Beverly Hills, California
Beverly Hills Bankruptcy Attorney
Living in Beverly Hills carries with it a high level of glamour, as it is one of the most famous cities in all of the Los Angeles area. There is also a high cost to living in Beverly Hills. A job loss or a financial setback can quickly cause you to get in over your head. When you find yourself struggling with debts that are making it difficult for you to afford to keep your home or continue your lifestyle, it is time to be proactive and explore your options. One of the best options may be bankruptcy.
Understanding Beverly Hills Bankruptcy
There are a lot of misconception about declaring bankruptcy in Beverly Hills and before you make a choice about whether a bankruptcy is right for you or not, it is important to understand exactly how bankruptcy works and what impact it will have on your finances.
Chapter 7 bankruptcy is one option that you may have, and it tends to be the option most people first think of when they consider bankruptcy. Chapter 7 involves the liquidation of your assets, unless they fall within certain exemptions. Proceeds from the sale of your possessions are used to repay creditors to whom you owe money. Once those creditors have received repayment by the trustee from the sale of your assets, the remaining balance of debt is discharged. You must qualify for this chapter of bankruptcy by making below the California median income or passing a means test.
While Chapter 7 is a great option for some, it may not be the best option for everyone considering bankruptcy. In some cases, you may have assets you do not want to have sold, or you may have an income exceeding the permissible level to file for a Chapter 7 bankruptcy. If this is the case, you have other options: Chapter 11 and Chapter 13.
Chapter 11 and Chapter 13 Beverly Hills Bankruptcy
Both chapter 11 bankruptcy and chapter 13 bankruptcy allow you to keep your assets and to simply restructure your debt so it becomes more manageable. You will be able to continue to operate a business, if you have one, and you can keep your home, savings and other assets you might have.
You will enter into a three-to-five year repayment plan in chapter 13, or a structured repayment plan in Chapter 11, and you will have the opportunity to repay your debt according to the terms of this agreement that the court and creditors approve. At the end of the repayment period, eligible debts that remain will be discharged.
How a Beverly Hills Bankruptcy Attorney Can Help
An experienced Beverly Hills bankruptcy attorney will assist you in determining if bankruptcy is right for you, and what chapter of bankruptcy to file. Your Beverly Hills Bankruptcy lawyer will be your advocate every step of the way, assisting you with paperwork, creditors meetings, meetings with the trustee and all other aspects of your bankruptcy.
Contact our experienced Beverly Hills bankruptcy attorneys today for assistance. If you are looking for a Culver City bankruptcy lawyer, or a bankruptcy attorney in Santa Monica, Venice, West Hollywood and the Hollywood areas, we can also provide you with assistance.