Bankruptcy

Bankruptcy is a form of debt resolution that helps people get a fresh financial start by eliminating debt forever, or by creating an affordable repayment plan.  For both consumers and businesses, filing for bankruptcy can be a matter of financial life or death.

Bankruptcy finds its origin in the Bible.  It was also considered a priority by our Founding Fathers, who worked bankruptcy into the U.S. Constitution. 

While all Bankruptcy cases are filed in Federal Court, local state laws do come into play, especially concerning asset protection and exemptions.

The Doan lawyers provide legal assistance with three types of bankruptcy under Title 11 of the United States Bankruptcy Code:

  • Chapter 7: basic liquidation for individuals and businesses; also known as straight bankruptcy; it is the simplest and quickest form of bankruptcy available
  • Chapter 11: reorganization, used primarily by business debtors, but sometimes by individuals with substantial debts and assets; sometimes known as a Jumbo 13 which typically allows individuals to structure debt repayment plans
  • Chapter 13: reorganization with a payment plan for individuals with a regular source of income; enables individuals with regular income to develop a plan to repay all or part of their debts.

More than 1.6 million Americans filed for Bankruptcy last year. Doan Law Firm has helped more than 30,000 people remove toxic debt from their lives and get a fresh start.