In today's economy, more people and businesses find themselves facing harsh financial realities. With over 35 years of experience in this area, McConville Considine lawyers are ready to assist our clients in reviewing the array of legal issues ranging from filing bankruptcy, to foreclosure and creditor workouts. Not only do we represent the debtor's side, but our firm has extensive experience representing creditors in the bankruptcy process, be it assisting in filing claims, representing their interest in the case, asserting the right of a landlord or secured creditor to recover property, but also defending preference and fraudulent conveyance claims brought against our clients by a trustee or creditor's committees. In the matrimonial area, we act as advisors to the matrimonial bar as well as parties electing the collaborative process, assisting the parties with the nuances of the Bankruptcy Code and its impact on the dissolution of the marriage.
Start over with us. In confidence.
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- Chapter 7
In simple terms, this process involves the liquidation of the client's non-exempt assets, if any. For individuals only, the end result will be a discharge of those debts so eligible. With the advent of the 2005 changes brought by the Bankruptcy Prevention and Consumer Protection Act (BAPCPA), individual consumers are required to take a consumer credit counseling course prior to filing and must meet certain standards in order to file under this chapter. A typical individual client may have secured debt such as a car loan. In a Chapter 7, most car loan lenders will require the client to sign a reaffirmation agreement to keep the car. This process is subject to review by the Court. If approved, the client would then be responsible for any shortfall in the event of a future default.
For corporations, partnerships and limited liability companies, while this chapter is also available, the business operations must cease on filing as the assets come under the jurisdiction of a Chapter 7 Trustee.
We welcome the opportunity to explain the process one step at a time to see if it is right for you.
- Chapter 13
Unlike Chapter 7, this chapter is only available to individuals. It has a "debt" dollar amount limitation and involves a repayment plan to the creditors for up to five years. The plan payments are made to a Chapter 13 Trustee who then distributes the dividends to creditors. As with Chapter 7, BAPCPA requires the debtor to take the counseling course. In its simplest terms, the client need not surrender the non-exempt assets as would be required in a Chapter 7. The trade off is that the client must meet the "best interest of creditors" test and pay an amount under the plan in excess of that amount. There are a number of advantages in Chapter 13, the most used is the right to stop a foreclosure on the client's home and pay the arrears under the plan. Our multi-faceted approach to both real estate transactions and bankruptcy give us the ability to manage the legal details and allow you to get back on the road to financial health.
- Chapter 11
Although having the basic premise of a repayment plan to creditors, unlike Chapter 13, the Chapter 11 process is highly complex and under BAPCPA, certain timeframes for action have been shortened. The client typically proposes a plan of repayment to be approved by the Court and accepted by the creditors. Normally utilized by businesses who believe they have a chance to rehabilitate the company, this chapter is also available to high income individuals who do not otherwise qualify for a Chapter 13. With its extensive range of experience in assisting our clients, be they corporations, partnerships, limited liability companies, not-for-profit organizations or individuals, MCCM lawyers are able to advise the Chapter 11 client in the Chapter 11 process with issues grounded in property, business, tax, and bankruptcy laws.
- Chapter 12
Limited to a "family farmer" as that term is defined in the Bankruptcy Code, the process involves a repayment plan to creditors. Similar to a Chapter 13, the plan payments are made to a Chapter 12 Trustee who then disburses the payments.
- Creditor Representation
MCCM's lawyers have represented clients whose customers, family members, spouses, domestic partners or patients have filed bankruptcy. In addition to explaining the process and advising of their rights as creditors, we also are able to represent and defend our clients should the debtor, bankruptcy trustee or creditor's committee attack.
- Our Services
Chapter 7, 11, 12, and 13 Proceedings
Creditor and Debtor Representation
Debt Counseling and Workouts
We are a Debt Relief Agency - We Help People File For Bankruptcy Relief Under the Bankruptcy Code