Deep in Debt?
The Law Office of Charles E. Andersen
understands that bankruptcy is never an easy decision. However, filing
bankruptcy can provide you with a significant relief by digging you out of a
financial hole that may otherwise have been inescapable. Every single day in the
United States, men, women, and businesses exercise their rights and protections
under the Bankruptcy Code to help ease financial burdens that may have buried
them.
Our bankruptcy law firm is a trusted and respected provider of bankruptcy
counseling and legal services to individuals and business owners
who need compassionate, personal solutions to unfortunate financial problems.
Financial Solutions
Bankruptcy is a legally declared inability or impairment of ability of an individual or organizations to pay their creditors.
Although bankruptcy is not the only solution to overextension of credit, it is
by far the most effective.
While bankruptcy cases are always filed in United States Bankruptcy Court (an adjunct to the U.S. District Courts), bankruptcy cases, particularly with respect to the validity of claims and exemptions, are often dependent upon State law. State law therefore plays a major role in many bankruptcy cases, and it is often not possible to generalize bankruptcy law across state lines.
Creditors may file a bankruptcy petition against a debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed. In the majority of cases, however, bankruptcy is initiated by the debtor (a "voluntary bankruptcy" that is filed by the bankrupt individual or organization).
Bankruptcy Today:
The principal focus of modern insolvency legislation and business debt
restructuring practices no longer rests on the liquidation and elimination of
insolvent entities but on the remodeling of the financial and organizational
structure of debtors experiencing financial distress so as to permit the
rehabilitation and continuation of their business, and in a consumer case the
debtors personal lives
Consumer bankruptcy, whether filed under Chapter 7 or
Chapter 13 are now
within the jurisdiction of the 2005 bankruptcy act which creates some
limitations on the filing of Chapter 7 bankruptcy. The new bankruptcy
legislation has toughened the guidelines that must be met both by debtors and
creditors, as well as their attorneys. At our office, we have
stepped forward to maintain an edge on the new laws and developing
trends in these laws so as to give the client the most informed and
knowledgeable counsel.
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