CHAPTER 7 BANKRUPTCY



Chapter 7 bankruptcy is the fastest and easiest form of bankruptcy debt relief. If you are eligible, filing Chapter 7 bankruptcy will allow you to put an immediate stop to issues such as creditor harassment. You can wipe out your dischargeable debts and obtain a fresh financial start in about six months.


At the Orantes Law Firm in Los Angeles, Irvine and Woodland Hills bankruptcy attorney Giovanni Orantes is dedicated to helping consumers throughout Southern California near Inglewood andTorrance obtain debt relief by filing bankruptcy. We offer a free initial consultation to look at your financial situation and give you honest answers about your rights and options.


Our main website https://www.gobklaw.com/ provides more information about Chapter 7 bankruptcy, but below you will find some of the common issues people look to get rid of by filing for


Bankruptcy: Who is eligible to file Chapter 7 bankruptcy? The majority of people with significant debt problems are eligible to file Chapter 7 bankruptcy debt relief. Even if your earnings are too high to file Chapter 7, you can still obtain debt relief by filing Chapter 13 bankruptcy.


Creditor harassment: One of the main reasons people file Chapter 7 bankruptcy is to put a stop to creditor harassment.


Credit card debts: Credit card debt is 100 percent dischargeable under Chapter 7 bankruptcy.


Medical bills: One of the main reasons people file bankruptcy is to discharge medical debt.


Payday loans: Payday loans charge excessive interest and can quickly lead to overwhelming debt. Filing bankruptcy gives you a fresh start.


Tax debts: Some income tax debts can be discharged when you file bankruptcy.


Student loans and bankruptcy: Student loans are generally not dischargeable. Of course, “generally” means there are exceptions. One exception is when repaying the loan would create an undue hardship.


Auto repossession: Filing bankruptcy will stop an auto repossession and in some cases enable you to get your car back.


Wage garnishments: If a creditor has garnished your wages, filing bankruptcy will put an immediate stop to it.



CHAPTER 11 BANKRUPTCY



The usual goal of Chapter 11 bankruptcy is to put together a debt reorganization and repayment plan for businesses and individuals with both significant debt and significant assets. It provides protection from adverse creditor actions such as repossessions and lawsuits, and gives you the opportunity to turn your financial situation around.


For an operating business, to determine if Chapter 11 is an answer for your problems, you need to ask yourself whether your business would be viable if current unsecured and/or secured debts were paid a partial or full-distribution over time instead of having to pay under your creditors’ conditions. For an entity in the business of renting real property, the question is whether continuing to operate your rental properties can be made to result in a net gain every month by changing the terms of the notes secured against your properties, such as by extending the repayment term, paying only the current market interest rate for your type of property, and/or paying an amount equal to 100% with market interest of the current market value of your property but only an affordable percentage of the amount in excess of such value. While the appropriate question or questions in your situation may vary, you will never know if restructuring your business is possible if you do not consult an experienced and knowledgeable Chapter 11 attorney as soon as possible. Do not wait another day. The sooner you consult us, the sooner we can answer your questions and prepare your case in advance to make the process easier.


People will often remark that a Chapter 11 reorganization seems too good to be true however, to achieve the best results you must work closely with a Chapter 11 attorney to satisfy all the requirements that will permit you to get a good result.


Small business bankruptcy: The smaller your business, the harder it is to get the time you need to gather assets and take steps to pay down your debt. An efficient Chapter 11 bankruptcy filing can give you the time you need. However, with the new subchapter v laws coming into effect next year small business owners will have an easier time reorganizing.


Chapter 11 bankruptcy for businesses: Chapter 11 bankruptcy will give you time and protection you need to work with your creditors to create a payment plan your business can actually afford. Chapter 11 bankruptcy for individuals: Chapter 11 bankruptcy is not just for businesses. There are many individuals with enough personal assets to require a plan that can handle their unique concerns



CHAPTER 13 BANKRUPTCY



You want to be able to pay off your debts, but there may come a time when you realize you cannot do it under the current conditions. Whether you are facing foreclosure or are facing creditor harassment, Chapter 13 bankruptcy could give you the time and resources to protect your assets and get the relief you need. At the Orantes Law Firm, in Los Angeles, bankruptcy attorney Giovanni Orantes is dedicated to helping individuals throughout Southern California obtain relief from debt and protection from creditors by filing Chapter 13 bankruptcy.


Filing for Chapter 13 bankruptcy can provide immediate and long-term solutions. When you file, you receive an automatic stay, which immediately stops issues such as collection on lawsuit judgments, foreclosure, creditor harassment, and wage garnishment.


Learn about Chapter 13 bankruptcy:


Debt restructuring: When you file Chapter 13 bankruptcy, we will help you create a three- to five-year payment plan to discharge your debts. You only pay what you can afford – basically, in exchange for what you have left-over after you pay your reasonable living expenses, you can discharge up to $360,475. Since many of us have little left after we pay our expenses, you may pay a very small percentage to your creditors, if anything, and still get relief from your debts. At the end of the plan, your remaining dischargeable debts will be wiped clean.


Differences between Chapter 13 bankruptcy and debt consolidation: Chapter 13 bankruptcy differs from so-called debt consolidation plans in that it offers you the full protection of U.S. bankruptcy laws – importantly, no creditor can sue you or otherwise harass you just because they do not want to be part of your plan. If you satisfy the Chapter 13 requirements, creditors have no choice but to be bound by your plan.


Second mortgage lien stripping: In some cases, liens can be stripped from second mortgages when you file Chapter 13 bankruptcy. We understand the full range of bankruptcy options you have at your disposal. If you do not have significant assets you need to protect, you may want to consider Chapter 7 bankruptcy. If you have more than $360,475 in unsecured debt and more than $1,081,400 in secured debts, Chapter 11 bankruptcy may be an option for you.



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