Dougherty & Dougherty, LLP

Sioux Falls: (605) 335-8586
Toll-Free: (800) 335-8586

Office Hours: Monday-Friday
8:30am-12:00pm / 1:00pm-5:00pm


What is Bankruptcy?
Bankruptcy is a court proceeding in which a judge and court trustee examine the assets and liabilities of individuals and businesses who can't pay their bills and decide whether to discharge those debts so they are no longer legally required to pay them.

Bankruptcy laws were written to give people whose finances collapsed, a chance to start over. Whether it was bad decision making or bad luck, lawmakers could see that in a capitalistic economy, consumers and businesses who failed, need a second chance.

Types of Bankruptcy
There are several types of bankruptcy for which individuals or married couples can file, the most common being Chapter 7 and Chapter 13.

Chapter 7 bankruptcy is a chance to receive a court judgment that releases you from responsibility for repaying debts. You are permitted to keep key assets, considered "exempt" property, but "non-exempt property" will be sold to repay part of your debt.

Chapter 13 bankruptcies make up about 30 percent of non-business bankruptcy filings. A Chapter 13 bankruptcy involves repaying some of your debts to have the rest forgiven. This is an option for people who do not want to give up their property or do not qualify for Chapter 7 because their income is too high.

Chapter 11 bankruptcies are designed for businesses. Chapter 11 is often referred to as "reorganization bankruptcy" because it gives businesses a chance to stay open while they restructure the businesses debts and assets so it can pay back creditors.

Chapter 12 bankruptcy applies to "family farms" and "family fishermen" and gives them a chance to propose a plan to repay all or part of their debts.

Chapter 7 Chapter 13 Bankruptcy Law

Sioux Falls Bankruptcy Lawyers


Sioux FallsUndoubtedly, choosing to file for bankruptcy is a major decision, and doing so will significantly impact your credit, however the benefits that it provides may heavily outweigh any negatives, and it may be the only option you have. Because this process can be complicated and trying, it is recommended that you enlist the help of a highly skilled and talented lawyer. Our bankruptcy lawyer serves the Sioux Falls and the entire state of South Dakota and can help you navigate your way through this complex process. With over 30 years experience helping numerous clients address their debt issues, the law firm of Dougherty & Dougherty, LLP. has the knowledge and expertise to help you get your life back on track. With one simple call, you can get on the path back to the freedom of being debt-free. Our goal is to ensure that you complete the process in a smooth and hassle-free manner. Call us today for a free, confidential consultation.

We can offer experienced guidance and applicable information, no matter your particular needs or concerns. Dougherty & Dougherty, LLP. will help you determine the best possible course of action for your unique financial situation based upon your particular goals. Additionally, we can offer you information regarding the top bankruptcy myths, frequently asked questions about bankruptcy, Chapter 7 versus Chapter 13, what property is exempt, and bankruptcy law. We can also help you decide if bankruptcy is right for you. Our experienced bankruptcy attorneys help clients throughout South Dakota and the Sioux Falls area. We can assist you if you are filing jointly or are filing an individual bankruptcy case.

Sioux Falls Bankruptcy Lawyers

A bankruptcy attorney can help to protect the assets and property you keep while seeking to have the highest amount of your debt discharged. Though it may be difficult to imagine at this time, you may be able to face a future free from constant debt collection efforts, wage garnishment, repossession, etc. You can get the help you need to actually improve your financial situation. Having an attorney present with you through all stages of the bankruptcy filing can make all the difference in the final results of your case. Many people attempt to take on their case alone and while they may avoid an attorney fee, they can pay a lot more in the long run. Our legal professionals are able to assess the best strategy for the situation and to take steps that maximize the results of filing. We are able to optimize the exemptions, as well as determine which form of bankruptcy to file under. These cases can be complex and we offer our clients clarity and direction. A bankruptcy may be the chance for a fresh start for you and our firm can help get you there. We also seek to help our clients remain out of debt so that filing doesn't just help them now but remains beneficial to them even in the future.

If you are a South Dakota resident who is considering declaring bankruptcy and are looking for legal representation you can trust, please give us a call our Sioux Falls office today at (605) 335-8586 and setup a free consultation.


Dougherty & Dougherty, LLP - Bankruptcy Lawyers
101 N. Phillips Avenue Suite 403
Sioux Falls, S.D.  57101-2376