Looking for a Bankruptcy Attorney in Huntington Beach :
At the Law Offices of Alex L. Benedict, we have successfully handled thousands of bankruptcy cases throughout California . Bankruptcy is not a moral or emotional decision, it is financial decision based on factors such as amount of debt, income, and monthly cash flow. If there is insufficient “disposable income” at the end of each month to make a meaningful debt payment, bankruptcy must be given serious consideration. Many of the most successful people in history first filed bankruptcy before making it big. We are not just Los Angeles California Bankruptcy Attorneys – we serve the entire state of California and look forward to helping you get a fresh start.
Let Our Bankruptcy Lawyers Assist You
If you have questions about the bankruptcy process call us for more detailed information on bankruptcy. If you have further questions, and would like to speak with one of our bankruptcy lawyers in Huntington Beach contact us today (714) 848-2201, or email us. We offer free bankruptcy consultations, with no time limitations, we’re here to answer your questions and make you feel comfortable. Put our experience and knowledge to work for you, our bankruptcy attorneys and staff are available now to assist you.
What is Chapter 7?
Chapter 7 Bankruptcy, sometimes called “liquidation bankruptcy” or “straight bankruptcy” is generally the simplest and quickest form of bankruptcy. Chapter 7 Bankruptcy is available to individuals, married couples, corporations and partnerships. With Chapter 7 Bankruptcy you turn over all of your non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to your creditors. Most people have no assets to offer to pay off creditors; in this case Chapter 7 Bankruptcy will give you a clean slate, in a relatively quick manner.
The main purpose of Chapter 7 Bankruptcy is to discharge certain debts, so that you can have a “fresh start.” You will have no personal liability for discharged debts after the filing and completion of your Chapter 7 Bankruptcy case. In a Chapter 7 Bankruptcy case, however, a discharge is available only to individual consumers, not to partnerships or corporations.
What is Chapter 11?
Chapter 11 Bankruptcy is basically reorganization bankruptcy. Chapter 11 Bankruptcy is available to individuals, partnerships, and corporations. With chapter 11 Bankruptcy there are no limits on the amount of debt you have, as opposed to Chapter 13, which does have debt limitations. Chapter 11 Bankruptcy is usually the form of bankruptcy that large businesses choose when seeking to restructure their debt.
Individuals may also file Chapter 11, but due to the complexity and great expense of the chapter 11 Bankruptcy proceeding, this option is rarely advantageous for debtors who are eligible for Chapter 7 or Chapter 13 bankruptcy, therefore most individuals opt to file Chapter 7 or Chapter 13 Bankruptcy rather than Chapter 11.
What is Chapter 13?
Chapter 13 is sometimes referred to as a wage earner’s plan. This form of bankruptcy enables individuals with regular income to present a plan to repay all or part of their debts. Under the Chapter 13 Bankruptcy law, debtors propose a repayment plan for creditors to make installment payments to creditors over three to five years.
If your current monthly income is less than the applicable state median, the plan may be for three years unless the court approves or requires a longer period of repayment under Chapter 13 Bankruptcy law.
If your current income is greater than the applicable state median, the Chapter 13 Bankruptcy plan generally must continue for five years. A Chapter 13 Bankruptcy plan cannot provide for payments over a period longer than five years. During this time Chapter 13 Bankruptcy law forbids creditors from initiating or continuing collection efforts.
To talk with one of our expert Bankruptcy Attorney in Huntington Beach, please call us now!