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Bankruptcy Law
Explore your debt relief options.
One conversation may be all it takes to take control of your situation.
If you're struggling to regain your financial footing while creditors become more aggressive, bankruptcy may be your best option for debt relief. This applies to individuals and business owners, whether you own an S Corp, LLC, or sole proprietorship.
Bankruptcy does not always mean selling your assets. You can find your fresh start in a variety of ways with several different debt relief options to consider. This means keeping your home, your car, your business, and any number of other assets. Talk to our bankruptcy lawyers today and learn how to get the fresh start you deserve.
Meet Dan Staeven, Esq.
Dan and his team of bankruptcy professionals want to secure the best outcome for your financial situation. Not only is he knowledgeable about the laws, rules, and requirements of bankruptcy for businesses and individuals, but he also has the experience to guide you through all the other personal and professional challenges needed for a fresh start.
Get in touch with the bankruptcy team at Frost Law for a confidential consultation. You provide the facts and we’ll provide details about the best ways forward to keep as many assets as possible.
Take the Steps Towards Debt Relief
Dan and the bankruptcy attorneys at Frost Law can help you take your first step towards debt relief. They can untangle your financial situation through sound legal advice, taking control of creditor issues, and guiding you towards a fresh start.
Contact Frost Law
Understand Your Financial Options
The first step is always the hardest. Contact us to learn about your bankruptcy options. Once you take that first step towards understanding that bankruptcy can be a solution rather than a problem, you can find the right bankruptcy lawyer for your situation.
Find Your Fresh Start
Filing for bankruptcy is one of many options for dealing with credit card debt, tax debt, business debt, and other liabilities. We can tailor a bankruptcy case filing for your specific situation. Learn how others got their fresh start and what makes sense for you.
Talk to a Bankruptcy Professional
Begin the process with a free, confidential consultation with one of our bankruptcy attorneys. We are experienced in bankruptcy options, tax debt, and planning your relief options. We typically schedule consultations the same day that you contact us.
Understanding Your Options for Debt Relief
You always have options when working with a bankruptcy attorney. Learn more about which type of bankruptcy might help you find the best relief plan. You can contact our team today to explore your situation and help you determine which option makes sense for you.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is often called a "liquidation" bankruptcy. A person or business that can't pay their bills has a court-appointed trustee sell things they own that aren't protected by law. Most assets, however, are protected by exemptions. Most remaining debts get wiped away, giving the person a fresh start. This process is usually quick, often finishing in a few months. Chapter 7 works best for people with lower income and few valuable assets. Some debts, like certain taxes or child support, usually can't be erased this way.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is often used by businesses, though individuals can file, too. Instead of selling everything off, the person or company creates a plan to reorganize their debts and keep operating. They might renegotiate payment terms, cut costs, or restructure how the business runs. A court must approve this repayment plan. Chapter 11 is usually more expensive and complicated than other bankruptcy types because it involves more paperwork, court hearings, and negotiation with creditors. It's a good option for businesses that are struggling financially but could become profitable again.
Chapter 11 Subchapter V Bankruptcy
Subchapter V bankruptcy is simpler and more beneficial than previous versions of Chapter 11 to the small business, and at an overall lower cost than more complex Chapter 11 cases. It removes some of the complicated steps required in regular Chapter 11 cases, like certain committee meetings and detailed disclosure paperwork. A trustee helps guide the process, but the business owner keeps control of daily operations. Only businesses with debts under a certain limit set by law can qualify. This bankruptcy option was created to help small business owners reorganize their debts without the huge legal costs and long timelines that come with traditional Chapter 11 bankruptcy.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is sometimes called a "wage earner's plan." Instead of selling off possessions, the person keeps their property and agrees to a repayment plan lasting three to five years. Part of their income goes toward paying back debts each month. This option is helpful for people who have a steady income but need help catching up on missed payments, especially for things like a house or car they want to keep. Once the repayment plan is finished, any remaining eligible debt is usually forgiven. Chapter 13 requires discipline because missing payments can cause the case to fail.
More Bankruptcy Resources on YouTube
Watch our "Let's Talk Bankruptcy" series with Dan Staeven, Esq. to learn how he approaches bankruptcy options and what may be best for you.
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Get in Touch Today
If you would like help filing for personal or business bankruptcy, you can call us at (410) 497-5947 or fill out our contact form. Let our team at Frost Law help you start living a debt-free life
FREE CONSULTATIONFrequently Asked Questions About Bankruptcy
Read some of the frequently asked questions about bankruptcy, chapters, credit reports, and more. If you still have questions, call us at (410) 497-5947 or fill out our contact form to schedule a confidential consultation.
Bankruptcy is a legal process that lets individuals or businesses that can't pay their debts seek help through the courts. It either removes certain debts entirely (called a "discharge") or creates a plan to pay back creditors over time. The discharge and payback results depend on which type of bankruptcy is filed. Bankruptcy law is governed by federal statute, so the same basic rules apply nationwide, though procedures can vary by area.
When you file a bankruptcy petition, an "automatic stay" goes into effect immediately. This stops most creditor collections, including lawsuits, wage garnishments, phone calls, and (usually) foreclosure or repossession proceedings. A trustee is assigned to manage the process, review your financial situation, and oversee certain assets. You'll also need to complete credit counseling and provide detailed financial disclosures, including income, debts, assets, and recent financial transactions.
A Chapter 7 bankruptcy is often called a "liquidation" bankruptcy. A trustee may sell some assets to pay creditors, though many filers keep most or all of their property due to state and federal exemptions. This chapter is generally available to individuals and businesses who pass a "means test" showing their income falls below a certain threshold. Most qualifying debts are removed (or "discharged") within a few months, making Chapter 7 the fastest route to a fresh start for those who are eligible.
A Chapter 11 bankruptcy is mostly used by businesses and individuals with high debt who want to reorganize rather than sell their assets. The filer continues operating while proposing a repayment plan to creditors, which the court needs to approve. Chapter 11 tends to be more complex and costly than other chapters, but it allows companies to restructure debt, renegotiate contracts, and stay in business while working toward financial stability.
A Chapter 13 bankruptcy is for individuals with average income who want to keep their property while repaying debts over a three- to five-year period. Rather than selling their assets, the filer proposes a repayment plan based on what they can reasonably afford. Chapter 13 is often chosen by those looking to catch up on mortgage arrears, stop foreclosure, or repay debts that wouldn't otherwise be dischargeable under Chapter 7.
To be eligible for a Subchapter V bankruptcy, the debtor must have a combined total secured and unsecured debt of less than $3,424,000, and not less than 50% of which arose from the commercial or business activities of the debtor. There has numerous attempts at legislation to change this debt limit higher, but all results have failed to this point.