Debts-Relief

Simply put, if your income is below applicable state median ($44,499 for 1 earner and up to $72,571 for family of 4, in the state of California), and you either have no assets or all of your assets are exempted under the state law, you may be qualified to file Chapter 7. If you have income more than the state median, then a "means test" will be applied to determine whether the chapter 7 filing is "presumptively abusive." Chapter 7, also called straight bankruptcy, allows you to wipe out all of your dischargeable debts. The debtor may be an individual, a partnership, a corporation, or other business entity.

Chapter 13

If your income is above median in your state, or if you have assets that are not exempted and have a regular income, you may be qualified to file a chapter 13. Chapter 13 is also called wage earner's plan. It requires you to pay a fixed amount per month over 3 or 5 years. To qualify for this chapter, your secured debt must not exceed $1,010,650 and your unsecured debt must not exceed $336,900 (applicable from April 1, 2007 thru March 31, 2010, adjustable every 3 years by CPI).

Any individual, even if self-employed or operating an unincorporated business, is eligible for chapter 13 relief.

Chapter 13 is frequently used to stop foreclosure proceedings, and the delinquent mortgage payments  may be cured over time.

Chapter 11

Chapter 11 is a complicated process. It is also called business reorganization. Call us for more details. 

Debt Settlement

Sometimes, it is better to negotiate with your creditors to reduce the balance of your debt. This is a better solution when your asset exceeds liability, and bankruptcy is not an option for you.  

Adversary and Motion Practice

If you are not a debtor, but you are sued by Trustee or someone else in the bankruptcy court in an adversary action, whether for preferential transfer, pre-petition set off, or fraudulent transfer, etc. Our firm will provide adequate defense to your case.

If you are a debtor, and are being sued for non-dischargeability of debt, or received a motion to lift automatic stay, or other motions or adversary proceeding, give us a call.

Please inquire further for details.