Bankruptcy Law

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People in debt are scared by the thought of filing bankruptcy. For years, the word “bankruptcy” has had a negative connotation. Many of this is due to false stereotypes and horror stories. Bankruptcy, however, is not necessarily a bad thing. It is a big step to resolve serious debt problems that require immediate action or, otherwise, problems will get worse. A qualified and experienced attorney is the first step to easing daily struggles that involve debts, foreclosures, and repossession. 

There are different chapters in the United States Bankruptcy Code. Currently, there are chapters 7, 9, 11, 12, 13, and 15. Each chapter allows different types of debt relief for different types of individuals and entities. The ultimate question is to decide which Chapter is right for you. The best answer is to have a comprehensive consultation with an experienced bankruptcy attorney because bankruptcy requires complex analysis. 

For many years, Tenina Law has helped its clients to file for bankruptcy. While Tenina Law focuses on all currently existing chapters, many will end up considering Chapter 7, known as the personal bankruptcy case, Chapter 11, reorganization, and Chapter 13, individual reorganization. We have listened to our client’s problems and concerns and were successful to achieve great results for them. 

Business bankruptcy is also an option for small and large corporations, LLCs, partnerships, and sole proprietorships. Several benefits of business bankruptcy include shielding owners of the corporation from future liability to shareholders and other creditors and preventing unnecessary lawsuits against the corporation. The most common solution for business entities is to file for Chapter 7 or Chapter 11 bankruptcy. It is important to note, that corporations, unlike individuals, do not receive a discharge of their debts in Chapter 7. 

While debtors are our primary clients, we also represent creditors in bankruptcy proceedings. A creditor is someone who has a right to payment from the debtor who has filed for bankruptcy. As a creditor, your option also depends on which chapter of the Bankruptcy Code was filed, how your claim arose, and, if applicable, what the debtor’s intentions are with respect to the property.