Financial difficulties are a part of life, much like health, happiness and the other ups and downs of life. Some day you have them some days you will not. If you agree with the above, BECOME A FAN and break the bankruptcy taboo.
If you are in debt, Chapter 7, Chapter 11 and Chapter 13 of the United States Bankruptcy laws provides you with immediate protection from your creditors and the elimination of some or all of your debts. Filing for bankruptcy may provide you with a chance to:
* 1) Rebuild your credit,
* 2) Buy a home,
* 3) Save for your children's education and your retirement.
* 4) Get A Fresh Start.
We ONLY handle Bankruptcy cases, we are dedicated to providing aggressive representation in a client friendly environment and we pride ourselves on providing prompt and cost effective services to all our clients.
We can help individuals facing financial difficulty, or businesses encountering insolvency issues with solutions to wipe out, discount, modify, reduce interest and payments, or reorganize their debt under the relevant provisions of the bankruptcy code. We have been practicing in Bankruptcy since 1997.
We also provide emergency filing usually within 24 hours from the initial meeting. If you are facing imminent foreclosure of your home, or if your employer has been served with wage garnishment you need immediate action to stop the foreclosure or the garnishment. We can have your bankruptcy and stop the process under the automatic stay provision of the bankruptcy code. Call us immediately for help.
You can file under chapter 7 bankruptcy, also known as a straight bankruptcy, if your annual household income is below the median family income and most or all of your assets are exempt. Even if your income is above the median income, you may still qualify under the second portion of the Means Test base on your detailed expenses on secured property such as your house and vehicles, back tax obligations and other expenses. Call us and we will gladly schedule a free consultation to determine if we can file a chapter 7 for you. Chapter 7 will allow you to wipe out all dis-chargeable debt and as such its the preferred chapter to file under. Usually your bankruptcy is completed within 3 to 4 months.
Certain debts are Non dis-chargeable in a chapter 7 bankruptcy. These include, but are not limited to: most taxes, child support, alimony, student loans, court fines, and criminal restitution, and personal injury caused by willful and malicious conduct; or under the influence or drugs or alcohol and money or property obtained by fraud. If you are involved in a lawsuit or judgment has been obtained against you, it is important to present us with the pleadings so that we may be better able to advise you if the debt or judgment will also be discharged.
The median income in California is $48,140 for one household member, $64,878 for two household members, $70,890 for 3 household members and $79,477 for four household members you will need to add $6,900 for each additional household member in excess of 4.
If your family income is above state median, you may still qualify under the second portion of the Means test. However, if you have more assets than allowed under the exemptions of chapter 7, chapter 13 may be an option, provided you have sufficient regular income every month to fulfill a payment plan.
Chapter 13 is also useful if you have a home facing foreclosure, and your goal is to keep the home and you have the ability to make current the payment through the chapter 13 payment plan.
Chapter 13 does have limits on the amount of secured debt and unsecured debt. The proper classification of your debt is critical to ensure that chapter 13 is available for you. Under a chapter 13 plan, you will pay back your creditors all or a certain percentage of your debt back over a period or 3 to a maximum of 5 years.
Bankruptcy law under any chapter allows for exemptions on properties, such as home, car, household goods and furnishing, retirement funds, tools of trade, bank accounts, according to limits prescribed by the bankruptcy code. For example, Homestead exemption for a single is $50,000 and $75,000 for a married couple or unmarried individual with dependents. It increases to $150,000 for persons over 65, or disabled, or persons over 55 with low income. If you do not own a home, provisions of the California code allow you to keep assets of approximately $30,000.00 in any form they may be.
The facts of each case are the basis upon which the decision to file bankruptcy is made and under which section you should file. We provide a detailed free consultation to analyze whether bankruptcy is right for you and under which chapter you are better protected.
Please browse this site for information that you may require. However the information provided herein is intended to inform about our services and experience. It is not intended as a substitute to legal advise. The practice of law is complicated and minor differences in facts results in different outcomes. It is best to consult an attorney in person for you legal questions.