Bankruptcy Lawyers

Bankruptcy is an option offered to people who can no longer pay their debts. In this case you could explore to start over by creating a payment plan or liquidating assets to pay off your debts. Companies with financial problems can also access these bankruptcy laws. In our office we will help you with chapters 7, 11 and 13. Different types of bankruptcies, depending on your case. During this time, the law prohibits creditors from initiating or continuing collection efforts.

The following is a list of ways your lawyer can help you with your case.

  • Advise him whether to file a bankruptcy petition.
  • Advise him in which chapter to present.
  • Advise him if his debts can be discharged.
  • Advise you whether or not you can keep your home, car or other property after presenting it.
  • We inform you of the tax consequences of the presentation.
  • Advise on whether you should continue paying the creditors.
  • Explain the law and bankruptcy procedures to you.
  • Help you complete and submit forms.
  • Help you with most aspects of your bankruptcy case.

 

About Bankruptcy

 

Filing for bankruptcy could help you by creating a plan to pay off debts or discharging debts. Your bankruptcy case usually begins when you file a petition with the bankruptcy court. The petition can be filed by a corporation or other entity, by a person or by spouses together. Your bankruptcy case will be handled in the federal courts according to the rules described in the Bankruptcy Code of the United States.

 

Petitioners for non-lawyer petitions

If you file a bankruptcy declaration, you may be offered services by petition preparers who are not lawyers. By law, preparers can only enter information in forms. They are prohibited from providing legal advice, explaining answers to legal questions or assisting you in bankruptcy court. A petition preparer should sign all the documents they prepare for you; print your name, address and social security in the documents; and provide you with a copy of all the documents. They cannot sign documents on your behalf or receive payment for court fees.

 

Alternatives to Chapter 7

Debtors should be aware that there are several alternatives to Chapter 7 relief. For example, debtors who participate in businesses, including corporations, partnerships and individual companies, may prefer to stay in business and avoid liquidation. Said debtors should consider submitting a petition pursuant to Chapter 11 of the Bankruptcy Code. Under Chapter 11, the debtor can seek a debt adjustment, either by reducing the debt or extending the time for repayment, or can seek a more comprehensive reorganization. Individual companies may also be eligible for relief under Chapter 13 of the Bankruptcy Code.

 

Chapter 11

A case filed under chapter 11 of the United States Bankruptcy Code is often referred to as a “reorganization” bankruptcy. A person cannot file a claim under chapter 11 or any other chapter if, during the previous 180 days, a previous bankruptcy petition was dismissed because the debtor did not appear in court or comply with court orders, or He voluntarily dismissed after the creditors received help from the bankruptcy court to recover the assets on which they have lien rights.

In addition, no person may be a debtor under Chapter 11 or any chapter of the Bankruptcy Code unless, within 180 days prior to filing, he or she has received credit counseling from an approved credit counseling agency, whether in a individual or group information session. There are exceptions in emergency situations or when the US trustee. (Or the bankruptcy administrator) has determined that there are not enough approved agencies to provide the required advice. If a debt management plan is developed during the required credit counseling, it must be filed with the court.

 

Chapter 13

There are six aspects of a Chapter 13 procedure: the advantages of choosing Chapter 13, the eligibility requirements of Chapter 13, how a Chapter 13 procedure works, making the plan work, and the discharge of Special Chapter 13.

A Chapter 13 bankruptcy is also called an employee’s plan. It allows people with regular income to develop a plan to pay all or part of their debts. Under this chapter, debtors propose a payment plan to make payments to creditors within three to five years. If the debtor’s current monthly income is less than the applicable state median, the plan will be for three years, unless the court approves a longer period “for cause.” If the debtor’s current monthly income is greater than the applicable state median, the plan should generally be for five years. In no case, a plan can provide payments for a period exceeding five years. During this time, the law prohibits creditors from initiating or continuing collection efforts.

Form Bankruptcy 

Disclaimer: 

 

OC Attorney Service Inc. is a Registered Legal Document Assistant’s Office. We are not attorneys and cannot select legal forms. The information presented on our web site is general, factual, published information obtained from court provided self-help legal publications, legal statutes or other sources believed to be accurate and reliable. This information should not be considered legal advice as it is general in nature. It is always recommended to seek legal advice from an attorney before filing legal proceedings. Many attorneys offer free consultation.

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