Top Rated Bankruptcy Lawyers in California

Whether you’re considering a personal or business bankruptcy, the government offers various different programs to help you overcome money problems. Most Americans choose one of the following bankruptcy procedures:

• Chapter 7 debt discharge — This type of plan is what many people commonly associate with bankruptcy. Once the process is complete, nonexempt debts, such as credit-card balances and medical bills, are eliminated.
• Chapter 11 reorganization — Many businesses opt for Chapter 11 because it allows them to keep their doors open while restructuring their debt obligations and reorganizing internal operations.
• Chapter 13 repayment — People who are earning income but cannot catch up on past due bills can use Chapter 13 to stop creditor calls and set up a fair plan to repay what they owe over a period of three to five years.

Financial troubles rarely disappear on their own. Bankruptcy is designed to give people the legal tools they need to relieve their debt burden.

Bankruptcy is one debt relief option among many. Before you decide how to proceed, it’s important to understand the immediate effects of seeking bankruptcy protection. Once your filing is accepted, the court prohibits creditors from taking collection actions against you. This “automatic stay” means that you’ll be legally protected against harassing phone calls, wage garnishment, service cutoffs and other creditor actions until the case is resolved. Even most civil lawsuits are paused so that a judgment doesn’t put one creditor’s interests over another’s. However, issues related to eligibility, the liquidation of assets and the impact on your credit going forward should be considered before determining your next stop.

A qualified bankruptcy attorney takes the time to understand your particular debt challenges and goals. Whether you’re focused on keeping your home, eliminating your debts or saving your business, your lawyer will explain which bankruptcy chapter or alternative debt relief method best suits your needs. From there, they will prepare the necessary documentation, represent you before the court and communicate with creditors until your bankruptcy is completed and you have regained financial security.