The law firm of Wink & Wink represents consumers and small business owners in Chapter 7 bankruptcy and Chapter 13 bankruptcy. We handle individual cases, as well as cases for married couples filing jointly.

Bankruptcy is a legal process to get out of certain kinds of debt that can cost you based upon your ability to repay (i.e., assets or income). The majority of people who file bankruptcy keep everything they own and pay little to nothing to the creditors in the process. Determining whether you should file bankruptcy and, if so, which chapter of bankruptcy is right for you depends on your household income, your assets, and the type and amount of your debt.

Bankruptcy Is Not A Four-Letter Word, DEBT Is

While some people want to avoid the stigma of bankruptcy, we encourage everyone to focus on the most cost-effective debt relief option. In many cases, bankruptcy is by far the most cost-effective form of debt relief. In these situations, bankruptcy is also the most efficient means of rebuilding your credit. While bankruptcy is on your credit for 10 years, it clears your debt and enables you to start rebuilding your credit very quickly. The negative impact of a bankruptcy does not last 10 years. It is possible to have a 700 plus credit score within 24 months and be eligible for a mortgage within 2 to 3 years of filing bankruptcy.

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is a property-based bankruptcy, which is sometimes called a “liquidation” bankruptcy. It is the most used chapter of bankruptcy and is usually over quickly, often within six months of filing your case. You are typically only eligible for Chapter 7 if you cannot afford to repay your creditors based on your income. The law makes this determination through a “means test”, which compares your household income to the median income in your state for your household size. In Chapter 7 bankruptcy, you will keep all property that is “exempt” but “non-exempt” property can be taken from you and sold for the benefit of your creditors. (Read more)

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy is a three to five-year payment plan that typically requires you to pay a portion of your debt while enabling you to discharge the rest. The amount you must pay in Chapter 13 bankruptcy depends on your income, assets and debt. While Chapter 13 tends to be more expensive than Chapter 7 bankruptcy, it can still be a very cost-effective means of debt relief. Many people who file Chapter 13 bankruptcy often pay a only a small fraction of their total debt. Most Chapter 13 bankruptcies are filed by people who earn too much money to qualify for Chapter 7, but people with lower income may also file Chapter 13. And Chapter 13 bankruptcy can provide benefits not available in Chapter 7, such as removing certain liens from your property, protecting your non-exempt property from liquidation, and saving your home from foreclosure. (Read more)

Small Business Bankruptcy

If you are a small business owner struggling with debt, you need expert advice to make decisions about the future of your business. Bankruptcy can help you get out of debts you have personally guaranteed and restructuring the business can help you save it and preserve your livelihood. If an exit strategy is what is needed, bankruptcy can help you walk away from leases, contracts and other business debts. Business bankruptcy is very complicated and requires expertise and experience. Wink & Wink offers both, we have filed many bankruptcies for small business owners. (Read more)