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ADDITIONAL RESOURCES

You do not need to fear bankruptcy

Protect family assets from being seized by creditors. Reorganize or eliminate qualified debts.

What is Bankruptcy?

Bankruptcy is a legal process that allows individuals to protect family assets from being seized by creditors, and to reorganize or eliminate qualified debts. Not all debts can be discharged or reduced via a bankruptcy proceeding. For example, most taxes and student loan debt cannot be discharged or reduced through bankruptcy.

Individuals have the right to file for bankruptcy to obtain financial relief from creditors. Bankruptcies are governed by the U.S. Bankruptcy Code. See 11 USC §101 et seq. The Bankruptcy Code is, in turn, rooted in the US Constitution with Article I granting to Congress the exclusive enumerated power to enact laws with respect to bankruptcy. See US Const., Art. I, Sec. 8. In practical terms, this means that bankruptcies are handled by federal courts.

bankruptcy

Bankruptcy Can Work To Your Benefit



 

Bankruptcy is something you should not fear. Bankruptcy can alleviate the constant stress and worry that comes from being unable to make debt payments. Often, there is a great feeling of relief after a bankruptcy is completed. The bankruptcy process is intended to give a person a "second chance" at success. It is a new beginning, not an end or a disgrace.

A bankruptcy is started by filing of a petition with a federal bankruptcy court. In general, a petition must include information on the debtor's assets, financial accounts and debts. If the debtor is seeking a reorganization of debts, then a payment plan must also be submitted to the court. The bankruptcy proceeding is ultimately governed by an assigned bankruptcy judge, but the court appoints a court officer, called a "Trustee," to handle the specifics of the case.

 

There are three types of bankruptcies for individuals. They are known by their Chapters in the Bankruptcy Code:

  • Chapter 7: Most common and available to individuals; the goal is debt elimination/discharge following asset liquidation.
  • Chapter 11: Generally used by large businesses, but available to individuals; the goal is debt reorganization after the possible sale or turnover of some assets; a structured payment plan must be approved.
  • Chapter 13: Primarily used by individuals; the goal is debt reorganization after the possible sale or turnover of some assets; a structured payment plan must be approved.

Bankruptcies can be complicated. To determine which type, if any, will get your finances back on track, you will need to know a little more about them.

Bankruptcy Can Work To Your Benefit



Bankruptcy is something you should not fear. Bankruptcy can alleviate the constant stress and worry that comes from being unable to make debt payments. Often, there is a great feeling of relief after a bankruptcy is completed. The bankruptcy process is intended to give a person a "second chance" at success. It is a new beginning, not an end or a disgrace.

A bankruptcy is started by filing of a petition with a federal bankruptcy court. In general, a petition must include information on the debtor's assets, financial accounts and debts. If the debtor is seeking a reorganization of debts, then a payment plan must also be submitted to the court. The bankruptcy proceeding is ultimately governed by an assigned bankruptcy judge, but the court appoints a court officer, called a "Trustee," to handle the specifics of the case.

There are three types of bankruptcies for individuals. They are known by their Chapters in the Bankruptcy Code:

  • Chapter 7: Most common and available to individuals; the goal is debt elimination/discharge following asset liquidation.
  • Chapter 11: Generally used by large businesses, but available to individuals; the goal is debt reorganization after the possible sale or turnover of some assets; a structured payment plan must be approved.
  • Chapter 13: Primarily used by individuals; the goal is debt reorganization after the possible sale or turnover of some assets; a structured payment plan must be approved.

Bankruptcies can be complicated. To determine which type, if any, will get your finances back on track, you will need to know a little more about them.

Services Our Bankruptcy Attorneys Provide

As you can see, personal finances are complicated. Whitcomb Selinsky, PC has experienced and tested bankruptcy attorneys who can help you obtain the debt relief you need, and help protect your personal and family assets. We can ensure that you are filing under the chapter that will best suit your personal situation. We can also review any personal guarantees. Our attorneys also help with all of the following:

Ensuring eligibility requirements for filings under various Chapters

Preparing the bankruptcy petition, schedules, reorganization, and payments plans

Representing and advocating for you before the trustee, the bankruptcy judge, and creditors

Guiding the process of asset transfer when needed

Leading negotiations with creditors if objections are made to a reorganization plan

Preparing you for any creditor hearings or court appearances

Monitoring progress of the bankruptcy

Ensuring receipt of discharge or other final papers

Any other issues that arise as part of the bankruptcy

Meet Your Bankruptcy Legal Team

Joe Whitcomb-1

Joe Whitcomb

Founder and President

Joe Whitcomb is the founder and president of Whitcomb Selinsky, PC. In addition, he manages the firm and heads up the Government Contracting and International Business Transactions practice areas. As a result of his military service as a U.S. Army Ranger and as a non-commissioned officer in the Air Force, he learned mission accomplishment.

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