Consumer Bankruptcy and Restructuring

Bankruptcy law is somewhat unique and complicated, mainly due to uncertainty about the best course of action for each person’s situation. Plus, bankruptcy has long-term financial and legal outcomes for an individual. Personal bankruptcy requires careful analysis of a person’s financial situation and an understanding of a wide range of legal issues.

At LGIC, the full range of our business lawyers and bankruptcy attorneys will help you weigh your options, and determine whether bankruptcy is appropriate and cost-effective for you, or whether any other alternatives to bankruptcy might be suitable for your circumstances.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy protection allows debtors to use income and liquidation of all non-exempt assets to get rid of as much debts as possible. In return, the court cancels most, if not all, of the debts.

Chapter 11 Bankruptcy

Individuals suffering overwhelming debt problems, and who exceed the debt limits for filing Chapter 13 bankruptcy, may also take advantage of the beneficial provisions in Chapter 11 to overcome their unmanageable debt issues. For an individual, Chapter 11 allows the debtor to restructure his/her finances through plan payments approved by the court.

Chapter 12 Bankruptcy

Chapter 12 bankruptcy is a relatively new addition to personal bankruptcy intended to help “family farmers” and “family fisherman” with “regular annual income” to restructure their finances and avoid liquidation or foreclosure. 

Similar to Chapter 13 bankruptcy, Chapter 12 debtor proposes a plan to pay creditors over a period of three to five years.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is also called a wage earner's plan because it enables individuals with regular income to develop a plan to repay all or part of their debts without the need to liquidate personal assets to repay creditors.

Bankruptcy has long-term financial and legal outcomes, LGIC attorneys will help review your options and determine whether bankruptcy is appropriate and cost-effective for you with a focus on the best way to salvage your finances.

Our Team

Eric Nwaubani

Founder & Managing Principal