Business Bankruptcy
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Consumer Bankruptcy
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Certified Specialists
We will fight for your business, so you can get back to doing what you do best. BBF provides sophisticated and innovative representation to financially distressed individuals, farmers, and businesses, in seeking bankruptcy relief under Chapters 7, 11, and 12 of the Bankruptcy Code. The attorneys at BBF are Board Certified Specialists in Business Bankruptcy Law and have extensive experience advising clients in complex reorganizations and liquidations, as well as out-of-court restructurings across a wide range of industries, including agricultural, produce, retail, healthcare, telecommunication, construction, real estate, education, maritime, automotive, manufacturing, religious organizations, and financial services.
Consumer Bankruptcy
What does a consumer bankruptcy case look like?
The types of Consumer Bankruptcy cases are Chapter 7 which the individual agrees to trade the equity in his or her property for relief from his or her debt and Chapter 13 allow the individual to propose a repayment plan. However, if you would like to review your situation and discuss your options with a Board Certified Consumer Bankruptcy Specialist, please contact BBF to schedule your one-on-one consultation. Our team will do our best to accommodate your work or family schedule, including conducting the consultation over the phone at a time that works for you. At BBF, all Consumer Bankruptcy consultations are absolutely free.
Business Bankruptcy
What Does A Consumer Bankruptcy Case Look Like?
The types of Consumer Bankruptcy cases are Chapter 7 which the individual agrees to trade the equity in his or her property for relief from his or her debt and Chapter 13 allow the individual to propose a repayment plan. However, if you would like to review your situation and discuss your options with a Board Certified Consumer Bankruptcy Specialist, please contact BBF to schedule your one-on-one consultation. Our team will do our best to accommodate your work or family schedule, including conducting the consultation over the phone at a time that works for you. At BBF, all Consumer Bankruptcy consultations are absolutely free.
Chapter 7 Bankruptcy
In a Chapter 7 bankruptcy, an individual agrees to trade the equity in his or her property for relief from his or her debt. This is accomplished through the filing of Chapter 7 bankruptcy petition in which an individual is required to make certain disclosures, including the nature and value of his or her property interests. In addition, individuals who file for Chapter 7, with limited exceptions, must complete a formulaic calculation of income and expenses known as the “Means Test,” which gauges whether an individual has sufficient income to repay at least some of his or her debts. If the Means Test with respect to a particular debtor results in he or she being ineligible to file a Chapter 7, the debtor may be limited to Chapter 13 bankruptcy or non-bankruptcy alternatives.
When the petition is filed, all creditors are prohibited from attempting to collect prepetition debts from the debtor or the debtor’s property. At the same time, a Chapter 7 Trustee is appointed to administer the bankruptcy case, a substantial part of which is reviewing the debtor’s petition to determine if there is any equity in property that could be sold/realized and distributed to creditors. Importantly, a debtor is allowed to claim certain property as exempt, meaning free from the claims of creditors and the Chapter 7 Trustee. Frequently, no property is liquidated in a Chapter 7, as most debtors are able to exempt and protect all of their property. If the trustee is unable to liquidate any of a debtor’s property, the case will stay open around four to five months, and then the Bankruptcy Court will enter a Discharge Order, which eliminates most of the debts that burden a typical consumer, and soon thereafter, the Chapter 7 bankruptcy case will be closed.
The above description is merely a nutshell version of an average Chapter 7 bankruptcy, and without proper advice and counsel, a Chapter 7 bankruptcy can have pitfalls that can cause a debtor time, money, and stress. If you would like to discuss your options with a Board Certified Consumer Bankruptcy Specialist, please contact BBF to schedule your free one-on-one consultation
Chapter 12 Bankruptcy
In a Chapter 7 bankruptcy, an individual agrees to trade the equity in his or her property for relief from his or her debt. This is accomplished through the filing of Chapter 7 bankruptcy petition in which an individual is required to make certain disclosures, including the nature and value of his or her property interests. In addition, individuals who file for Chapter 7, with limited exceptions, must complete a formulaic calculation of income and expenses known as the “Means Test,” which gauges whether an individual has sufficient income to repay at least some of his or her debts. If the Means Test with respect to a particular debtor results in he or she being ineligible to file a Chapter 7, the debtor may be limited to Chapter 13 bankruptcy or non-bankruptcy alternatives.
When the petition is filed, all creditors are prohibited from attempting to collect prepetition debts from the debtor or the debtor’s property. At the same time, a Chapter 7 Trustee is appointed to administer the bankruptcy case, a substantial part of which is reviewing the debtor’s petition to determine if there is any equity in property that could be sold/realized and distributed to creditors. Importantly, a debtor is allowed to claim certain property as exempt, meaning free from the claims of creditors and the Chapter 7 Trustee. Frequently, no property is liquidated in a Chapter 7, as most debtors are able to exempt and protect all of their property. If the trustee is unable to liquidate any of a debtor’s property, the case will stay open around four to five months, and then the Bankruptcy Court will enter a Discharge Order, which eliminates most of the debts that burden a typical consumer, and soon thereafter, the Chapter 7 bankruptcy case will be closed.
Chapter 12 is available to corporations, partnerships, limited liability companies, and individuals provided that their assets are primarily related to farming or fishing operations and with respect to farmers, at least fifty-percent (50%) of their debt is related to, or arises from, their farming operations, or with respect to fisherman, at least eighty-percent (80%) of their outstanding debt is related to, and arises from, their fishing operations.
Business Bankruptcy
Creditor Representation
BBF also provides comprehensive representation to creditors in connection with liquidations and reorganizations filed by debtors under Chapters 7, 11, 12, and 13 of the Bankruptcy Code.