Categories: Bankruptcy

The Benefits of a Mock Bankruptcy Filing

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Trying to decide if bankruptcy is right for you? A mock bankruptcy filing allows you to see what your best and worst case scenario would be. But why should you consider a mock bankruptcy filing?

If you own a business or an individual in debt, you are probably trying to figure out whether filing for bankruptcy or negotiating debt is your best option. Van Horn Law Group will collect all the detailed information about your case, just as if you were filing bankruptcy. We will prepare everything just like a real bankruptcy and provide a detailed report about what your best and worst case outcome could be. This information can be valuable in deciding whether to move forward with bankruptcy or simply negotiate debt with creditors.

Benefits of a Mock Bankruptcy Filing

But what are some of the benefits of a mock bankruptcy filing? See what your options are before you commit to filing bankruptcy with the court.

  • In-depth analysis of your case. Van Horn Law Group will provide an in-depth analysis of your case, including your financial situation, how much debt you have, whether it is possible to negotiate debt with your creditors, what financial options you have and more. Filing for bankruptcy can be the best option for many people and businesses, as it gives you the opportunity to get your finances in order and maybe even get a clean slate. However, it can also have a lot of negative effects on your credit, your possessions and more, so it is important that you receive an in-depth analysis of your case before deciding to move forward with filing for bankruptcy.
  • Worst and best case scenarios. Van Horn Law Group will also offer you best and worst case scenarios of what could occur when you file for bankruptcy. Typically, in a best case scenario, filing for bankruptcy gives individuals and businesses the opportunity to pay down a portion of your debts over a period of time or even eliminate your debts entirely. In a best case scenario, you will not lose any property. Instead, your debts will typically be organized in such a way that you can pay them off either partially or in full over the next few years, typically three to five years. In a worst-case scenario, you will typically lose a large portion of your property or possessions to make up for the debts that you owe. This is typically called a Chapter 7 bankruptcy or a liquidation bankruptcy, meaning that you need to sell your assets to pay off the portion of debts that you owe. However, some assets might be exempt from liquidation, according to state law, so we will let you know which assets, if any are exempt from liquidation.

Who Should Consider a Mock Bankruptcy Filing?

Now you know what to expect from a mock bankruptcy filing, but who exactly should consider a mock bankruptcy filing?

  • Individuals. If you are an individual drowning in debt and having a difficult time keeping up with payments and paying basic living expenses, it is probably time to consider a mock bankruptcy filing. A mock bankruptcy filing will give you more information about what your financial options are, as well as best and worst case scenarios. It will give you the knowledge you need to decide whether to file for bankruptcy and wipe your slate clean or try other financial options, like working out payments with creditors.
  • Businesses. If you are a corporation, limited liability company, partnership or sole proprietorship and you are struggling, you might be able to file for some kind of business bankruptcy. However, there are some eligibility requirements. Van Horn Law Group will look at your case and help determine if you are eligible for bankruptcy and what your financial options are.

A bankruptcy is a major life event. With the right help it can become the beginning of a new and better one! When you need professionals who can help you and your family or business navigate these challenges and start rebuilding your life, talk to a team that has helped people in every industry – from entertainment to corporate America – get a handle on life after bankruptcy. Schedule a free consultation with Van Horn Law Group.

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The Benefits of a Mock Bankruptcy Filing
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A mock bankruptcy filing will give you more information about what your financial options are, as well as best and worst case scenarios
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Chad Van Horn
Van Horn Law Group
Van Horn Law Group
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Chad Van Horn

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