If you have more debts than you can afford, determining whether to file for personal bankruptcy protection is one way to help you resolve your debts. Deciding whether or not to declare bankruptcy is a personal choice, but is an available legal remedy and a viable option to help you alleviate financial pressure, and ease emotional distress. The attorneys at Reiter Law are equipped to help you determine whether personal bankruptcy is the right path for you.

Bankruptcy practice areas include:

Chapter 7:

This chapter of the Bankruptcy Code provides for “liquidation,” which is the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors. Chapter 7 is the most common bankruptcy chapter filed in the United States. To qualify for relief under Chapter 7 of the Bankruptcy Code, the debtor may be an individual, a partnership, a corporation or other business entity. At Reiter Law we understand that filing for bankruptcy is a difficult choice often made during a stressful time. We will utilize our extensive experience to help alleviate as much of the stress from this situation as possible and help you find an effective remedy to your personal situation.

Chapter 11:

Chapter 11 might be a better option for some debtors, such as corporations, partnerships, and sole proprietorships. Filing under chapter 11 allows businesses to remain in business and avoid liquidation, where the debtor may seek an adjustment, or “restructuring” of its debts, either by reducing the debt, extending the time for repayment, or seeking a more comprehensive reorganization. The attorneys at Reiter Law are experienced with advising individual debtors with businesses whether a Chapter 11bankruptcy is the right path for the debtor’s business.

Chapter 13:

Individual debtors who have regular income may seek an adjustment of debts under Chapter 13 of the Bankruptcy Code. A particularly advantageous aspect of Chapter 13 is that it provides individual debtors who might have fallen behind on past due payments and opportunity to catch up utilizing a payment plan. In addition, Chapter 13 can help those debtors save their homes from a potential foreclosure.

Loan Modification:

A loan modification allows you to restructure an existing mortgage contract in order to make your payments more affordable. This is an especially important option to consider when going through a financially trying situation. At Reiter Law we are aggressive and relentless when it comes to helping our clients successfully negotiate an agreement that will help ease financial stress.

Loss Mitigation:

When a debtor’s residential property is at risk, loss mitigation is a program integrated with the U.S. Bankruptcy Courts that provides a forum to help facilitate a resolution between a debtor and lender. At Reiter Law, we are dedicated to our clients and want to avoid foreclosure if at all possible and work tirelessly to arrange an alternative loss mitigation strategy that will effectively meet the needs of our clients. We successfully identify all of the options and relief programs available to help our client’s specific situation.