Twin Falls Bankruptcy Lawyer

The bankruptcy process allows debtors to wipe out certain qualifying debts in an orderly fashion while, at the same time, protecting them from collection action. At Johnson May, we have helped both debtors and creditors in bankruptcy proceedings. The law is complicated, and not every Idaho lawyer is prepared to offer the type of quality representation that we can. If you are in Chapter 7, 11, 12, or 13 proceedings, please call us. This is an important time. Your rights are at stake, so ensure you have the legal help you need with experienced Twin Falls bankruptcy lawyers for your bankruptcy cases.

Bankruptcy Options

The bankruptcy code creates different bankruptcies with a bankruptcy petition, which vary in terms of duration and whether you can continue to operate a business or not:

• Chapter 7. This is a “liquidation” bankruptcy used by both individuals and businesses. Non-exempt assets are sold, and the proceeds are distributed to creditors. Remaining debts are typically discharged. A liquidation bankruptcy takes only a few months to complete and is the fastest option available. However, individuals typically need to pass a means test which looks at their income before they can qualify.
• Chapter 11. This is a popular bankruptcy for businesses. A debtor can continue to operate a business while working out their debts and might even obtain new financing.
• Chapter 12. Family farmers and family fishermen can set up a payment plan for 3-5 years to address their debts. At the end, certain debts are discharged. A Chapter 12 bankruptcy allows a debtor to continue operating their business.
• Chapter 13. This is like a Chapter 12 but for individuals. You make regular payments to creditors for 3-5 years and, at the end, unpaid debts are eliminated.

Many of our clients don’t know which bankruptcy to file, which is one reason to work closely with consumer bankruptcy attorneys to help with the bankruptcy paperwork. There are so many considerations, including whether you hope to keep a business up and running or are ready to pull the plug. Give us a call so we can delve into greater detail in a meeting regarding your financial situation.

How Do I Find Your Office?

Our Bankruptcy Services for Debtors

Johnson May has helped hundreds of debtors in bankruptcy. We will review which option is best for you in a consultation and check whether you qualify. Some bankruptcies have income requirements, as well as debt thresholds.

We can also complete your petition and required schedules, ensuring information is reported accurately. You cannot submit false or misleading information, which can slow down a bankruptcy or possibly result in fraud allegations.

We also can represent you in court proceedings or the Meeting of Creditors. These are required parts of any bankruptcy.

Lastly, our firm will handle all adversarial proceedings and contested matters within bankruptcy. We can challenge a creditor’s claim and defend the dischargeability of debt, or we might defend your use of certain exemptions.

Johnson May offers the expertise of the largest Idaho firms with the customized service of a boutique law firm. Call us to find out more.

Non-Bankruptcy Options and Debt Relief

Filing for bankruptcy is not always the best option for a debtor. Instead, you might seek alternatives to file bankruptcy, including:

• Debt management. You might renegotiate certain terms of your debt, which will allow you to continue to make payment and avoid default with debt collectors. For example, you might extend the duration of a loan, which lowers monthly payments, or seek a reduction in the interest rate.
• Debt settlement. You might negotiate a settlement to your debt and credit card debt. Typically, you agree to pay a lump sum which is less than what is owed. Some creditors have an incentive to accept a lump sum because they might otherwise lose everything if you file for bankruptcy protection.
• Litigation defense. If you are sued, we can defend you from the creditor claim. We might argue the debt is time barred because the statute of limitations has expired. If a collection agency purchased the debt, we might argue there is insufficient documentation.

Contact Johnson May today for help with bankruptcy, dealing with legal documents. Our firm has ample experience with non-bankruptcy options, which might work for you or your business to fresh financial start.

Our Services to Creditors in a Bankruptcy Case

Johnson May also appreciates the needs of creditors who suddenly find themselves in a bankruptcy. There are real risks facing creditors, including having a debt discharged or losing access to collateral because of the automatic stay.

Let us craft solutions targeted to your needs. For example, we can challenge a discharge or bring a creditor claim within bankruptcy. We can ask the bankruptcy judge to lift the automatic stay in certain cases so you can foreclose on collateral.

In a Chapter 11, creditors have greater rights than in other bankruptcies. Because the debtor intends to keep the business going, you could be part of a creditor committee which reviews a proposal to pay back debt. Creditors can object to any plan within bankruptcy, and we can serve as your legal counsel.

Johnson May also provides creditor services outside of bankruptcy:

• Deficiency claims
• Foreclosure actions
• Lease enforcement
• Fraud claims
• Injunctive relief

Why Should You Hire Johnson May to Represent Me in Bankruptcy Court?

Anyone searching for a bankruptcy attorney should hire someone with the right experience. A seasoned attorney does more than advocate for you in court before the bankruptcy judge. We represent your interests as soon as we accept a case.

Call Johnson May. Bankruptcy actions are complicated, and it’s easy to make a mistake which gets you off track. Our bankruptcy lawyer knows how to protect your rights using the bankruptcy code with the completed paperwork.

In a consultation, we can:

• Discuss your current financial problems and review debts;
• Review your goals and what would be an ideal solution to your needs;
• Discuss possible options within bankruptcy, as well as non-bankruptcy options;
• Answer your questions.

There is no reason to delay. Waiting only makes financial problems worse when you could address your debt levels right now with a bankruptcy lawyer.

Speak with a Twin Falls Bankruptcy Attorney Today

Financial difficulties deserve an immediate response. Whether you are a debtor in distress or a creditor whose borrower is in default, you need experienced legal counsel to protect your rights. Call our bankruptcy lawyers at Johnson May in Twin Falls, ID today to discuss your legal dispute and other legal matters in a confidential setting.