Los Angeles Bankruptcy Attorney
All over the news today we see hardworking families struggling to stay afloat due to our tough economic times. You probably know many who have been affected by a loss of a job or reduced working hours. You yourself are likely in this position if you are now looking for an answer to what bankruptcy might do for you. Bankruptcy law provides assistance for those who can no longer meet their financial obligations. Bankruptcy laws are there for this very reason and although not an easy matter to confront, these methods of handling your debt were put there to protect you. Due to unforeseen medical bills or divorce, possibly even a death in the family, you might now find yourself in this situation. Although no one wants to confront having to file for bankruptcy, it is unfortunate that today more and more individuals are having to do just that. If you find yourself in this position, you need a competent bankruptcy attorney to direct you in the proper course to take to get you back on your feet. At Pacific Attorney Group, our attorneys specialize in providing the right choices for our clients to make in this trying situation. You do have choices that will better your condition and our attorneys are here to help you make the right decisions. Listed below is an outline of the types of bankruptcy that can be filed on your behalf. Note that for individuals, the two most common filings are Chapter 7 and Chapter 13.
- Chapter 7 - This type of bankruptcy "discharges" your debt, which means it basically takes any available assets you have to distribute among creditors, leaving no other debt owed after that with the exception of certain exemptions. It can be a somewhat lengthy process, possibly taking 4 to 5 months. However, not all individuals are eligible to file this type of bankruptcy.
- Chapter 9 - This filing is only available for municipalities that include cities, towns, counties, villages, taxing districts, and school districts. It adjusts the debts when such an entity must file for bankruptcy.
- Chapter 11 - This type is for commercial/business enterprises. This permits business to operate while repaying the debts though a court-approved plan.
- Chapter 12 - This filing helps family farmers get debt relief. This filling is very similar to filing a Chapter 13, where debtors and or lawyers help propose a plan to repay debts for up to 3 years, unless approved for a longer time by the courts.
- Chapter 13 - This is the most common debt relief for consumers and individuals at this time. It allows someone who has the income to repay their debt to restructure the debt amount to repay in a set amount of time while being able to keep some of their assets.
Pacific Attorney Group for the most aggressive, efficient representation today!