With the economy slowing down and the current housing crunch, more and more people are finding themselves wracked with debt and not sure who to turn to for help. Since 1992, Attorney Gregg Wagman has provided successful resolutions to people burdened with financial difficulties.
The Law Offices of Gregg W. Wagman provide his clients with a legal framework and options to make informed decisions on whether bankruptcy is the right path for them. Specializing in consumer financial problems, he has extensive experience representing consumers in Chapter 7 and Chapter 13 bankruptcy proceedings. Attorney Wagman has been able to help with:
With the laws often changing, knowing what choice is right for you can be a difficult one. Each case is different. Knowing what bankruptcy can and cannot do for you is important. Please read “Bankruptcy will give you a fresh start,” to better understand the differences between each type of bankruptcy and view a list of additional online resources from our firm.
The bankruptcy "means test" determines whether your income is low enough for you to file Chapter 7 bankruptcy. It's a formula designed to keep filers with higher incomes from filing for Chapter 7 bankruptcy. High income filers who fail the means test may use Chapter 13 bankruptcy to repay a portion of their debts, but may not use Chapter 7 bankruptcy to wipe out their debts altogether.
Liquidation Under the Bankruptcy Code. The chapter of the Bankruptcy Code providing for "liquidation," ( i.e., the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.)
Reorganization Under the Bankruptcy Code. The chapter of the Bankruptcy Code providing (generally) for reorganization, usually involving a corporation or partnership. (A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.)
Individual Debt Adjustment. The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.)
The term "workout" is used to describe a more formal, mutually-negotiated modification of debt that does not involve a bankruptcy filing. Simply stated, a workout is an agreement worked out between the debtor and his or her creditors for payment of the debts between them. The agreement is negotiated without all the bells and whistles (and perhaps the stigma) of the bankruptcy process.
Your business is in trouble: how do you determine if bankruptcy is necessary or helpful for your situation.
Attorney Gregg W. Wagman
70 Howard Street
New London, CT 06320
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