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Bankruptcy Relief

Bankruptcy is a legal method for individuals to gain a fresh start by discharging certain debts. While corporations and partnerships do not get discharges, they obtain an orderly liquidation or reorganization.

To discharge a debt means that in filing for Bankruptcy you will not have to pay the debt if the court grants the discharge. Whether an individual’s debt is dischargeable under the Bankruptcy Code depends upon the choice of Chapter selected under the Bankruptcy Code. In deciding which Chapter under the Bankruptcy Code is best, the individual must analyze the type and amount of debt. The two main Chapters available to individuals are Chapter 7 and Chapter 13 of the Bankruptcy Code.

As for a small business, the usual inquiry is whether it should reorganize under Chapter 11 or liquidate under Chapter 7 of the Bankruptcy Code. To answer this question the business owners should consider the level of secured versus unsecured debt, and how this debt level impacts upon the future viability of the business.

No matter what your business or personal needs, The Dandridge Law Firm will work diligently to help you manage your assets, liabilities and capital. Contact us to discuss relief that the Bankruptcy Code offers and non-bankruptcy alternatives.

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