Santa Ana Bankruptcy Attorneys Associated
Getting stuck with multiple debts while earning minimum wage and being unable to pay back the creditors is the kind of situation that many
Americans find themselves in.
When you are not earning well, and your credit card bills are piling up or if you are facing wage garnishment, home foreclosure, and auto repossession, the last and most suitable resort is to file for bankruptcy.
Various small businesses take loans to initiate their services in any town. Many times, the businesses are unable to make decent profits, and instead, their demand and services are not needed or wanted, especially with such an unpredictable economic recession. For this reason, small businesses usually tend to go bankrupt quite rapidly in the US. This poses a huge problem, as they are then burdened with unpaid debts on their heads, and the only solution might be to petition for bankruptcy in such cases.
Benefits of Filing Bankruptcy
The best and most instant benefit of filing a bankruptcy case is that the court issues an automatic stay order which ensures that the creditors cannot sue you and have to stop all their collection procedures for as long as the case is open. During this time, they are not allowed to contact you, garnish your wages, implement any lawsuits against you, or even seize your property. With this stay order, you will have ample time to get yourself and your finances in order as well.
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However, even though you may have started the bankruptcy case, your chances of winning it are slim without a strong, competent, and knowledgeable lawyer by your side. Our company comprises of the most intelligent, hard-working, skilled, and dedicated bankruptcy lawyers in all of Santa Ana and Los Angeles, California, all ready to serve you and come up with the best legal solution for you. With our attorneys working your case, you do not have to worry at all as they are the best in the business.
We acknowledge how this unfortunate time is emotionally and mentally disturbing for many people, as financial burdens can get the best of anyone. During this terrible period, let our bankruptcy attorneys help you and save you a ton of money and other assets by handling your case. With their updated knowledge, elite professionalism, and deep compassion for every client, they excel at what they do.
There are two highly notable types of bankruptcy to choose from depending on your requirements and assets- Chapter 7 and Chapter 13. Chapter 7 usually takes around three months to settle down while Chapter 13 can last for a few years, for however long it takes to repay the essential debts. Both have separate benefits and suit people differently.
Chapter 7 is the best one for debtors who have extremely low income and already have difficulty in making simple ends meet. They will be appointed a trustee who will perform a complete analysis of the client’s assets, financial status, and all relevant documents. Along with this, if you own any properties or assets which could be sold for a decent value, the money will be used to pay back the creditors as much as possible and the excess will be pardoned. Usually, the debts are wiped clean in most of these cases.
In comparison, Chapter 13 is more of a long-term repayment plan. It requires reshuffling your assets and forming a detailed and organized method of paying back the creditors over a span of 3 to 5 years. To qualify for this chapter, clients must have a regular source of decent income out of which monthly portions of payment can be made to finish off the debts slowly. The client can either sell off or release their property to make up for the debts or keep them if they wish, whether it is a house or a car, etc.
Reorganizing your Debts
While Chapter 13 applies to sole proprietors only, Chapter 7 can be implemented by business entities along with individuals. With Chapter 7, debtors can quickly get their qualifying debts discharged and gain a new, fresh start as debt relief is the main goal. However, in Chapter 7 cases, any nonexempt property owned by the client will be sold by the trustee as per Federal law regulations. Both of them have a diverse set of advantages and disadvantages and it is imperative that you choose the most ideal plan for you.
Similar to Chapter 7 or Chapter 13 which cater to businesses and individuals mostly, there are many other chapters for various situations. Chapter 9 is a reorganizational one for municipalities such as cities, towns, school districts, villages, etc. Chapter 12 helps fishermen and farmers acquire quick debt relief. Chapter 11 is similar to Chapter 13 but with a few more changes, while Chapter 15 caters to bankruptcy petitions which include parties from more than one country.
Untangling Your Financial Mess
While this may sound simple, there are always a lot more technicalities involved in all bankruptcy cases, and selecting a reasonable chapter for you is a delicate move. For this reason, we suggest you get the best legal representatives to help you make the perfect decision and cave your way forward. Our lawyers have built remarkable reputations of their top-notch, incomparable services in the legal industry. They work tirelessly to get you the most beneficial deal and solution for all your legal and financial problems in no time.
Our attorneys are experts at untangling the financial mess you may have created for yourself, whether you are drowned in unpaid taxes, heavy medical bills, foreclosure, or simply if you are behind on a few mortgage or car lease payments. All bankruptcy cases are handled with great expertise and civility to obtain favorable outcomes for all of our clients residing in Santa Ana and Los Angeles, California. With us by your side, nothing is impossible and we can find the most exemplary solution which meets your satisfaction each time.
Why Choose Us
It is quite common for Americans to face financial obstacles at least once in their lifetime. There may be a point where an individual may have to turn to bankruptcy as a last measure to find debt relief. Chapter 7 and Chapter 13 are by far the ideal choices for anyone who wants to file bankruptcy petitions.
Whether it is a late mortgage payment or excessive prior medical bills, whether you're earning minimum wage or making regular income but need a smart repayment plan, our lawyers are well equipped to help you get out of your financial misery via feasible bankruptcy cases. With our attorneys by your side, even the weakest case can be turned around to end up with relief of debts quite easily.
If you or your business is drowning under massive debts, we can help you petition courts to release you from the liability of your debts. The most appropriate path for you will be determined and discussed with you by our team of highly dedicated and diligent bankruptcy attorneys, depending on whichever chapter fits your criteria best. All the attorneys at our company are thoroughly experienced, adequately trained, and qualified to the best of their potentials and are willing to serve you and help you cut off your financial debts in Santa Ana and Los Angeles, California.