We offer a number of services depending on your financial situation. We provide Chapter 7, Chapter 11, Chapter 13, debt reduction and other legal services to help you get back on your feet.
Simply put, if your income is below applicable state median ($47,683 for 1 earner and up to $74,806 for family of 4, in the state of California, as of 11/1/2011), 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.
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).
Chapter 13 is frequently used to stay foreclosure proceedings. The delinquent mortgage payments (arrearage) may be cured over the life of the plan.
Individual files Chapter 11 mainly becasue his/her debt, secured or unsecured, exceeds the debt ceiling of chapter 13. business or real estate file chapter 11 to reorganize or orderly liquidate their asset. Call us for more details.
Sometimes, it is better to negotiate with your creditors to settle your debt. This is a good solution if you have substantial non-exempt asset, 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 11 USC section 523 or 727 non-dischargeability of debt, or would like us to defend a motion to lift automatic stay, or other motions or adversary proceeding, give us a call.
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