(Bankruptcy Law)

Bankruptcy Attorneys in Easton, Maryland

Easton bankruptcy attorneys fight to defend your home and give you a fresh financial start

If a client is threatened with foreclosure on his/her home or deciding whether to file a Chapter 7, 11 or 13 bankruptcy, Hollis, Cronan & Fronk, P.A. can help. Our goal is to resolve our client’s financial troubles as soon as possible in the following areas:

Chapter 7 bankruptcy — liquidation

Chapter 7 can be a fresh start for individuals, partnerships and corporations, with no hope for repairing their financial situation. It is the most-common form of bankruptcy and involves a liquidation of personal assets, where most or all assets are sold and the proceeds distributed to creditors. This type of proceeding helps people who have high, unsecured debts, such as credit card or medical bills, which may allow some assets, such as car and home, to be declared exempt.

The client must pass a means test for Chapter 7 bankruptcy. This means test is a set of formulas used to determine if one has the ability to pay debts. If the test determines one’s ability to pay, then a Chapter 7 bankruptcy cannot be filed. Hollis, Cronan & Fronk, P.A. determines if Chapter 7 bankruptcy is the best solution and helps the client through the filing process from start to finish.

Chapter 13 — personal reorganization

Chapter 13 bankruptcy is especially helpful for those who have significant equity in a home or other property and want to keep it. This type of bankruptcy is designed for individuals with a regular income who want to pay off their debts, but are unable to do so, according to the terms demanded by creditors.

Hollis, Cronan & Fronk, P.A., can propose a repayment plan, to be approved by the court, to pay creditors over a period of three-to-five years. During this time, creditors are generally prohibited from continuing collection efforts. We safeguard our client through the Chapter 13 bankruptcy filing process from start to finish.

Chapter 11 — corporate reorganization

Chapter 11 bankruptcy is a corporate financial reorganization that lets companies stay in business, while executing a debt-repayment plan. This is available to every business, whether organized as a corporation, a sole proprietorship or a partnership, but is most prominently used by corporate entities.

In Chapter 11, one can own a business and simultaneously get rid of debt. The theory behind a Chapter 11 bankruptcy is that profitable parts of a business should continue to operate, thereby protecting jobs and revenue, and allowing the business to pay off creditors over time. Hollis, Cronan & Fronk, P.A. assists our client’s company in Chapter 11 bankruptcy.

Foreclosure defense attorneys fighting so you can keep your home

At Hollis, Cronan & Fronk, P.A., our foreclosure defense attorneys can help save our client’s home, if a foreclosure lawsuit has been filed against his/her Maryland property. The client may think that he/she has very few options, but there might be a solution that could stop a foreclosure proceeding. We evaluate our client’s situation to determine whether he/she can save his/her home or if other options are available including modifying an existing loan, a deed in lieu of foreclosure, a short sale and others. With our extensive knowledge of Maryland foreclosure laws, we are able to provide sound counsel, so that the best decision for a specific situation can be made.

Providing clients with a fresh financial start in Easton, Maryland

If you need help with a foreclosure matter or filing for a Chapter 7, 11 or 13 bankruptcy, call Hollis, Cronan & Fronk, P.A. at 410.822.8822, or contact our firm online to arrange a consultation.

 

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