Wayne Bankruptcy Attorneys

There are numerous ways to resolve rising debt. Filing for bankruptcy is one of the most common solutions, but one can also use workouts, consumer protection lawsuits, or other debt relief solutions. Our bankruptcy attorneys have counseled many businesses and individuals in declaring bankruptcy and can proficiently answer all bankruptcy questions and target the type of bankruptcy protection best suited for you or your business. Contact our firm if you need current bankruptcy information.

Bankruptcy Information & Filing For Bankruptcy

Our bankruptcy attorneys understand that the most common types of bankruptcy provided for in the U.S. Bankruptcy Code are:

  • Chapter 7 - This is one of the most common types of bankruptcy used by individuals, but may also be used by businesses. This type of bankruptcy is also the most rigorous. A court-appointed trustee collects assets and sells them to pay creditors.

  • Chapter 13 - This is designed for an individual debtor with a fixed income, but it can also be used by small businesses. Called “individual reorganization,” Those filing for bankruptcy under Chapter 13 must settle debts over a specific time period.

  • Chapter 11 - Declaring bankruptcy with Chapter 11 helps mainly larger businesses, but individuals may also utilize this reorganization strategy. Chapter 11 is much like Chapter 13, however it has more requirements attached.

The first step when someone is filing bankruptcy is to collect all personal financial information, including all debt papers, previous tax documents and any loan data. Your bankruptcy attorney will then need to complete the bankruptcy forms (or schedules). An automatic stay begins immediately after filing for bankruptcy under the current U.S. bankruptcy laws.

Contact Our Bankruptcy Law Firm

Contact our bankruptcy attorneys for quality bankruptcy information and to help you decide the type of bankruptcy for you or your business.