Jared Loyal Haddock

Chapter 7 is a "Liquidation" Bankruptcy. I represent individuals who are struggling with their finances and are unable to repay a significant portion of their unsecured debts. Most of my clients are able to keep all of their assets in Chapter 7 with no liquidation by appropriately disclosing and exempting them under the federal law. A typical case lasts three to four months from filing and discharges 100% of a client's unsecured debts. I personally represent each client myself at every step.

Individuals in financial hardship need options. They often feel hopeless and trapped by their debts and they need to know there are solutions available to them. Whether they ultimately opt for a Bankruptcy or not, the solution must be proactive on their part and give them the resources they need to rebuild their financial lives afterward. I always let my clients know their options objectively and I encourage them to start taking back control even before any case is filed so they are empowered.

Many of my clients do not need to file for Bankruptcy protection at all. Often, especially when a Bakruptcy is otherwise imminent, creditors are willing to negotiate settlement terms with a client. Negotiated settlements of one's debts are more likely feasible when there are not many accounts and the client has the resources to offer immediate or short-term payment of some significance. Settlement of less than half of the balance of such accounts is often preferred by the client and creditors.

Chapter 13 is a "Reorganization" Bankruptcy. I represent clients in Chapter 13 when needed. It involves a repayment plan of three to five years in duration in which the amount of debts actually repaid depends on several variables. I do not recommend a Chapter 13 for most of my clients unless there is a specific need and such a case is at least presumptively feasible. However, for most clients it is a viable option that should at least be discussed and considered.