Bankruptcy is when an individual or an organization cannot repay any of the debt that it owes. Many times, bankruptcy is done voluntarily however there is a possibility that a creditor may file a bankruptcy petition against the debtor which is known as an involuntary bankruptcy.
If you are thinking about filing for bankruptcy, speak to our Californian Bankruptcy Lawyers as soon as possible.
We have the experience and knowledge to answer any questions you may have and provide you with legal advice that will assist you throughout this difficult and frustrating time.
Types of Bankruptcy
With the downturn of the economy, more and more individuals and businesses are filing for bankruptcy than ever before. There are several different types of bankruptcy that one can file, so learning the difference between them can make your situation a bit easier to understand.
Chapter 7: Straight bankruptcy, basic liquidation for individuals/businesses
Chapter 9: Federal, municipal bankruptcy
Chapter 11: Corporate bankruptcy, allows businesses to continue functioning while repaying debt
Chapter 12: Family farmers and fishermen rehabilitation
Chapter 13: Wage Earner Bankruptcy, for individuals who get paid regularly and are put on a payment plan to repay debt
Chapter 15: Ancillary and international, helps foreign debtors to clear debts
How Our California Bankruptcy Lawyers Can Help You
Whatever your financial situation may be, our California Bankruptcy Attorneys are here to provide you with as much information as you need to make an informed decision.
Whether you're located in
Los Angeles County or
California Bankruptcy Law Firm will assist you with
alternatives to bankruptcy,
life after bankruptcy.
We have compiled additional information regarding
debt calculators and
how to stop creditors to assist you further.