For the last decade, John Parzych has helped his clients navigate every avenue of the bankruptcy process. Whether you’re a debtor looking for a fresh start or a creditor trying to protect your rights in Bankruptcy Court, we’re experienced and ready to help.
Chapter 7 is the most common chapter of bankruptcy and results in a liquidation of a person's non-exempt assets while granting a debtor a discharge of his/her outstanding debts. Chapter 7 bankruptcy offers an immediate reprieve to eligible debtors by stopping collection lawsuits and foreclosures and provides debtors a "fresh start."
If you're a creditor, time is of the essence in a Chapter 7 case. Besides filing a proof of claim to ensure that you receive a portion of any future distribution made by the Chapter 7 trustee, certain creditors may need to seek relief from the automatic stay to enforce certain legal rights and recover secured property.
Chapter 13 bankruptcy is a personal reorganization and allows debtors to repay their creditors over time. Chapter 13 bankruptcy is especially helpful for allowing debtors to retain their personal residence or their interest in a business without the fear of the property being liquidated through a Chapter 7 bankruptcy. In order to qualify for a Chapter 13, you must have available income and debts not exceeding statutory limits.
Similar to Chapter 7, if you are a creditor in a Chapter 13 bankruptcy, it is imperative that you carefully review the Chapter 13 plan of reorganization proposed by the debtor to ensure that you receive as much as you can through future payments made by the debtor. Taking appropriate action to preserve your claim during the bankruptcy case and seeking to recover as much as possible towards repayment of that claim are just two of the ways we can assist you and protect your legal rights.
A Chapter 11 bankruptcy is a powerful tool for restructuring individual and business debtors’ assets and liabilities. As is the case with a Chapter 7 or Chapter 13 bankruptcy, consulting with an experienced bankruptcy attorney can quickly evaluate your legal rights and advocate on your behalf in a fast and efficient manner to successfully navigate you through the Chapter 11 bankruptcy process.
If you are a creditor with a claim in a Chapter 11 bankruptcy case, please schedule a consultation today to make ensure your rights are being properly protected.