- Getting harassed daily by creditors
- No matter how hard you work, your debts just keep growing each month
- You can’t sleep at night or be a “normal person” while constantly worrying about money
- Vendors are cutting your business off and meeting payroll is a continual challenge
If you are experiencing any of these financial problems and want it to stop COLD, then it is time to call the experienced attorneys at Evans & Mullinix. They are known in this metropolitan area for this type of law and recognized nationally as “Super Attorneys” in the field of Bankruptcy Law and Debtor-Creditor Relations. This was the first specialty we practiced when our firm started in 1974 and remains a vital part of our practice today.
What is Bankruptcy?
It is a legal procedure that is available for individuals or businesses. The purpose is to resolve the debts of an individual or business. There is a complete set of laws and procedures which control this process. The end result is you can be relieved of your financial obligations or restructure them. Creditors will be required to accept the amount of money created through the bankruptcy as a full and final amount.
The end result, you will not have to deal with them personally or have them harassing you once a petition is filed. Creditors are also required to stop collection attempts, garnishments, or attachments. Landlord claims for rent or the enforcement of judgements are also put on hold while the court determines the status of your case.
Claims by the IRS or other taxing authorities are also administered in a bankruptcy. They may be treated differently than a regular creditor and that is part of the meeting process by Evans & Mullinix.
What is My First Step?
The first step is a meeting with the attorneys of Evans & Mullinix. We can evaluate the types of assets and liabilities you have to determine the best course of action. We are attorneys that are experienced in any area of law that may be involved so you have a comprehensive approach and solution to your situation.
What Are the Different Bankruptcy Options?
There are three basic types of bankruptcies that have been established by federal law.
Chapter 7-Liquidation
In a Chapter 7 some of your assets may be protected against creditors but the remaining ones will then be liquidated and made available to pay claims. You will then be released from the balance of the general obligations listed and be free to resume your regular life. The attorneys at Evans & Mullinix can advise as to assets that you can retain in a Ch. 7.
Chapter 11-Reorganization
Although primarily used by businesses, it is also available to individuals that need time to work through financial difficulties. The skilled attorneys of Evans & Mullinix, will evaluate and work with you to come up with a plan that considers how you propose to pay back debt or compromise obligations in order to allow you to continue your business.
A Chapter 11 Reorganization is usually preferred to a Chapter 7 Liquidation by creditors because they typically get more money. If adopted, the plan will provide time and a compromise on the amount of debt or payments required. It gives you “breathing room” to restore your business and return it to financial health.
Chapter 12-Wage Earner Program
Many people experience financial issues from a medical crisis, short term unemployment, accumulation of credit card or other debt, and other factors. They have a job and can pay back what is owed if only the creditors would allow them time and not “force” them to choose a Chapter 7 Liquidation. A plan is created and over time you satisfy your debts without liquidating assets. Creditors stop hounding you and a sense of normalcy is returned to your life. Ch. 13 allows you to catch up on missed home and vehicle payments.
Whatever your personal situation, our experienced attorneys have “been there and done that” for nearly 50 years. Evans & Mullinix believes that you deserve a second chance and have been helping people from all walks of life or businesses get a new beginning.
You are not alone! Evans & Mullinix will stand by your side fighting for everything you hold dear.
Call today for an appointment (913) 962-8700. It can be the call that changes your life.
