Advocate Counsel on Bankruptcy Claims

Sometimes life deals you bad cards. The unique vision start-up company of yours runs into losses and you are obliged to file bankruptcy. Being downsized in this fluctuating economy makes it impossible for you to pay your house mortgages. Sharp reprimands from your creditors force you to take the next logical step of declaring bankruptcy. Lousy planning and an incompetent managerial board caused you your business empire and your run-to-the ground corporation is labeled bankrupt.  Bankruptcy is a double edge sword and if you are not careful and aware, you would be at a risk of losing much more than your finances and reputation. This may seem like a long winding tunnel but like there is light at the end of every tunnel, a lot can be salvaged during and post bankruptcy, if you play the right cards.

Bankruptcy is a very generic term. Under the huge bankruptcy umbrella term, there lie numerous sub-sets of bankruptcy clauses, laws, provisions and defense tactics. As a layman, it is not possible to cram up the long-and-short of each and every clause. However, it would be smart to at least know your best possible options which will lead to minimal damage and quick recovery. This depends upon how you choose to file your bankruptcy claim

v  Imagine that a financial crisis got you to your current situation and you would like to get past this hurdle quickly. For you, filling a Chapter 7 claim would be most beneficial. In such a claim, your credibility would take a hit and the bankruptcy stamp would stay on your record for around a decade .However, you would be able to retain all your existing properties and it would shield you from threatening lawsuits.

v  In case you would like to prevent your painstakingly built company and accumulated property from being liquidated, choosing Chapter 11 bankruptcy would be a sensible option. This option will allow you to retain control over your company assets and continue business as usual, with continuous legal supervision.

v  Chapter 12 bankruptcy option works best for farm owners and small business entrepreneurs. It would cost them a fraction of the legal expenses and they would be provided some financial relief in terms of an income.

v  Chapter 13 bankruptcy filing allows mortgage defaulters to reschedule debts and work out an extended payment plan. This also provides protection to external parties who are indirectly related to the owner’s debt payments.

v  If you are on the verge of losing your house due to a default in home loan or mortgage payment, considering pre foreclosure sale is the way to go. You can sell your house to a suitable buyer and close your default before the lender claims ownership of your house and auctions it off. A pre foreclosure sale provides you with an opportunity to choose the buyer and negotiate on a mutually profitable deal.

Make a wise decision and to further facilitate it, choose an experienced Bankruptcy attorney to represent you. Consult one like J. Randall Frier, a successful North Atlanta bankruptcy attorney, well known for his debt relief related counsel.
Posted by J. Randall Frier