Bankruptcy attorney in Victorville

 

In a sputtering economy, wages have stayed flat. In today's world, many people rely on credit cards to help them establish and grow their businesses, pay for unforeseen medical expenditures, and keep up with the rising cost of living expenses. When credit card limits are reached, a company fails, or other sources of income are no longer accessible to support a family, credit card debt can become burdensome. To learn more about your options if this occurs to you, speak with one of our Los Angeles bankruptcy lawyers.

A Los Angeles bankruptcy lawyer can help you sort out your present financial circumstances and possible options for bankruptcy protection under Chapter 7 Bankruptcy attorney in Victorville , Chapter 13 Bankruptcy attorney in Victorville or Chapter 11, or if you're unsure, which type of bankruptcy protection is ideal for your requirements.

The Los Angeles Bankruptcy Attorney Group handles the following types of bankruptcy filings:

The Seventh Chapter

Chapter 7 bankruptcy is a method of getting rid of your debt that's been accruing over time. Everybody can benefit from it, whether individuals, couples, small businesses, LLCs, or corporations. One of the prerequisites to filing for bankruptcy is that you must pass a means test. If you have a yearly income of $48,498 or less and are a single person, you may be able to file under specific conditions in this chapter. A family of four making the median yearly income of $76,211 is considered middle-class. A percentage point typically increases the income cap in April of each year. Even though your median income is higher than the current level, you may still be eligible since your disposable income must be less than a certain threshold amount before you are considered suitable. To find out if you qualify for bankruptcy, contact one of our Los Angeles bankruptcy attorneys now for a free consultation. Even if you don't think you do, you may be eligible.

A "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 facing foreclosure. This chapter requires you to establish a repayment plan in your bankruptcy filing that asks you to repay your debt over a three-year or five-year period. Unsecured creditors receive a percentage of the debt as compensation, but they must have a reliable and steady source of income to qualify. To continue receiving benefits from this plan, you must make a single monthly payment. Homeowners who have fallen behind on mortgage payments must be able to pay the arrearages over a three or five-year term to avoid foreclosure. If you have a second mortgage on your home, it will be forgiven at the end of the plan.

Chapter 11: Self-Discovery

In terms of complexity, Chapter 11, a reorganisation, is the most extensive step. Large corporations, partnerships and even individuals are permitted to file for bankruptcy relief under this code section. Creditors can file an involuntary petition in some situations. The debtor-in-possession will typically submit a written disclosure and reorganisation plan, which will be confirmed by the creditors and then approved by the bankruptcy court, like other chapters of the bankruptcy code, where you submit schedules your debts, assets, and financial affairs. Even as a debtor-in-possession, you can carry on doing things like renegotiating leases and contracts for better terms and repaying creditors at a lower rate while you're in this situation.