TYPES OF BANKRUPTCY:

Chapter 7 bankruptcy is a legal process by which most unsecured debts can be discharged, or eliminated.

The experienced bankruptcy attorneys of Hallstrom, Klein & Ward LLP specialize in helping businesses reduce their debt and continue daily operations.

As seasoned Chapter 13 bankruptcy lawyers, we realize unforeseen circumstances can make it difficult for many to pay all of their obligations on time. We understand how hard it is to move forward while one is dealing with the stress of harassing phone calls, lawsuits, wage garnishments, foreclosure, and overwhelming credit card debt.

Now a small business debtor may elect to have the provisions of subchapter V of Chapter 11 apply to its case in order to achieve a cost-effective and timely reorganization of its business.

BANKRUPTCY RESOURCES:

Chapter 7 bankruptcies are not only available for consumers. Businesses can also benefit from filing for bankruptcy protection under Chapter 7.

Once a person falls behind on debt payments, creditors and repossession agencies can become extremely aggressive. Repeated phone calls, numerous automated messages, and a string of letters in the mail can make an already difficult situation feel overwhelming.

These videos have been prepared by the US government to teach the basics of the bankruptcy process.

Most debtors who file a bankruptcy petition, and many of their creditors, know very little about the bankruptcy process. This glossary on bankruptcy terminology explains, in layman’s terms, many of the legal terms that are used in cases filed under the Bankruptcy Code and was prepared by the government.