At Riverwest Law Firm, we have a wealth of experience in all types of bankruptcy law. Whether you’re a business or an individual, we have the knowledge and expertise to guide you through the process.
Chapter 7 bankruptcy is available to individuals and businesses who are unable to pay off their debts. This type of bankruptcy involves liquidating assets in order to pay off creditors. In other words, a trustee is appointed to collect and sell non-exempt assets and distribute the proceeds to creditors.
Chapter 13 bankruptcy available to individuals with regular income who are struggling to repay their debts. Unlike Chapter 7, Chapter 13 does not require liquidating assets to pay off creditors. Instead, a repayment plan is proposed, which lasts 3-5 years and requires payments to be made to creditors on a regular basis.
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At Riverwest Law Firm, we have experience helping both individuals and businesses find financial relief through declaring bankruptcy. The bankruptcy process for individuals and businesses differs in terms of the applicable bankruptcy code, eligibility requirements, and outcome. It’s important to consult with a bankruptcy attorney to determine the best course of action.
Typically, businesses will file under Chapter 7 or 11 bankruptcy while individuals will file under 7 or 13. The purpose of a business filing for bankruptcy includes restructuring its debts, reorganizing, and hopefully reaching better business goals as a result. An individual, on the other hand, usually has an overwhelming amount of debt and seeks a fresh start.
We understand that bankruptcy can be a stressful and overwhelming time, which is why we strive to provide compassionate and attentive legal guidance to each of our clients. You can trust us to help you navigate the complexities of bankruptcy law and emerge with a fresh start.
Be it a Chapter 7 or Chapter 13 bankruptcy, we prepare the entire filing and personally walk you through the process so that you’ll never worry about those old debts again. Starting from your free initial consultation and commitment to be our client, we begin putting together your custom bankruptcy case, tailoring it to fit your needs and desires. We will represent you in motion hearings, at the Meeting of Creditors, and any motions brought before the Court as we are your personal attorney for your bankruptcy.
Personal and business bankruptcy filings have experienced a significant decline since June 2022. Since June 30, 2022, bankruptcy filings have dropped 17.7 percent in twelve months. Let's consider this and take a deeper look at the numbers. There were 280,634 bankruptcy cases recorded in the year ending June 2022, compared to a much higher 462,309 […]
