Bankruptcy attorney in West Covina

 

Los Angeles is the second largest metropolitan area in the United States after New York with a population of over 18 million people. Los Angeles is a costly city to live, create and maintain a business. Wages have remained stagnant in a troubled economy. Many people use credit cards to help them start up and grow their businesses, pay for unforeseen medical expenses, and keep up with today's escalating living costs. If credit card limits are reached, business failures or alternate sources of money are no longer accessible to sustain a family, the credit card debt can become unmanageable. If this happens, contact one of our Los Angeles bankruptcy lawyers for help.

 

Whether you want to submit a bankruptcy claim pursuant to Chapter 7 or Chapter 13 or Chapter 11 or are unsure what type of bankruptcy protection best fits your needs, a Los Angeles bankruptcy lawyer should be consulted to discuss these and other questions concerning your present financial status.

 

Our lawyers in the Los Angeles Bankruptcy Attorney Group process the following forms of bankruptcy filings:

 

Chapter 7

A Chapter 7 Bankruptcy is a debt liquidation process. It can all benefit individuals, couples, small businesses, limited liability companies and companies. You must first achieve certain eligibility standards, including as passing a medium test, before you may apply for bankruptcy. This chapter allows you to file if in some circumstances you are a single individual with an annual income of $48,498 or less. The average household income of four is $76,211 per year. The income ceiling is usually raised by a percentage point every April. Although your median earnings are higher than the current level, you may still be eligible if your disposable earnings are less than a certain threshold amount. Ask one of our Los Angeles bankruptcy lawyers to free consultation to learn whether you qualify. Even if you don't believe you can qualify.

The thirteenth chapter is titled 'Chapter 13: A Chapter 13 or 'Salary Earners' plan is an alternative for the owners of small companies, those who are not eligible for Chapter 13, bankruptcy and homeowners facing foreclosure. Whenever you file a bankruptcy under this chapter, you have to include a repayment plan for a period of three to five years that calls for the return of your obligations. Uninsured creditors are rewarded for a percentage of debt. In order to qualify for compensation, they must nonetheless have a strong and persistent source of income. A single monthly payment is required during the length of the plan. In order to prevent the forfeiture, homeowners who fell behind on their mortgage payments have to be able to retain their existing monthly mortgage payments while paying the arrears over a period of three or five years. A second mortgage is generally released on your house at the end of the plan, if you have one.

Chapter 11 – Apprenticeship

Chapter 11, which is a process of reorganisation, is more extensive. This chapter allows major companies, partnerships and even individuals to seek protection against bankruptcy. In some cases, creditors may require that an unintentional petition be submitted. As for the debtor-in-possession, you typically submit a written disclosures and reorganizational plan similar to other chapters of the bankruptcy code, where you submit schedules of your debts, assets and financial matters, which will be confirmed by the debtors and then approved in writing by the bankruptcy tribunal. You can keep operating as a debtor and fulfil obligations such as renegotiating leases and contracts under more favourable conditions and refunding creditors at a discounted rate while you are in this position.