Bankruptcy Law

If you are facing out-of-control debt, we can help. Falana Law, LLC can offer immediate relief from creditors. Contact us today. We can discuss your particular circumstances and decide your best option to organize your financial situation in a way that manages and possibly relieves your debt.

Chapter 7

Under a Chapter 7 liquidation, a trustee may sell some of your property, but certain property is exempt from sale. Additionally, certain debts, such as child support payments and student loans, cannot be discharged in bankruptcy. You can be debt-free in a matter of a few months and in most cases, you can keep all of your property and pay nothing to creditors. Wipe the slate clean now before your debt escalates any further.

Chapter 13

Another option is a consumer reorganization under Chapter 13 bankruptcy. Under Chapter 13, you can keep your property and pay off all or part of your debt according to a schedule. This timeframe is usually somewhere between three to five years. Often, your scheduled payments to credit card companies will be reduced to zero or close to it.

Chapter 11, commercial bankruptcy

Are you a small business owner in debt beyond your control? Corporations, limited liability companies and partnerships are considered separate entities from their shareholders or partners. Therefore, you have the option of filing in a similar style of Chapter 7 liquidation-type bankruptcy known as a Chapter 11 bankruptcy reorganization. It will allow you to keep your business while paying off business debts over time. A Chapter 11 can free up cash and allow rejection of some leases and contracts.

Creditor's rights

Creditor's rights protect them and enable them to collect from the borrower. These rights provide creditors with various methods to collect unpaid debts, including placing a lien on the borrower's property, garnishing wages or taking a security interest in the borrower's property.

Loan modification

Loan modifications are changes in the terms of a mortgagor's loan. They typically allow the loan to be reinstated, and adjust terms so that the mortgagor can make payments in a way that is more affordable for them.

Real estate

If you default on your mortgage or other promissory note, foreclosure is the legal means by which a bank or other secured creditor can repossess your home or other secured property. Real estate rules pertaining to bankruptcy or loan defaults vary from state to state.

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