Bankruptcy

Filing for Bankruptcy is a decision that should not be taken lightly. It can have significant implications on your life for years to come. However, there are times when mounting debt begins to be unmanageable, it can provide the relief you need to get e fresh start. At Kirven Law, we will help you go over the pros and cons of filing for bankruptcy and help you to decide what the best course of action is for you moving forward.

Negotiating Debt Relief Options

Contrary to what many think, filing bankruptcy isn’t your only option. Having an experienced bankruptcy attorney that can negotiate on your behalf with your creditors to find an out-of-court solution can be to your benefit. Frequently, creditors understand that if you file for bankruptcy they may not recover anything that you owe to them. As a result, it is possible to negotiate down the amount of debt owed in order for you to keep up with your payments and not have to file for bankruptcy. This can lead to lower monthly payments with a slightly longer payback term, but in the end, it represents a good solution for both parties.

Automatic Stays

Once you file for bankruptcy, creditors must immediately stop sending collections letters and phone calls. At Kirven Law, we are in communication with your creditors so once you have filed, we will notify them and they will have to comply with the automatic stay. Your creditors will now have to correspond with our firm. While this does not solve your debt issue, it certainly helps to calm the situation and helps to release some of the pressure that you are under. NOt having to worry about collections calls or the fear that any day something worse may happen.

Your Bankruptcy Options in Wyoming

Chapter 7 Bankruptcy

Chapter 7 is for individuals and their spouses who do not own a lot of assets and/or earn smaller incomes. Chapter 7 bankruptcy grants you relief from debt through the liquidation of your assets. If you do not own your car or your home, this may be the option that best suits your situation as you do not have assets to lose through liquidation.

Chapter 11 Bankruptcy

For corporations, partnerships, and/or sole proprietorships. Chapter 11 allows your business to remain open and continue operating while paying your creditors under a reorganization plan. It is common to file for Chapter 11 in order to get out of bad long term commercial leases or contracts that no longer are sustainable for the company.

Chapter 13 Bankruptcy

This is an option for those facing foreclosure on their home or whose incomes are higher than those filing for Chapter 7. Chapter 13 allows you to pay off your creditors under a court-approved installment plan over the course of 3 to 5 years. This option has a lot of advantages, most notably the possibility of keeping your house.

Creditors’ Rights in Wyoming

Bankruptcy laws are designed to be compassionate to people who have had a bad break and fallen on hard times. However, they can hurt creditors. Being forced to take a loss as the result of a bankruptcy can take its toll on a business. There are steps that can be taken to improve your chances of being repaid. Get in touch with our office and we can go over the bankruptcy laws and advise you on the best course of action for your business.

Contact Us

Our dedicated team at Kirven Law LLC is ready to fight for you.

CONTACT

OFFICE ADDRESS

147 W. Burkitt Street
Sheridan, WY 82801

(307) 333-0393

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