An Experienced Bankruptcy Attorney Gets You a Fresh Start
The real benefit of filing for bankruptcy is getting a fresh start —
getting out from under the crushing bills you and your family are not able to pay. There’s no shame in filing for relief, though often the hardest part of bankruptcy is overcoming the emotions of failure and shame that one feels. People have been filing for debt relief for hundreds of years. The first official federal bankruptcy law in the US was enacted in 1800. After many years and many revisions, in October 2005, it was overhauled again, making it more difficult, but not impossible, for debtors to get their “fresh start”.
You have options
Bankruptcy is not your only option. At times I work with creditors to develop out-of-court solutions that avoid bankruptcy. This can result with the debt being reduced to a much smaller amount that is payable in more-manageable monthly installments. When bankruptcy is your best option, there are three chapters available to an individual, couples, or a business. Chapter 7, Chapter 13 and Chapter 11. Chapter 7 is a liquidation of your debts. You hang on to your exempt assets and assuming everything goes as planned, 90 days later you are discharged from the obligation of paying those debts. Chapter 13 is often called the small businesspersons reorganization for those that can’t file a Chapter 7, whereby you pay into a Plan for 3 or 5 years, and assuming everything goes as it’s supposed to go, at the end of that time you get your discharge. Chapter 11 allows your business to continue operating while you pay creditors under a reorganization plan.
Experienced in debt analysis
I analyze your case to determine if bankruptcy will advance your immediate and long-term financial goals. Together, you and I review your debts, income, and expenses. I will explain the full effects of bankruptcy on your family, your business, your home and access to future credit. If bankruptcy is the right choice, I provide detailed information about the bankruptcy process and give you a complete picture of the outcome that you should expect. My upfront approach to bankruptcy gives you confidence in your financial future.
Reprieve through automatic stay
One of the most important features of filing a bankruptcy petition is the imposition of the automatic stay. This means that creditors must immediately stop all collection efforts for their debt. An advantage of hiring an attorney is that you can refer your creditor’s calls and letters to me. Once retained, I communicate with your creditors on your behalf – and you can start to answer your telephone again.
Your bankruptcy options
Chapter 7 bankruptcy
For individuals and married couples who own fewer assets and earn smaller incomes, Chapter 7 bankruptcy grants you relief from debts through liquidation of your non-exempt assets. A corporation can also file under Chapter 7 or 11, but not Chapter 13.
Chapter 13 bankruptcy
For individuals or couples only, Chapter 13 is an option when facing foreclosure, your income is higher than a Chapter 7 permits, or you have non-dischargeable debts. Chapter 13 bankruptcy allows you to pay off debts under a court-ordered installment plan extending three or five years. This option provides numerous advantages, including the possibility of keeping your home, catching up on unpaid taxes, mortgage arrearages or other non-dischargeable debts.
Chapter 11 bankruptcy
For corporations, partnerships, sole proprietorship’s, and individuals who don’t qualify under Chapter 7 or 13, Chapter 11 bankruptcy allows your business to continue operating while you pay creditors under a reorganization plan.
Contact an experienced bankruptcy attorney
To schedule your free bankruptcy consultation, contact me today: Call my office at 818-501-4658 or contact me online. You speak and meet with me, not someone else in my office. I provide services to those in Encino, Sherman Oaks, the San Fernando Valley and surrounding areas of Los Angeles.
This website is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.