Welcome to The Law Office of John M. Holowach LLC

There are times when individuals and businesses encounter setbacks that may make it difficult to meet financial responsibilities. In cases such as this it may be necessary to obtain legal assistance to relieve the burden of debt. All too often individuals and businesses encounter situations where they're struggling to make ends meet and really do need some sort of assistance in managing their outstanding debts. Although there are a variety of ways to consolidate debts and make payment arrangements for existing debt, these particular methods are not always an assurance that individuals and businesses will be relieved of the heavy burden that is often associated with both personal and business debt. For this reason, it is very important that individuals and businesses that are interested in relieving their debt loads consult with a qualified attorney that specializes in bankruptcy law. John Holowach is an attorney that specializes in helping individuals and businesses navigate through the process of bankruptcy.

Personal Bankruptcy

Individuals that are interested in resolving their personal debts can obtain the assistance of a law firm in order to begin personal bankruptcy proceedings. Many individuals seek bankruptcy as an option because they believe they are not able to meet their financial obligations. A qualified bankruptcy attorney can help individuals decide whether Chapter 7 or Chapter 13 bankruptcy is best for their particular financial circumstances.

Chapter 7
Chapter 7 bankruptcy is an option for individuals that are seeking total resolution of their debts. This particular form of bankruptcy is preferred by some because it stops all forms of collection by debt collectors. Individuals no longer have to worry about such issues as wage garnishments, contact from bill collectors and collection attempts. In order to qualify for Chapter 7 bankruptcy individuals must meet certain requirements such as income limits. Likewise, those interested in Chapter 7 bankruptcy will have to complete and pass a means test prior to being considered thoroughly for the bankruptcy process. With this form of bankruptcy, most assets are seized for resolution of the debt.

Chapter 13
Chapter 13 is in many ways a payment plan for debts. An attorney will assist with making payment arrangements for particular debts. There is usually a time limit in which the debts must be paid off-usually within five years. This particular form of bankruptcy is preferred by those that want to keep their property while they pay off their accumulated debts within a specified time frame.

Business Bankruptcy
Businesses and corporations experiencing difficult financial circumstances also have the option of pursuing bankruptcy. Chapter 7 and Chapter 11 bankruptcy options are available to help businesses and corporations settle their debt loads.

Chapter 7
Chapter 7 bankruptcy for businesses is similar to the process for individuals. In order to resolve existing debts and stop future collection attempts all the assets of the business/corporation are liquidated for debt resolution.

Chapter 11
Chapter 11 could be considered the equivalent of a Chapter 13 bankruptcy for individuals. This form of bankruptcy allows businesses/corporations to restructure their finances while keeping possession of their property. Businesses do not have to liquidate assets, and they can continue to perform business under rules stipulated in the bankruptcy proceedings. With this form of bankruptcy, a plan is devised which details when and how debts will be repaid and both the creditor and the debtor are legally bound to meeting the terms set forth in the bankruptcy proceedings.

The Law office of John Holowach is here to assist you in determining the type of bankruptcy that is best to resolve your debts. Contact us to find out more about how we can help you take control of your finances through bankruptcy proceedings.