Bankruptcy

Can a bankruptcy proceeding enable a person to get a fresh start? Patricia Depew's confident response is, "Absolutely!"

Properly used, bankruptcy law can help people move forward with their lives - free of the burden of excessive debt and with new access to credit. Patricia Depew offers bankruptcy counseling because she wants to help people who feel trapped by laws and institutions. Individuals faced with sudden changes in their lives - an adverse court decision, a medical emergency, job loss, or death in the family - can find themselves unable to pay mounting bills. Ms. Depew provides analysis, advice, and representation to free people from crippling financial obligations.

Ms. Depew specializes in assisting individuals faced with insurmountable debt. This primarily means proceedings handled under Chapter 7 (liquidation) or Chapter 13 (adjustment of debts of individuals with regular income) of the Federal Bankruptcy Code. The system is complex. An individual can suffer immensely if wrong decisions are made on which bills to pay first and which assets to try to protect. See Sample.

Analysis, preparation, and sound advice make the law work for you Ms. Depew first presents clients with the advantages, disadvantages, and costs of filing for bankruptcy. Then, based on an analysis of the economic facts, she works with them to develop the best legal strategy If asset liquidation under Chapter 7 will produce the best possible result, Ms. Depew identifies those assets that can be protected. For example, California has a homestead exemption that, depending on the family situation, allows a debtor to retain from $50,000 to $125,000 of the proceeds of the sale of a primary dwelling. Because this amount is deducted from the debt, Ms. Depew can often use this exemption to enable clients to keep their homes.

If a Chapter 13 adjustment of debt is the best alternative, thorough financial statements are prepared to form the basis of a payment plan that the court will accept. Generally, secured debts such as mortgages have to be paid, and depending on the circumstances, unsecured creditors get a percentage (for example, 20 cents on the dollar) of the original debt.

The Law Offices of Patricia Depew, whose creative and talented staff includes members fluent in Korean and Spanish, is ready to help you get the fresh start you deserve.

Example:
Mistakes Corrected to Prevent Financial Disaster

A woman, pursued by creditors after a painful divorce, incorrectly concluded that money in a children's trust fund had to be moved to protect it from creditors. Before entering bankruptcy, she also paid a debt to her ex-spouse to spare her children from further family conflict. The Chapter 7 Trustee determined that these actions constituted fraudulent transfers. This led to the court imposing significant administration fees payable to the Chapter 7 Trustee. By converting the bankruptcy to a Chapter 13, Ms. Depew saved her client's home from liquidation. She also was able to obtain a $12,000 reduction of the Trustee legal fees. Ms. Depew's consultation turned a desperate situation around and helped her client break free from the chains of debt.