Debtor Services
Financial Problems in the Construction Industry are Sometimes Unavoidable
The construction industry in general has suffered significantly during this global financial downturn in the economy. This trend has affected the businesses and personal lives of thousands of owners, contractors and suppliers. Many businesses and individuals have been forced to file bankruptcy in order to manage overwhelming and unavoidable debt.
If you find yourself in this situation, there is help. Contact the attorneys at Herrig & Vogt, LLP, to evaluate whether filing a Chapter 7, Chapter 11, or Chapter 13 bankruptcy is appropriate for your particular situation.
Chapter 7
Chapter 7 bankruptcy may be right for you if:
- You have missed mortgage payments or car payments
- Your income is inadequate to pay your bills
- You have lost a source of income
- You have huge medical bills
- You have high credit card debt
Chapter 7 personal bankruptcy can give you the "fresh start" you need. Not everyone will qualify, but if you do, it can be a great relief, allowing you to start over again without the weight of debt on your shoulders. Contact Herrig & Vogt, LLP, to see if you qualify.
Chapter 11
Chapter 11 business reorganization may be right for you if:
- You are a financially struggling business (or sometimes an individual)
- You have excessive debts, liquidity problems, the need to reject leases or contracts
- You are in significant arrears in lease or vendor payments
- You have suffered a major business loss
- You are threatened with lawsuits, enforcement of judgments, liens, turnover orders
- You want to continue to operate without the threat of immediate closure by creditors
- You need a break from creditors to stabilize and reorganize financial affairs
A Chapter 11 bankruptcy may provide you with the “breathing room” you need to successfully reorganize or liquidate your business. Contact the attorneys at Herrig & Vogt, LLP, to learn more about filing a Chapter 11 bankruptcy.
Chapter 13
Chapter 13 debt reorganization may be right for you if:
- You have credit card or consumer debt that could be repaid if given more time
- You have a desire to repay your debts, but need the protection of the bankruptcy court
- You experienced a temporary loss of income
- You experienced a temporary increase in expenses
If you qualify, the attorneys at Herrig & Vogt, LLP will work with the bankruptcy court to reduce the amount you owe, stop late fees and fines, and arrange an extended payment plan for 3 to 5 years. Please contact our firm to find out if you qualify.
Creditor Services
As a creditor, the federal bankruptcy code provides you with significant protections against unpaid debt. When a consumer or business enters into Chapter 7, Chapter 11, or Chapter 13 bankruptcy protection, you as a business owner or an individual still have rights. It is important to understand how you can protect your ability to secure and collect debts during consumer and business bankruptcies. The attorneys at Herrig & Vogt, LLP, represent businesses and individuals in all aspects of bankruptcy litigation.
Herrig & Vogt, LLP, provides the following services:
- Filing motions for relief from automatic stay
- Objecting to the Disclosure Statement and Plan
- Challenging fraudulent conveyances
- Preference litigation actions
- Objecting to discharge
- Lien avoidance actions
- Filing a proof of claim
Contact Herrig & Vogt, LLP, to ensure your rights as a creditor are protected.
Perfecting Your Mechanic’s Lien In Bankruptcy
Owner insolvency is an increasing problem in the construction industry. Time is of the essence when an owner/debtor files bankruptcy. You must act quickly in order to protect your mechanic’s lien rights in bankruptcy. The attorneys at Herrig & Vogt, LLP, can immediately evaluate your case and begin perfecting your mechanic’s lien rights in bankruptcy with the following services:
- Recordation of a mechanic’s lien, usually within 24 hours
- Immediate filing of a Notice of Perfection in bankruptcy to enforce mechanic’s lien rights
- Filing an Adversary Proceeding to determine validity, priority or extent of lien
- Filing a Motion for Relief from Stay to proceed with a state court foreclosure action
- Daily monitoring of the owner’s bankruptcy case to promptly respond to actions
- Filing Responses to any actions by the Debtor and Creditor
- Filing a proof of claim
Contact Herrig & Vogt, LLP, today for assistance in perfecting your mechanic’s lien rights in bankruptcy court.
