Chapter 11 Bankruptcy and Insolvency
In a volatile economy, no segment of the economy is immune from insolvency or bankruptcy problems and issues. Our bankruptcy and insolvency attorneys have represented a diverse range of clients with interests in all industries. Shumway Van’s bankruptcy lawyers have substantial experience in representing parties in complex insolvency matters, including secured and unsecured creditors, bondholders, asset purchasers, equity sponsors, debtors, trustees and other parties involved in financial restructuring transactions and cases, both in and out of court.
By way of illustration, our attorneys have successfully handled bankruptcy, insolvency, and restructuring representations, including:
- Complex loan restructurings,
- Prepackaged, pre-negotiated and traditional Chapter 11 plans,
- Bankruptcy litigation, such as preferential transfers, fraudulent transfers, equitable subordination, substantive consolidation, re-characterization and officer and director liability,
- Valuation and solvency proceedings,
- Debtor-in-possession and exit financings,
- Valuation proceedings; Executory contracts, leases, intellectual property licenses, and forward, swap and trading contracts,
- Sales and purchase of assets,
- Lender liability controversies, and
- Mediation of bankruptcy disputes.
For even more information please visit the firm’s site www.bkylawyer.com
Chapter 13 Bankruptcy
A chapter 13 bankruptcy is also called a “wage earner’s” plan. This form of bankruptcy enables individuals with regular income to develop a plan to repay all or part of their debts. Under chapter 13, debtors are able to propose a repayment plan to make installment payments to creditors over a period of time. During the repayment time under the plan the law forbids creditors from starting or continuing collection efforts.
Chapter 13 offers individuals a number of advantages over a chapter 7 bankruptcy, otherwise known as a liquidation bankruptcy. Perhaps most significantly, this type of bankruptcy offers individuals an opportunity to save their homes from foreclosure. By filing under chapter 13, individuals can stop foreclosure proceedings and may have the ability to cure delinquent mortgage payments over time. Another advantage of chapter 13 is that it allows individuals to reschedule some secured debts and to extend them over the life of the chapter 13 plan. Doing this may result in lower payments on those debts. One other special provision in a chapter 13 bankruptcy is that it protects third parties who are liable with the debtor on “consumer debts” (i.e. family members on the same credit card). In some instances, this provision protects co-signers in order to ensure that there is true relief being given.
The attorneys at Shumway Van are dedicated to helping people get relief from the serious effects of debts that they simply can no longer afford to pay. Our goal is to help you put a stop to the harassment you are receiving from your creditors, as well as consequences such as wage garnishment. Times are hard enough without worrying about who may be taking money directly out of your paycheck. Our attorneys will give you straightforward advice on whether bankruptcy is right for you, and if so, we will guide you through the process.
Chapter 7 Bankruptcy
Chapter 7, otherwise known as “liquidation” or “straight bankruptcy” is generally the simplest and quickest form of bankruptcy. The benefits of a chapter 7 bankruptcy are available to individuals, married couples, corporations and partnerships. A trustee appointed by the court gathers and sells your nonexempt property and the proceeds from the sale pay your creditors. You’re able to keep any “exempt” property.
Most chapter 7 cases are “no-asset” cases, which means that the debtor doesn’t have nonexempt property for the trustee to sell. When a petition for bankruptcy is filed, the debtor declares whether the case is “asset” or “no-asset” and the burden is on the trustee to change the designation.
If creditors haven’t persisted in trying to get money from a debtor through the trustee within 60 days of the 341 meeting, it is likely that the debts that existed before the filing date will be “discharged” or canceled.
Shumway Van has dedicated and knowledgeable bankruptcy attorneys and paralegals that handle its chapter 7 and chapter 13 bankruptcy cases. Our bankruptcy lawyers can give you the immediate debt protection you need right now in order to help you to move on to a more financially stable future. The right choice in a law firm today can make a major difference as you begin to build for a better tomorrow.