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In today's world, the once traditional stigma associated with Bankruptcy has faded. The filing of a Bankruptcy action is now commonly viewed as a " fresh start" after a time of trouble.

The majority of our Bankruptcy clients have experienced unexpected and extreme financial set-backs caused by unexpected life events; such as, job loss, business failure, death, divorce or illness. When such events occur, the filing of a Bankruptcy action may be the most prudent course of action.

If you are facing serious financial challenges, it is very important to seek the counsel of an experienced Bankruptcy attorney. The attorneys at The Drazin Law Center can assist you in assessing and implementing your legal options.

Bankruptcy is a legal process that provides relief to individuals and businesses having financial difficulties. Generally, during the Bankruptcy process, the Debtor's assets and liabilities are evaluated and an arrangement is made wherein the Debtor is allowed to keep some, if not all, property while being ordered to satisfy as many eligible debts as may be possible under the circumstances pursuant to an order of priority clearly established by law. Any remaining debts are discharged except for those of certain types; such as, domestic support orders, student loans, debt obtained by fraud, most tax debt, and most debt owed to (or guaranteed by) governmental agencies.

Bankruptcy actions are administered by the Federal Courts; however, the various States' consumer and commercial laws do play important roles in certain bankruptcy issues. An experienced attorney, like those at The Drazin Law Center, can assist you throughout the legal process.

Should financial challenges appear, Bankruptcy should be weighed as an available option for individual consumers, businesses, farmers and municipalities. For individuals, there are two major types of Bankruptcy filings: Liquidation (Chapter 7) and Reorganization (Chapter 13). Please keep in mind, many Debtors have what has been termed "a no-asset case" wherein during the Bankruptcy process all of the Bankruptcy Filer's property is deemed exempt from the liquidation requirement and, nevertheless, all the eligible debt is Discharged (without any property being sold).

Depending upon the circumstances, Bankruptcy can benefit both Debtors and Creditors. If you believe a Bankruptcy proceeding may benefit you or your business, you should consult with us to determine your best course of action. The experienced attorneys at The Drazin Law Center have the knowledge to assist you in obtaining the desired "fresh start."

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