Bankruptcy Law
Unforeseen events such as illness, divorce, or job loss often create financial stress.  When bills stack up, collection agencies and creditors begin calling.  If you are overwhelmed with debt, you need solutions and financial relief.  The Law Office of Michael J. Fatta, PLLC helps clients understand how bankruptcy law in Peoria, AZ relates to their situation so they can make informed decisions about getting out of debt.  Experienced legal guidance can help you decide whether bankruptcy is the right answer.  We also provide counsel for Glendale bankruptcy litigation.

Bankruptcy Chapter 7
The goal of Chapter 7 bankruptcy is to discharge or obtain a legal release from existing debts and allow for a fresh start. When the discharge is granted, the debtor is legally released from the debts that were incurred before filing for bankruptcy. The creditors are entitled to share in the proceeds obtained from the liquidation of non-exempt assets.

Bankruptcy Chapter 11
Unlike Chapter 13, in most cases Chapter 11 has no limit on the amount of debt.  When considerable assets are involved, Chapter 11—much like Chapter 13 for individuals—allows a company or individual to continue producing income and handle debt based on a repayment plan confirmed by a court-appointed trustee and creditors.  The Law Office of Michael J. Fatta, PLLC can help you evaluate your situation to determine whether filing Chapter 11 in Glendale or Peoria is a viable solution.

Bankruptcy Chapter 13
Chapter 13 is a section of the Bankruptcy Code that helps qualified individuals and small proprietary business owners who desire to repay their creditors but are in financial difficulty. Chapter 13 permits the debtor to file a plan in which the debtor agrees to pay a certain percentage of future income to the bankruptcy court for payment to creditors. If the court approves the plan, the debtor will be under the court's protection while repaying such debts.