Bankruptcy is a legal procedure that provides relief to individuals and businesses in serious financial trouble and, to the extent possible, protects their creditors as well.
Generally, the bankruptcy process assesses the debtor's assets and liabilities and provides a structure within which the debtor is allowed to keep some, and in most cases, all property and ordered to satisfy as many eligible debts as possible, according to an order of priority established by law. Remaining debts are discharged, except those of certain types, like domestic support orders, debt obtained by fraud and most tax debt.
The traditional stigma associated with declaring bankruptcy has faded, especially during financial times such as these, and been replaced by the view that it is a fresh start after a period of stress, unforeseen misfortunes or simple mistakes. Most bankruptcy debtors have experienced unexpected and extreme financial shock, such as that caused by sudden events such as job loss, business failure, death, divorce or illness.
At Whitten and Whitten, we have worked with hundreds of individuals facing the alternative of bankruptcy and can help you determine if this is the right path for you.
If you are like most people, you probably have many questions and concerns. We understand. We want you to understand and know what is happening throughout this process.
We have answered some of our clients most frequently asked questions, such as: "How long does it take?" "What is it going to cost?" "What do I need to do?" In these short video presentations. However, nothing can substitute a face to face meeting with one of our Attorneys.
If you are overwhelmed and need relief, please make an appointment: WE CAN HELP!
Please call to set up your free consultation: (219) 763-6012
