An individual or institution that is without considerable assets and that is buried in debt may find bankruptcy the best solution to their financial distress. At Wang, Gao & Associates, we assist such individual and institutional clients to start over with a clean slate through the mechanic of various types of bankruptcy, including the following:
- Personal Bankruptcy
- Corporate Bankruptcy
- Debt Negotiation
- Corporate Debt Restructuring
- Chapter 7/Chapter 11/Chapter 13 Bankruptcy
If you are buried in debt and are harassed by your creditors through whether it be their off-hook calls, threatened lawsuits, or actually filed lawsuits, bankruptcy may be a solution to your troubled situation. A bankruptcy filing stays all the creditor’s debt collection efforts; phone calls will stop ringing off the hook, the lawsuits will come to a halt, and you will not have to deal with the lengthy and costly litigation. You may be eligible to have all of your debts discharged at the bankruptcy court if you meet certain eligibility requirements.
The attorneys at Wang, Gao & Associates have represented both individual and institutional clients. We often help individual clients file Chapter 7 (liquidation) bankruptcy to make a fresh financial start. However, each individual’s situation is unique. Sometimes we find that Chapter 11 bankruptcy (reorganization) or Chapter 13 bankruptcy (a debt repayment plan) is a more viable answer to some people.
A business owner may choose to file for Chapter 11 bankruptcy for many compelling reasons. It is a viable option to a financially distressed business that desires to keep its head above water. This legal tool is often neglected or shied away by many business owners in the Chinese community. Unlike Chapter 7 bankruptcy, Chapter 11 bankruptcy allows a business to remain in possession of its assets and to restructure and continue operation. Chapter 11 bankruptcy is the most complex of all bankruptcy filings. It requires a highly skilled team of lawyers to get the job done. The attorneys at Wang, Gao & Associates have unique experience of Chapter 11 bankruptcy filings and litigations in both the New York and the New Jersey federal bankruptcy courts. The firm is one of the few, if any, law firms in the Chinese community that have the experience and expertise to handle Chapter 11 bankruptcy. We have represented both the debtors and the creditors in Chapter 11 bankruptcy matters. We also have experience in litigations involving preferential transfers and fraudulent transfers in the bankruptcy courts.