Debtors should be aware that there are several alternatives available when considering bankruptcy, depending on whether the debtor is an individual who wants a “fresh start” or basically a total discharge of all debt (see Chapter 7); an individual with substantial assets or business that may wish remain in business and avoid liquidation (see Chapter 11) or whether the individual debtor has regular income and seeks an adjustment of debts (See Chapter 13). Sole proprietorships may also be eligible for relief under Chapter 13. A particular advantage of Chapters 13 and 11 are that is that it provides individual debtors with an opportunity to save their homes from foreclosure by allowing them to “catch up” past due payments through a payment plan, avoid certain junior mortgages and reduce the first trust deed to current market value (referred to as a cram down).
When choosing an attorney to represent you in bankruptcy, you want that attorney who not only will be able to properly explain your choices including the pros and cons, the costs such as fees to the Court, trustee fees, Attorney’s fees and all other information to help you arrive at the best decision and to carry out the decision out that that decision to its conclusion as quickly and painlessly as possible.
Filing bankruptcy is a difficult decision. Often people feel like “how did I get here”. Attorneys must not only be knowledgeable. Attorneys must be sensitive to the client’s situation and feelings.
At the Law Offices of Leslie Richards, we not only will explain all of your choices and answer all of your questions, we will do so with the knowledge and sensitivity so the client not only feel confident and that we care!