taxes, ie income taxes which last became due in the past three (3) years or withholding taxes, over sixty (60) months from the petition date.
Chapter 7 – Personal Bankruptcy – Chapter 7 Bankruptcy is used by individuals to discharge their credit card debt, personal loans, and other claims and to obtain a “fresh start.” Under chapter 7, a person retains their exempt property such as their homestead and certain personal property and retirement benefits.
How does a Chapter 7 bankruptcy proceeding work?
A chapter 7 filing allows you to get a discharge of all your dischargeable debts. Some debts are not dischargeable such as student loans and income taxes which last became due in the past three years. In a chapter 7 a trustee is appointed to liquidate all your non-exempt property. You are entitled to exempt a lot of your property including-
- $21,500.00 of equity in your residence, $43,000.00 for two spouses filing jointly
- 100% of money in a qualified retirement account
- $5,000.00 of equity in motor vehicles
- $5000.00 in household goods, furnishings, and appliances held for personal use
Can I keep my home if I file a chapter 7 proceeding?
It is possible to keep your home after filing a chapter 7 case if the equity in your home does not exceed your exemption amount (above) and you are able to keep yourmortgage payments current. If you are not able to pay all your past due mortgage payments current you may be able to keep your home by filing a chapter 13 case and paying your mortgage arrearage over time.
I filed chapter 7 years ago can I file again?
You can only get a chapter 7 discharge once every 8 years but you may qualify for a chapter 13 filing after 4 years from receiving a chapter 7 discharge.
Chapter 13 – Personal Reorganization -Chapter 13 Bankruptcy is used by individuals to reorganize or discharge their debt. Chapter 13 is typically used to stop foreclosure and catch home mortgages up-to-date and to discharge debt. In chapter 13 you may be able to wipe out a second mortgage that is wholly “underwater.”
Creditor Representation -creditor’s interests in chapter 7, 11, & 13 cases, including preference and fraudulent transfer litigation.
With the current situation of the United States’ economy, an increasing number of individuals and businesses are finding themselves incurring a large amount of debt. The recession has led people who were previously able to pay all their financial obligations on time to fall behind on their payments. Between the pay cuts and lost jobs, debtors are realizing that their assets are not enough to cover what they owe, nor their day-to-day expenses. Luckily though, there is a solution to help debtors emerge from their financial troubles quickly and smoothly – bankruptcy.
Bankruptcy is a federal process in which a debtor – individual or business – is able to discharge or restructure debts theyare currently unable to pay to their lenders. What was once a process to which a negative stigma was attached by creditors seeking to reclaim what they were owed, bankruptcy has since become a very popular and common solution to many a debtor’s financial woes. Bankruptcy can reduce, if not completely eliminate a person’s debts, freeing them from their financial obligations and affording them a fresh start.
However, there are several intricate processes involved in filing for bankruptcy protection and several chapters of the Bankruptcy Code which may afford protection. Without an experienced legal representative on your side, you may make a critical mistake that can lead you to incur even more debt or even criminal sanctions.Luckily, help is available to all individual and business debtors who have considered filing for bankruptcy protection. If you reside in the Atlanta, Georgia area, turn to bankruptcy attorney Theodore N. Stapleton, P.C. to ensure that your rights are protected and any bankruptcy proceedings are resolved favorably to you.
Peabody's lenders recommend the company declare bankruptcy - Billings Gazette
50 Cent has more than $64M in assets and $10 million in checking and stocks - Daily Mail
Sports Authority faces possible bankruptcy - fox6now.com
Rigby Man Pleads Guilty to Bankruptcy Fraud - Clearwater Tribune
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