Bankruptcy attorney in Arcadia

 

Los Angeles is the nation's second-most populated metro region, after New York City (nearly 20 million people). Los Angeles is an expensive city to live in as well as to start and operate a business. While the overall economy is hurting, wages have stayed flat. With the rising cost of living in today's society, many people turn to credit cards to help them establish and grow their businesses or cover unexpected medical expenditures. A person's credit card debt might become unmanageable if their credit card limitations have been reached, their business has failed, or they have run out of other options for financing their family's needs. If this is the case for you, you should seek the advice of one of our Los Angeles bankruptcy lawyers.

A Los Angeles bankruptcy lawyer can help you sort out your present financial position and possible options for bankruptcy protection under Chapter 7, Chapter 13 or Chapter 11, or if you're not sure which type of bankruptcy protection is right for you.

Our lawyers at the Los Angeles Bankruptcy attorney in Arcadia Group handle the following types of bankruptcy filings:

Chapter 7

Liquidation of debt is the goal of a Chapter 7 bankruptcy. Anyone, from singles to couples to small company owners to limited liability organisations to large multinational corporations, can reap the rewards of this system. In order to file for bankruptcy, you must first meet specific eligibility requirements like passing a means test. If you're a single person making no more than $48,498 a year, you may be able to file under specific conditions under this provision. A family of four making the median yearly income of $76,211 is considered middle-class. The upper income limit is typically increased by a percentage point each April. It is possible to be qualified even if your median income is higher than the current level, as long as your disposable income is lower than a predetermined threshold. To find out if you're eligible for bankruptcy, contact one of our Los Angeles bankruptcy attorneys today for a free consultation. Even if you don't think you do, you might be eligible.

An "wage earner" plan, which is referred to in the book as Chapter 13, is an option for small business owners, those who don't qualify for Chapter 13 bankruptcy, and homeowners who are facing foreclosure. Chapter 13 bankruptcy requires the filing of a repayment plan that calls for the payment of your liabilities over a three or five year period. However, in order to be eligible for compensation, unsecured creditors must have a steady and reliable source of income. A single monthly payment is required for the duration of the programme. homeowners who have fallen behind on mortgage payments must be able to pay the arrearages over a three or five-year term in order to avoid going into foreclosure. For those who have one, their house's second mortgage is forgiven at the plan's conclusion.

In this chapter, you'll learn about yourself.

In terms of complexity, Chapter 11, a reorganisation, is a more time-consuming process. This section makes it possible for corporations, partnerships, and even individuals to file for bankruptcy relief under certain circumstances. An involuntary petition can be filed by creditors in some situations. It is similar to other chapters of the bankruptcy code in that the debtor-in-possession normally submits a written disclosure and reorganisation plan, which is confirmed by the creditors and then approved by the bankruptcy court. As a debtor-in-possession, you can carry on with your business as usual, including renegotiating leases and contracts for better terms and repaying creditors at a lower rate of interest.