The Law Office of Michael D. Moccia, PA helps businesses and individuals alike find solutions for their unmanageable debts.  Sometimes filing bankruptcy is the only viable option, but other times it is possible to work with your lenders to come up with other repayment options that avoid bankruptcy.  Only a licensed attorney can give you advice regarding your options on how to deal with your debt.  Attorneys have ethical obligations to advise you of your options in an unbiased manner whereas non-attorney debt resolution companies have no such ethical obligations and are only interested in selling you their services.  Call us today to see what your options are.

Debt Renegotiation

Debt renegotiation involves working with your lenders to try to reduce your balances, interest rates, and payment amounts.  Some lenders are more open to this process than others and some lenders may not renegotiate until the account has defaulted.  Businesses and individuals alike can renegotiate their debts and most debts other than secured loans and student loans can be renegotiated.  Sometimes a strategy of first trying to renegotiate your debts with bankruptcy as a second option is employed to solve the debt problem.  Let our diligence go to work for you to solve your debt issues.

Bankruptcy – Chapter 7

Chapter 7 of the Bankruptcy Code is the liquidation chapter. This means that any assets above certain exemption amounts can be sold to pay your creditors. For individuals, Chapter 7 is best for people who have a relatively low income and few assets with a high amount of debt as there are income limits based on household size in order to file. For businesses, Chapter 7 is best when the debts far exceed the assets, the business becomes unable to pay its creditors, and there is no ability to reorganize under Chapter 11 of the Bankruptcy Code.  Choosing to file Chapter 7 is not a decision one should take lightly and is best navigated with the help of an experienced attorney.  Contact us to better understand your options.

Bankruptcy – Chapter 11

Chapter 11 of the Bankruptcy Code is the reorganization chapter.  Chapter 11 is typically utilized by businesses.  Although individuals can file Chapter 11, there is a specialized reorganization chapter for individuals called Chapter 13.  Most reorganization plans under Chapter 11 involve paying a reduced amount of what you owe your creditors to them over time, typically a 5 year period.  Chapter 11 cases can take a great deal of time and effort to successfully reorganize, however, for many businesses struggling with an excessive debt load, the time and effort can be worth it to have a successful business after the completion of the organization plan.  Call us today to explore whether reorganization under Chapter 11 is a viable option.

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