Types of Bankruptcy
Chapter 7: A Chapter 7 bankruptcy is typically filed by individuals with no significant property, income, or assets. A Chapter 7 bankruptcy requires no repayment plan and results in a discharge of most (but in some cases not all) of your debts.
Chapter 13: A Chapter 13 bankruptcy requires those who file to design a payment plan for all or part of their debts, typically in three to five years. Chapter 13 usually allows you to keep your home and vehicles while paying off your debt. In some instances, Chapter 13 will also allow you to reschedule debts and to pay them according to a practical, court-approved payment plan.
Chapter 11: When a California business becomes unable to pay its debts, a Chapter 11 bankruptcy can be used to restructure the company so that the debts can be satisfied and the business can continue to operate. A Chapter 11 bankruptcy allows you to rebuild your business and to make it again a profitable enterprise. Ms. Depew has also helped companies avoid bankruptcy by working out payment plans or other appropriate financial arrangements.
Sound, Experienced Legal Counsel
If you are considering bankruptcy as an option, get sound, experienced legal counsel now from a good Los Angeles bankruptcy lawyer, before your financial situation declines further. Usually there are several warning signs or “red flags” that your financial situation may require bankruptcy. After consulting with an experienced Los Angeles bankruptcy lawyer, if you decide that bankruptcy is your best option, that work should begin immediately. Patricia Depew provides a welcoming, comfortable environment for clients to discuss their bankruptcy situation. She will save you time, money, and unnecessary anxiety. Call Patricia Depew today at 310-284-8494. Se Habla Español.