focus areas

Sayar Fausto strives to ensure the success of its clients whether in moments of financial distress or during the economic booms. We understand that existing financial pressures can deter your concentration in areas where your productivity can assist in your financial predicatment. Whether you or your company are facing the challenges of the finances are managing debt and need assistance, our experienced attorneys understand the rigors of meandering through the confusing labyrinth of Bankruptcy and financial restructuring.

Your credit history and financial position is important to you and your family.  We understand that maintaining valuable credit in business and in your personal affairs is important to ensure the success and comfort of your business and family.  Our skilled attorneys understand the distressed conditions of Bankruptcy and can help alleviate the stress and discomfort.  Our attorneys will work hard to ensure that your business, family and you are comfortable with the consequences of the potential financial reorganization and/or Bankruptcy.

Can Bankruptcy Affect My Future Credit?

Bankruptcy is a procedure by which individuals and business can regain control over their finances. The promulgation of changes in 2005 and thereafter provided more rigid standards by which to file for Bankruptcy however the benefits of Bankruptcy were not affected. Bankruptcy may tranish the filiers reputation and prevent them from obtaining future credit or financing for auto loans or home purchases however the discharge of the debt and the ongoing management of the same will assist the person in rebuilding its credit.  Bankruptcy is a declaration by a person or business to the general public that it is "insolvent" or that their liabilities exceed their assets and it is unable to meets those obligations regardless of the restructing employed.

Does Bankruptcy Minimize My Debt Obligations?

Yes, there are various ways that Bankruptcy can impact your obligations to creditors.  Any filing under Chapter 7, Chapter 9 and Chapter 11 will effect a change in the condition of your finances. You will either petition the court to have all the debt discharged or reorganized. Filing under a specific chapter under the Bankruptcy Code requires meeting the standards for filing; the Bankruptcy Court will evaluate your situation on an individual basis and determine whether your financial condition permits you to file under the specific chapter.

Can Bankruptcy Discharge My Tax Liability?

Yes; Bankrutpcy in very limited circumstances assist you in discharging your tax liability with the state in which you reside or the IRS. However the discharging your debt may be difficult unless you meet the qualifications under the Federal Bankruptcy Rules, which among other things may require you to be subject to extensive scrutiny by the creditors including the IRS and state tax authority. Additionally, you will have to undergo financial counseling and assistance and hire an attorney to assist you in negotiating with the IRS or state tax authority.  The Federal Bankruptcy Code permits the dischargeability of certain income taxes if certain temporal requirements are met along with the proper filing of the persons income tax return.  If you are unable to meet the Federal Bankruptcy Code's requirement asking the IRS or state tax autority to discharge the accrued interest may be your only alternative.

What is the Cost of Filing?

The cost for any Bankrtupcy filing will vary on the complexitiy of the financial position of each individual and the amount of time that each we are required to spend on each of the creditors. For most consumer Bankruptcy standard fees will apply as the nautre of the debt will generally be credict card. Each U.S. District Court has a filing fee that you must file with your petition and may range from $200 - $1,500.00 depending on the complexity of your case.

How Long will Bankrtupcy Take?

Generally, a filing with the Bankrtupcy court will take 60-90 days after filing for the court to review, evaluate, approve and discharge your debts.  If the court calendars are congested you may be looking at a longer period of time prior to your Bankruptcy being approved and debt discharged. However you will have the benefit of "staying" all pending litigation until the Bankrtupcy Court has concluded your petition.

Do I Have to Attend Credit Counseling Before Filing for Bankruptcy?

Yes; the recent enactment of the 2005 Bankruptcy Code requires all petitioners in a Bankruptcy filing to attend a financial counseling course and receive a certificate within 180 days before you file a Bankruptcy petition.  Click here for the U.S. District Court provided and approved credit counseling agencies.

Can I Represent Myself In Bankruptcy?

Yes, although it is discouraged by the courts. The complexity of the Bankruptcy Code may impact the personal filing to the extent that the person may not be completely discharged from its debts. This effect will result in an ineffective discharging of the debts.

For additional information on the particular requirements for filing under each Chapter of the Bankruptcy Code please refer to the Focus Area above.