Bankruptcy attorney in Arcadia

 

Los Angeles is the second-most populous metropolitan area in the United States, after New York City (nearly 20 million people). Los Angeles is a costly city to live in and to start and operate a business. While the economy as a whole is suffering, salaries have remained stagnant. With today's rising cost of living, many people rely on credit cards to help them start and develop their businesses or cover unforeseen medical expenses. Credit card debt may become unsustainable if a person's credit card limit has been exceeded, their business has failed, or they have exhausted all other available financing choices for their family's needs. If this is the case, you should consult with one of our Los Angeles bankruptcy attorneys.

A Los Angeles bankruptcy attorney can assist you in determining your current financial situation and prospective bankruptcy protection alternatives under Chapter 7, Chapter 13, or Chapter 11, or if you are unsure which type of bankruptcy protection is best for you.

The Los Angeles Bankruptcy Attorney Group's attorneys handle the following forms of bankruptcy filings:

 

Chap. 7

 

A Chapter 7 bankruptcy seeks to eliminate debt. Anyone can benefit from this system, from individuals to couples to small business owners, limited liability companies, and big multinational businesses. Before filing for bankruptcy, you must first meet specific eligibility conditions, such as passing a means test. If you are a single taxpayer earning less than $48,498 per year, you may be eligible to file under certain circumstances under this provision. A family of four with a median annual income of $76,211 is classified as middle class. Each April, the maximum income ceiling is regularly increased by a percentage point. Even though your median income is higher than the present level, you may qualify if your disposable income is less than a predetermined threshold. To determine your bankruptcy eligibility, contact one of our Los Angeles bankruptcy attorneys for a free consultation now. Even if you believe you are not eligible, you may be.

 

A "wage earner" plan, referred to in the book as Chapter 13, is a bankruptcy option for small business owners, individuals who do not qualify for chapter 13 lawyers in arcadia, and homeowners facing foreclosure. Chapter 13 bankruptcy mandates filing a repayment plan outlining a three- or five-year payments schedule for your debts. On the other hand, Unsecured creditors must have a consistent and stable source of income to be compensated. For the length of the programme, a single monthly payment is required. To prevent foreclosure, homeowners who have fallen behind on their mortgage payments must be able to pay the arrearages over a three- or five-year period. For those who have one, the second mortgage on their home is forgiven after the plan.

 

This chapter will teach you about yourself.

 

Chapter 11, a reorganization, is a more time-consuming process in terms of intricacy. Under some situations, this clause allows corporations, partnerships, and even individuals to seek bankruptcy relief. Creditors may file an involuntary petition in certain circumstances. It is similar to other chapters of the bankruptcy code. The debtor-in-possession must typically present a written disclosure and reorganization plan, which creditors must confirm and then approve by the bankruptcy court. As a debtor-in-possession, you may conduct business as usual, including renegotiating leases and contracts for more favorable terms and repaying creditors at a lower interest rate.