Simi Valley, California
In order to provide individuals who have insurmountable debt a chance at a fresh start, the law has provided protection in the form of bankruptcy filings. Filing for bankruptcy allows you to get a handle on debts that cannot be paid any other way, either by having them discharged or by restructuring them so they become more affordable and reasonable. If you are in a situation where your debt burden has simply become out-of-control, a Simi Valley bankruptcy attorney can help you to understand what options the law provides for you.
Simi Valley Bankruptcy Options
There are different chapters of the bankruptcy code that provide protection for different people and business entities, and your Simi Valley bankruptcy lawyer will help you to review and understand each of these different choices so you can select the right one.
Consumers declaring personal bankruptcy, for example, may be advised to declare either chapter 7 or chapter 13 bankruptcy. Chapter 7 bankruptcy provides for consumer bankruptcy protection for low income earners, allowing those who make below the state median or those who pass a means test to have debts discharged after the proceeds from the sale of non-exempt assets repay a portion of them. Chapter 13 provides for consumer bankruptcy protection for wage earners, allowing people who make too much to file chapter 7 the opportunity to keep their assets and repay a portion of the debts they owe over 3-5 years.
Chapter 11, another bankruptcy option, may also be suggested both to consumers and to businesses. Your Simi Valley bankruptcy attorney will explain the chapter 11 process to you, which involves restructuring debts, and help you to understand how this type of bankruptcy can help your business to continue operating or help you to get a handle on very high personal consumer debt.
The Simi Valley Bankruptcy Process
After your Simi Valley bankruptcy attorney discusses your bankruptcy options with you and assists you in deciding which- if any- bankruptcy chapter is the best choice, your attorney will work with you to complete the paperwork required to file for bankruptcy. This will trigger something called an automatic stay, which puts an immediate stop to all collections efforts against you.
Your Simi Valley bankruptcy attorney will then continue to aid you throughout the process of filing for bankruptcy. This means your lawyer will help you with everything from court appearances to creating and getting your chapter 11 or chapter 13 repayment plans approved.
Deciding to file for bankruptcy is a big decision and an important one, and getting qualified legal advice from a Simi Valley bankruptcy lawyer is the best way to make sure you make an informed and advantageous choice. Our experienced bankruptcy lawyers have helped countless individuals in the Simi Valley to file for bankruptcy protection. We can also help those who are seeking a Los Angeles bankruptcy attorney or anyone seeking legal advice on bankruptcy in San Pedro, Canoga Park, Antelope Valley, Pomona or Santa Monica. Contact us today to find out how we can get started helping you achieve a better financial future.