What are alternatives to declaring bankruptcy?
| If you’re thinking about declaring yourself bankrupt or you’re being threatened with declaring bankruptcy, it’s important to seek independent advice. |
Bankruptcy is not the solution for everyone in financial distress. Rodli, Beskar, Boles, Krueger & Pletcher, S.C. will help you consider alternatives to bankruptcy. It may be possible to reorganize or restructure your financial burden outside of bankruptcy. Rodli, Beskar, Boles, Krueger & Pletcher, S.C. can assist you in negotiating payment plans and settlements with your creditors in order to avoid declaring bankruptcy. What constitutes the bankruptcy estate? In general, the bankruptcy estate consists of all property owned by the debtor or in which the debtor has an interest whether individually or as co-owner with any other person. What is Chapter 7 bankruptcy? The most commonly used form of bankruptcy, Chapter 7, provides honest debtors with a fresh start by eliminating many of a debtor’s most common financial obligations through the discharge (which is generally granted at the end of the case). In return for the discharge, the debtor must turn over to the trustee certain nonexempt
