Bankruptcy Counsel For Debtors And Creditors
The need for bankruptcy is a common issue affecting many individuals and businesses. Debtors and creditors alike face challenges when an individual, couple, or business is unable to meet its debt obligations. McKay, Burton & Thurman represents debtors filing bankruptcy, creditors asserting their rights in bankruptcy, and plaintiffs and defendants in adversary proceedings.
Bankruptcy Basics For Debtors
Overwhelmed debtors may turn to bankruptcy as a legal, orderly form of bankruptcy. The United States Constitution authorizes Congress to enact “uniform Laws on the subject of Bankruptcies throughout the United States.”
As noted, we represents individuals and business in need of bankruptcy remedies, including:
Chapter 7: Often called “liquidation bankruptcy,” Chapter 7 bankruptcy may wipe out most or all consumer debt in a relatively short period of time.
Chapter 13: Often called “debt reorganization,” Chapter 13 bankruptcy allows a debtor to repay debt affordably over a three- to five-year period. Interest is greatly reduced or eliminated. Secured debts (such as a home or car loan) have top priority in the debt reorganization achieved through a Chapter 13 bankruptcy. At the end of the repayment period, remaining unsecured debt may be discharged.
Chapter 11: This type of bankruptcy is commonly used for corporations and partnerships. Chapter 11 bankruptcy protection allows continued business operations during debt reorganization.
To be ready to take advantage of the opportunities that bankruptcy has to offer, debtors should get knowledgeable legal counsel as soon as debt burdens become unmanageable. The timing of your bankruptcy filing can be critical. Call us to see if now is a good time for you to file for bankruptcy.
Creditors’ Rights In Bankruptcy
Financial institutions, businesses, and private lenders often face significant losses when those who borrow do not repay loans. Businesses in and around Salt Lake City often turn to McKay, Burton & Thurman for information and help asserting their rights. We handle collections and devise ways to assert our clients’ rights as creditors when debts are outstanding. Our lawyers are adept at negotiations and drafting legal documents designed to get timely results.
We Understand Both Sides Of The Coin
Our attorneys are well-prepared to advise debtors and creditors with full understanding of potential pitfalls. We welcome inquiries from those struggling with debt and those seeking to mitigate losses due to unpaid debts.