Bankruptcy – Atom Law Group

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Atom Law Group's Bankruptcy Services


Atom Law Group is composed of a team of multilingual attorneys working collectively toward bringing solutions to your business and personal legal needs. The lawyers at our firm are committed and passionate professionals focused on providing our clients with quality, realistic, and honest solutions.

We apply this philosophy to all areas of practice, and through our practices, to all of our clients. This is especially true in the case of bankruptcy law. We are sensitive to the unique circumstances that this year’s pandemic has created, and are prepared to fight for the preservation of the financial future of all individuals and businesses.

Bankruptcy Overview

There are some key basics to understanding Bankruptcy. First, Bankruptcy is a tool available to all individuals and businesses to seek protection from creditors. Bankruptcy does NOT have to mean you are giving up all of your assets or giving up your business. It could be a way to keep your assets or your business while still getting protection from creditors. Second, not everyone qualifies for the right to declare Bankruptcy. You have to petition the court for a chance to use this tool and the court decides if you are entitled to the protection. Atom Law Group will help you determine if you are in a position to ask for this assistance. If you are eligible, our firm will work to petition the court for this protection.

In a bankruptcy proceeding, there are two sides: the Creditor & the Debtor. On either side, there are generally two different types of parties: Individuals and Businesses.

Furthermore, Title 11 of the United States Code – the “Bankruptcy Code” – segments bankruptcy into several “Chapters” of bankruptcy law, the Principle Chapters of which include Chapter 7, Chapter 11, Chapter 12, Chapter 13, and Chapter 15.

A majority of bankruptcy cases, as you may see online or during TV commercials, fall into three main chapters: 7, 11 & 13.

Chapter 7Liquidation proceeding available to individuals & businesses, in which non-exempt assets of a Debtor are collected & liquidated, and the proceeds distributed to Creditors.

Chapter 11Mostly for businesses but available to individuals, this chapter involves a reorganization of Debt under which the Debtor repays part or all of its Debt while continuing to operate.

Chapter 13Primarily used by individuals, this chapter reorganizes Debt under a three to five year repayment plan. To qualify, the Debtor must have regular income and not more than a certain amount of Debt.

Not sure which is best for you and/or your business? Our attorneys have the best interest of you and your small business in mind, and would be happy to decide which route is best. For more information on each chapter, please click below, or give us a call at any time!


The bankruptcy laws can be confusing and difficult to navigate on your own.  Our attorneys have the knowledge and experience to assist you in determining the best path forward.  For more information on each chapter, please click below, or give us a call to setup a consultation.

When To Consider Filing

While every situation is unique and the optimal timing of filing for bankruptcy may vary depending on the circumstances, it is never too early to explore and understand the options that are available to individuals and businesses.  Thoroughly understanding all of the options available sooner than later will help you to make the best decision for your future.  Filing for bankruptcy may seem like an action of last resort, but bankruptcy can be the difference between recovering versus falling further behind in debt.


Engaging in the process of filing starts here – exploring your options and learning. As you continue to educate yourself, understand that seeking bankruptcy protection can be the proactive and responsible choice.  Here are three common reasons for individuals and businesses to consider filing:

3 Reasons for Individuals

  1. Medical Debt: More than 60% of people filing for bankruptcy cite medical debt from serious or unforeseen medical issues as the cause, or one of the major causes, for filing for bankruptcy. In most cases, this occurs even while the filer has health insurance. Our country’s healthcare system is imperfect, and it will continue to play a significant role in the cause(s) of bankruptcy.
  2. Unemployment/Job Loss: Even during normal times, it is difficult to navigate life’s challenges after the loss of a job. In an unprecedented pandemic, it is exponentially more difficult as we try to make plans in a time of uncertainty. With no end in sight, if you find yourself unemployed, now can be a good time to wipe the slate clean.
  3. Divorce: According to some research, financial issues are the second leading cause of divorce. In 2020, unfortunately, many more marriages may fall victim to financial uncertainty brought on by the pandemic. If you’re a small business owner, drastic changes at home mean drastic changes at work, and it is your responsibility to protect both you and your business’s financial future.

3 Reasons for Businesses

  1. Recession: Not much needs to be said about how market conditions can lead business owners – especially small business owners – to consider filing for bankruptcy in the wake of the COVID-19 pandemic.
  2. Excessive Loans: Starting a business is not easy, and rarely is it free. Loans are the most common method for businesses to get off the ground.  However, due to unforeseen circumstances, ie COVID-19, the very loans that helped to get the business started can become an albatross for the business.
  3. Tax Issues: Especially with small businesses, the mismanagement of tax structures can take a big toll. Atom Law Group knows when and how to put up a legal buffer between small businesses and the IRS and state departments of revenue.

Overall, the goal is to start the process of resolving an issue that is years in the making, so don’t wait until it’s too late!

Why Choose Us?

Why choose Atom Law Group?

Small Business Owners

Atom Law Group, LLC, is a small business and we understand the sacrifice and commitment it takes to start and operate a business.  We respect and value the entrepreneurial spirit and we see it as our responsibility to assist businesses to successfully manage challenges and difficulties.  A little help in times of trouble can go a long way towards helping entrepreneurs achieve their ultimate goals and dreams.  Bankruptcy can be a critical lifeline for businesses so let our experienced and compassionate attorneys help you navigate the laws to ensure future success.


Here at Atom Law Group, we value looking ahead and finding solutions.  There are many reasons that someone may seek bankruptcy protection, but we don’t believe in looking backward, we are interested in finding the best solution for a path forward.  If you’re here, you’re the kind of individual that takes action when action is required. Good.

You may have questions about the process, and we’d be happy to answer them.  Let us help you with a plan to move forward.  We love being part of the solution and not a part of the problem.

Why not choose Atom Law Group? We’re ready to give you and your small business the care and attention that you deserve.

Chapter 7

Often called, “Liquidation Bankruptcy,” Chapter 7 liquidates a debtor’s non-exempt assets by the Trustee to repay debts. In Chapter 7, the Debtor’s discharge doesn’t depend on the Trustee’s ability to liquidate non-exempt assets.

Chapter 11

Also called, “Reorganization,” or, “Repayment,” bankruptcy, Chapter 11 is designated for individuals with debts that exceed Chapter 13’s statutory debt limits.

Chapter 13

Combining elements of Chapter 7 & Chapter 11, this option is when Debtors either want to save a non-exempt asset that would otherwise be lost in Chapter 7, or have both disposable income and the ability to pay their debts. Chapter 13 get nuanced in type of debt (secured vs unsecured) and statutory considerations.

Empowering You To Choose the Best Path Forward


Navigating Bankruptcy laws can be tricky, and businesses are often not equipped to handle such matters, whether on the debtor or creditor side. Let us help you protect what belongs to you and your business through the rights afforded by law.

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