Rolling Hills Estates Bankruptcy Attorneys

There are various ways to resolve escalating debt. Filing for bankruptcy is a common answer, but there are also workouts, consumer protection lawsuits, and other debt reduction strategies. We have advised businesses and individuals in declaring bankruptcy, as well as other proceedings and can effectively answer any bankruptcy questions you may have, as well as help you decide which type of bankruptcy protection works best for you. If you need up-to-date bankruptcy information, call us.

• Bankruptcy Litigation
• Creditor Bankruptcy
• Workouts

Bankruptcy Information & Filing For Bankruptcy

We know that the most frequently used types of bankruptcy provided for in the U.S. Bankruptcy Code are:

• Chapter 7 - Individuals mainly use thes types of bankruptcy, however it may also be used by businesses. Chapter 7 is also the most rigorous plan where a court-appointed trustee will sell assets to pay creditors.
  
  
• Chapter 13 - This type of bankruptcy is best suited for individual debtors with a steady income. Small business can also used it. Those filing for bankruptcy under Chapter 13 (“individual reorganization”) must reconcile debts over a specific period of time.
  
  
• Chapter 11 - Declaring bankruptcy using Chapter 11 targets larger businesses, but individuals may also use this reorganization plan. Chapter 11 is similar to Chapter 13 but has more requirements attached to it.

When filing bankruptcy, you must first collect all financial information, including debts, tax returns and loan documents. With the help of a bankruptcy attorney, you will fill out the required bankruptcy forms (or schedules). An automatic stay takes effect instantly after filing for bankruptcy under the current U.S. bankruptcy laws.