JAMES
TRAURING
& ASSOCIATES, LLC
"We Know How to Win Your Case"
Bankruptcy Attorney
If you are overwhelmed by debt, get nervous when the phone rings in fear it’s a bill collector or are unsure of how to get out of debt, then call James Trauring & Associates, LLC. Our attorneys have helped people take back control of their lives with successful debt management through Bankruptcy. Filing for bankruptcy can seem like a daunting task. But with professional assistance from one of our skilled attorneys, we can help to make the process much easier and understandable.
While everyone’s financial situation is different, depending on which type of debt you have, and which type of bankruptcy you file for, it can help in these ways:
- Dissolving debt owed to credit card companies
- Stop pending lawsuits against you
- Cease wage garnishments
- Stop harassment from debt collectors
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is the most common type of bankruptcy. Under chapter 7, you can eliminate most of your debt by surrendering you assets. Chapter 7 is sometimes known as debt liquidation, because you can in some cases assess your assets, and decide if you want to surrender them back to the lender to dissolve debt, or keep them and design payment plans.
Chapter 11 Bankruptcy
Chapter 11 Bankruptcy is a great option for most businesses when they need help with debt management. Once you business has filed, any property the business owns becomes property of the estate, this gives you time to do some restructuring. Upon filing, you will also draft a plan that outlines the steps that will be taken to repay any debts or payments owed by the business. This plan is then voted on by your creditors. This is a very sensitive and crucial plan and step in the bankruptcy process, so we always encourage businesses to get professional legal assistance with this plan. This is where we can help! Most companies take this opportunity to sell, lease or use this property, and can also look for additional financing to keep operations going.
