PACE Group PLLC can help you determine whether bankruptcy is the right choice for you and your family. We know that the decision to file for bankruptcy protection is an important one; we also know, that the choice not to file also has its set of consequences. Our experienced team can help you make the correct decision for you. PACE Group PLLC is highly train and exceptionally experienced. We know the law. Take advantage of our free consultation service right now to get started.
A lot of people talk about bankruptcy, but few know what it is. In particular, bankruptcy is the orderly legal mechanism by which debtors (those seeking the protection of the bankruptcy court) can seek relief from their creditors. These proceedings are handled in federal court; however, state law can be very relevant factor in deciding where you choose to file. In the Washington, DC region the move of a just a few miles can mean living in a completely different jurisdiction. This means that where you currently live may not be where it is proper to file.
For most people, there are two different avenues for seeking relief –chapter 7 (liquidation) or chapter 13 (reorganization). Chapter 11 is a third option that is available to individual debtors, however, it is rarely used.
People file for bankruptcy in order to get a “fresh start.” This means to allow individuals to rebuild their life after being burdened with debt. In most cases, this debt is from (1) divorce or family dissolution, (2) medical illness and debt, and (3) unemployment or underemployment. The bankruptcy code recognizes that things often happen in life that are unexpected; filing for protection allows people to start again and it can protect your remaining assets. This is a good thing.
PACE Group PLLC helps people determine whether their assets are protected in the bankruptcy process. This is called “exemption planning.” In this process we review all of your assets and decide whether anything might be put at risk by filing for bankruptcy protection. Every jurisdiction has its own rules which detail how much of a particular asset is protected from the chapter 7 trustee’s reach. These rules, called “exemptions” are the first step in determining whether bankruptcy is right for you. We also represent you as the mandatory Meeting of Creditors (also called the 341 Meeting) and file any necessary lawsuits on your behalf against creditors. Give PACE Group PLLC a call to determine whether bankruptcy is an option for you. The call is free, you have nothing to loose.