Talk to attorneys that understand your financial situation, attorneys that are respectful, confidential, and provide you the strategy to get rid of your debt forever. Bankruptcy doesn’t have to be a difficult decision. When you add up the numbers, getting rid of your debt immediately will help you save more money in the future, will give you a clean start, and can provide you financial security.
Unfortunate circumstances arise that financially devastate individuals and families. People lose jobs, go through divorce, or incur significant medical costs from illness. These are just a few of the many reasons why people file for bankruptcy. Bankruptcy is a legally declared inability for an individual or organization to pay its creditors. An insolvent individual or organization (debtor) who can no longer pay their creditors may voluntarily initiate a bankruptcy and get a fresh start by liquidating their assets to pay their debts, or by creating a repayment plan. Bankruptcy procedures are covered by three main chapters of the United States Bankruptcy Code, Chapter 7, 11, and 13.
While bankruptcy cases are always filed in U.S. Bankruptcy Courts, they are often dependent upon State law. For instance, California provides certain homestead exemptions for those who have significant equity in their home, California is a community property state and has single spouse discharge where one spouse’s filing may affect the others. The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13. As much as 65% of all U.S. consumer bankruptcy filings are Chapter 7 cases. Corporations and other business forms file under Chapters 7 or 11.
Bankruptcy proceedings begin when the debtor files a bankruptcy petition with the court. However, 180 days before filing the petition, a debtor must receive credit counseling from an approved credit counseling agency. If a debt management plan is developed during the required credit counseling, it must be filed with the court.
Due to the complexity of federal and state bankruptcy law, it is best that you contact an experienced attorney to guide you through the process. If you feel that your bills have just become too much to bear, contact Louis | White to determine whether bankruptcy is right for you.
Our attorneys have helped thousands of Californians reduce their debt and modify their home loans. (Visit our Client Testimonials at here.) We approach each case on an individual basis and can help you at a very affordable rate, starting at $99!