Do you need to eliminate debts related to credit cards, medical or health care bills, payday loans, bank account deficiencies, professional fees, household and car repairs, utility bills (including cell phone, internet, and cable bills), and co-signor or guarantor liabilities? “Chapter 7 Bankruptcy (the common form of bankruptcy) can eliminate such debts. Sometimes, loans and business debts owed by the individual are also dischargeable.

The Chapter 7 Bankruptcy process is usually very quick, and the discharge is granted in most cases in about three months. Many “high income” households may not qualify for Chapter 7 Bankruptcy, so you should consult with us to see if Chapter 7 Bankruptcy is right for you.

If you need help getting caught up on house payments, stopping foreclosure, reducing vehicle payments, preventing repossession, paying off tax debts, eliminating property settlement debts associated with divorce, or deferring student loan payments, Chapter 13 Bankruptcy may be the best solution.

Chapter 13 Bankruptcy is a payment plan for individuals (including those operating sole proprietor businesses). The plan can include payments on all, some, or even none of your debt. Chapter 13 Bankruptcy may be the only form of bankruptcy available for higher income individuals.

Most frequently, businesses need to file Chapter 11 Bankruptcy, which can be used for:

• Obtaining short-term relief from debt service payments.
  Restructuring secured debts to lower interest rates and change repayment terms.
• Stripping secured debts to the value of the collateral.
  Recovering assets taken by creditors shortly before filing.
• Rejecting burdensome contracts and retaining beneficial ones.
• Paying back taxes over five years.
• Discharging large amounts of unsecured debt.
• Eliminating unprofitable portions of the business operations.
• Liquidating a business in an orderly and efficient manner.
  Shutting down a business and transferring its assets/operations to another business entity.
• Much more!

Our founding attorney, David Prelle Eron, is Wichita’s only Business Bankruptcy Specialist certified by the American Board of Certification (the only ABA approved entity for bankruptcy certification). The majority of David’s practice is devoted to business bankruptcy law, and he has appeared in more than 100 business bankruptcy cases. The bulk of Prelle Eron & Bailey, P.A.’s business bankruptcy practice is Chapter 11, which can be used by both companies and individuals. Let us put our experience to work for you today!

Farmers and ranchers have special needs that are not typically addressed by Chapter 7 and Chapter 13 Bankruptcy. For this reason, most farmers, ranchers, and other agricultural enterprises elect to file under Chapter 11 or Chapter 12 Bankruptcy. Prelle Eron & Bailey, P.A. has represented clients in more than 100 such cases, and has helped dozens of Kansas farms and ranches.

An agricultural reorganization can extend repayment terms, reduce balances, and/or lower interest rates on crop and cattle loans, lines of credit, equipment debt, and land loans. Unneeded equipment and land can also be sold free and clear of liens in a Chapter 11 or 12 Bankruptcy case. The key to a successful ag reorganization is improving cash flow.

The choice between Chapter 11 and 12 Bankruptcy is a complicated one requiring analysis of many factors. However, farming operations with more than $10 million in debt may not be eligible to file under Chapter 12 Bankruptcy. We would love to put our custom crew to work for you!

Professionals in the health care industry have challenges regarding patient privacy not found in other cases. Prelle Eron & Bailey, P.A. has helped doctors, dentists, chiropractors, optometrists, nurses, home health aides, and their operating entities file dozens of bankruptcy cases. The best chapter to file is heavily dependent on your goals (liquidation or reorganization), your operating format (employee, sole proprietor, partnership, LLC, or corporation), and the size of your operation.

Chapter 7 Bankruptcy can be effectively utilized to start fresh in your chosen field, while eliminating all of your existing liabilities. Chapter 13 Bankruptcy can be used by individuals to restructure secured business liabilities over five years, while eliminating vendor and credit card debts. For company reorganizations, Chapter 11 Bankruptcy is the best option. In Chapter 11 Bankruptcy, business liabilities can be restructured over a long period, and unsecured debts can still be eliminated or reduced. Additionally, unprofitable long-term contracts can be “rejected” in Chapter 11 Bankruptcy.

Let us help you enjoy practicing your profession once again!

Tight budgets, reduced public funding, regulatory nightmares, and staff turnover frequently wreak havoc on human services agencies. Whether you run a retirement home, a residential facility for MR/DD populations, a foster care agency, or a skilled nursing facility, you can undoubtedly identify with some of these issues.

A Chapter 11 Bankruptcy filing can help by halting aggressive action by the IRS or the state taxing agencies, preventing levies and garnishments, and restructuring long-term secured obligations. Unsecured debt can be reduced or eliminated, and under the right circumstances even portions of your taxes or secured debts can be cancelled. You may still need to jump those regulatory hurdles, but Chapter 11 Bankruptcy may give you the relief you need to focus on taking care of your clients or residents instead of struggling with debt.

Hotel and real estate operations frequently face foreclosure, attachment of rents and revenues by secured lenders, receivership, and even de-branding before entering bankruptcy. Many such cases are known as “single-asset real estate” cases, which have a unique set of rules under the bankruptcy code. It is imperative that you retain counsel that understands these types of cases.

By filing Chapter 11 under appropriate circumstances, you can hold your secured lenders at bay, retain and use ongoing rents in the ordinary course of your operations, halt foreclosure proceedings, remove receivers, protect your franchise or branding agreements, and, if necessary, set up a five year repayment plan for back taxes. Chapter 11 can also be used to sell property in a responsible manner and timeframe, restructure and/or reduce your secured loans, and reduce or eliminate your unsecured debts.

We have helped hotels, large industrial properties, residential complexes, and large single family dwelling operations. Let us help you!