The bankruptcy department handles a wide range of issues involving bankruptcy and other related areas such as:
- Chapter 7
- Chapter 11
- Chapter 12
- Chapter 13
- Creditor / Debtor workouts
- Foreclosures, credit card debts, and other related civil suits.
- Creditor’s rights
Bankruptcy is a Fresh Start, Not the End:
Bankruptcy is often seen as the end of everyone’s financial well being. However, the bankruptcy laws were created to give an individual or business a fresh start. Sometimes unforeseen events, like medical emergencies, divorce, or unemployment, occur and put you behind in your payments. We’re here to help you figure out whether bankruptcy makes sense or if there are other alternatives. Our goal is to help you get back on track with your life.
Some people worry that filing for bankruptcy will ruin their credit forever. However, doing nothing and allowing creditors to continue to collect can often lead to your credit being damaged for even longer than a bankruptcy filing.
Do Creditors Keep Calling?
If you determine that bankruptcy is the best option for you, a bankruptcy will put an “automatic stay” in place the moment you file. The “automatic stay” means that all creditors must stop contacting you immediately until they obtain relief from the Bankruptcy Court. Additionally, if we are representing you in a workout, you can have them contact us directly instead of you. We work for you and as your attorneys we want to protect you from the harassing calls.
Our job is to evaluate your situation and make sure we are protecting both your business and you personally. Sometimes an individual will sign business loans that hold not only his or her business liable, but also the individual personally as well. At Nikolaus & Hohenadel, we want to help you determine what is best for you, not just your company.
Types of Bankruptcy Chapters:
Chapter 7 – Liquidation Bankruptcy – Chapter 7 is the most common type of bankruptcy that is often used to handle excessive credit card debt, medical bills, and other unsecured debts.
Chapter 13 – Repayment Bankruptcy – Chapter 13 is often used when someone is facing a foreclosure on his or her home and he or she needs an opportunity to get back on track through monthly payments.
Chapter 11 – Business Bankruptcy / Reorganization Bankruptcy – Although individuals can file a chapter 11 bankruptcy, it is most often done by larger businesses who want to remain in business. Similar to a chapter 13 bankruptcy, a chapter 11 bankruptcy also involves a plan of reorganization to pay back certain creditors over a period of time.
Chapter 12 – Farmers and Fishermen Bankruptcy – Chapter 12 is very similar to a chapter 13 bankruptcy but it is only available to farmers and fishermen.
Can I Avoid Bankruptcy?
Bankruptcy is not always the best option and we try to find ways for you to avoid filing bankruptcy. Sometimes it is possible to reach an agreement with your creditors without having to pay the full debt owed. If you do not want to file for bankruptcy or filing for bankruptcy is not a good choice given your circumstances, we will be there to help you in negotiating with your creditors.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires that we disclose our status under the terms and definitions of the Act as a Debt Relief Agent.