Filing for bankruptcy protection should not be taken lightly. The choice of filing a Chapter 7, Chapter 13, or Chapter 11 is a very important decision and should not be made without the advice of experienced bankruptcy counsel. Before ever recommending a Chapter 7, 13, or 11 to a potential client, our firm – Dellutri Law Group – does an extensive review of the client’s financial history, income, expenses, assets, and debts. We have a long list of questions regarding the potential client’s financial affairs over the past several years, all of which could be relevant.
This question-and-answer session helps narrow down the decision-making process. Think of it as a funnel. When a client walks through the door, they are at the top of the funnel. As the discussions take place and questions are answered, we are traveling down the funnel toward making a great financial decision for the client.
There are certain times where a chapter 11 is necessary because the individual or business has a viable ongoing operation with plenty of cash flow but for one reason or another cannot meet future obligations due to a significant judgment or other circumstance. Likewise, chapter 13 bankruptcy offers unique possibilities for individuals facing certain situations. For example, if an individual went through a life-changing circumstance like a long hospitalization or loss of income for several months due to being unemployed, and they need to catch up on house payments, chapter 13 is a very viable option for that situation. Alternatively, chapter 7 may be the perfect tool to use to help someone with a significant amount of unsecured debt, assuming they qualify under the means test.
Playing to Win for Our Clients
We like to think of a consumer bankruptcy case as a game of chess. Our goal in each and every game of chess is to annihilate the other side. This means that we move all of our client’s pieces across the board and lose none. Only an experienced bankruptcy attorney can help guide a potential client through the prebankruptcy filing “chess game” of questions, documents, and budgeting to help them make a great financial decision for themselves and their family. Without an experienced bankruptcy attorney on your side, you could lose your “chess pieces” or never arrive at your ultimate destination, which is a bankruptcy discharge.
If you have questions and would like a complimentary strategy session with one of our consumer bankruptcy attorneys, all you have to do is call one of our offices and schedule a convenient time for your consultation. We can walk you through the entire process, answer all of your questions, and provide you with a road map on how to proceed. Many individuals who attend one of our complimentary strategy sessions are stunned that filing a consumer bankruptcy case may not be their best option. Wouldn’t you like to know if bankruptcy is your best option? And, if it is, which chapter would be best for you? Call (800) 391-4337 now.