Insolvency: Liquidation and Reorganization
Bankruptcy Code in Title 11 of the USC
No matter the cause of your financial difficulties an attorney can help liquidate your assets or reorganize your debt to reduce the financial burden.
There is no perfect time to declare bankruptcy, but for every day that passes is another lost opportunity to escape crushing debt.
Informational Page Only. Zamzow Fabian PLLC refers 100% of all bankruptcy clients out.
Referral fees are paid for by the recipient attorney, not the client.
Bankruptcy is a social contract between individuals, businesses, and municipalities. Public policy dictates where one party is in such dire financial straits that there is no way out, it is far better for society in whole to allow that party to declare bankruptcy (pay a penalty of time and start over), than it would be to drive that party into perpetual servitude. Bankruptcy is not an ideal situation for anyone, but it certainly can be a way towards regaining freedom. Chapter 7 (liquidation) and reorganizations under Chapter 9 (municipal), Chapter 11, Chapter 12, and Chapter 13
Liquidation bankruptcy. Under certain circumstances individuals and businesses may qualify for chapter 7 filings. Remains on ones credit report for approximately 10 years.
Municipalities. This option is only available to municipalities. We encourage municipalities to contact Zamzow Fabian PLLC for financial consulting several months or even years prior to electing bankruptcy.
Corporate. Primarily a corporate function of reorganization. Judicial oversight typically resolves the financial difficulties under this filing.
Chapter 12 or Chapter 13
Farmer, Fisherman, Individuals. Individual reorganization and rehabilitation. Statutory relief may be granted without creditor approval. This chapter is often referred to as the 7 years of bad credit to avoid an immediate foreclosure option. Creditors must be paid pursuant to a 3-5 year plan.