Baxter & Nesmith, LLC has experienced lawyers who can help you decide whether to file bankruptcy depending on your unique and individual situation. We can also help you evaluate your needs regarding other legal matters.

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Types of Bankruptcy

Your bankruptcy lawyer can advise you on the best type of bankruptcy for your particular situation. 

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The types of bankruptcy commonly filed include the following:

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Chapter 7:  Called Straight or Liquidation Bankruptcy, Chapter 7 is generally for people with few assets and who lack the ability to repay debt.

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Chapter 13:  Called a Wage Earner Bankruptcy, Chapter 13 is geared to debtors who have more assets and who have the means to follow a repayment plan. 

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Chapter 11:  Chapter 11 allows businesses to restructure debt payments and keep assets. Companies usually choose to file Chapter 11, because they expect their long-term revenues to be higher than the liquidation value of their assets. Creditors can get more money back if they allow the debtor business to reorganize and adopt a business work out payment plan. 

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Wrongful Foreclosure

This legal proceeding involves a state-court litigation action that is filed due to improprieties with the foreclosure process that have resulted due to creditor wrongdoing. This type of action is evaluated on a case by case basis and generally requires the payment of an upfront legal retainer. 

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Other Practice Areas include (evaluated on a case by case basis):

*  Wills/Estate Planning

*  Power of Attorney

*  Advance Directives

*  Other contractual/transactional law matters