When you are burdened by a pile of debts that continues to grow despite your best efforts, declaring Chapter 11 bankruptcy could be a viable option. Contact a knowledgeable Brazil Chapter 11 bankruptcy lawyer who can walk you through what’s to come.
For business owners who are weighed down by a tremendous amount of debt, closing up shop can seem like the only thing left to do. Fortunately, by filing for Chapter 13 bankruptcy, you may be able to keep your doors open while you repay your debts and start to improve your financial reputation.
At Rowdy G. Williams Law Firm, we understand that finances can easily take a wrong turn. A mountain of debt can happen to anyone. With a Brazil Chapter 11 lawyer from our firm by your side, you are well on your way to starting over with an improved financial reputation.
Filing and Reorganization
When you are ready to move forward with your Chapter 11 bankruptcy case, we will begin by providing a judge with a disclosure statement that includes your assets and liabilities, the income and expenses of both you and your spouse, a financial statement, and a list of your current debts and creditors. You will also need to submit your certification of completion of required credit counseling.
Once the judge has received these documents, he or she will enact what’s known as an automatic stay. During this time, your creditors will be unable to continue to seek payments from you. Your Chapter 11 lawyer in Brazil will work diligently with you to build your plan of reorganization to meet your needs and those of your creditors.
A plan of reorganization allows the “debtor in possession” to keep his or her belongings while repaying creditors and curing his or her financial situation. Your creditors will have the opportunity to challenge your plan while making suggestions on the priority level of each debt. Once an agreement has been reached, the judge will approve your request and you’ll begin settling your debts once and for all.
Discharging Your Debts
You can expect your debts to be released if or when you meet the requirements laid out in your plan for reorganization. If for some reason you are no longer able to adhere to the previously agreed-upon arrangement, the court may decide to issue you a hardship discharge, which means your debts will be cleared.
Hardship discharges are very infrequently administered and will not apply to back taxes, child support, or alimony. These debts will continue to wreak havoc on your credit report if you don’t handle them.
Speak with a Brazil Chapter 11 Attorney
You don’t have to deal with the stress of a massive amount of debt alone. Get in touch with a results-driven Brazil Chapter 11 lawyer at Rowdy G. Williams Law Firm. We can help you get well on your way to financial freedom. Take advantage of a free case assessment today by filling out the quick contact form below or by giving our office call at 1-812-232-7400.