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Bankruptcy Attorneys in Beverly Hills, CA

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Bankruptcy regulations in Beverly Hills, CA is very complex, that’s why our main goal is to simply write articles that simplify these laws and regulations for you.

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What is the Fresh Start Program?

Did you suffer a misfortune that compromised your finances? Now you can’t pay your debts and you don’t know what to do anymore? Bankruptcy may be exactly what you need. It can help you pay off your unsecured debts and get a fresh financial start.

You may have heard that bankruptcy will cause you to lose all your most precious assets, or that you could lose your home if you declare it. Some people even say that once you file for bankruptcy, your credit score will never recover. These are common MYTHS, born out of people’s ignorance of the process.

Bankruptcy is not the end of your finances, it is simply a means to get rid of your debts. It is a versatile process, with different types, that will allow you to start from scratch financially. Keep in mind that if you are not sure what to do to take advantage of it, you can always consult with a bankruptcy attorney.

Experience

If you decide to file for bankruptcy, but you are unfamiliar with the laws surrounding this process, it may be a bad idea to do so on your own. An excellent bankruptcy attorney will have all the experience necessary to make your bankruptcy filing successful. In addition, a bankruptcy attorney knows the state laws and regulations inside and out, and will guide you through all the procedures.

Assess all your options

The extensive financial knowledge of an experienced bankruptcy attorney will allow him/her to diagnose your financial situation, and then determine what type of bankruptcy is best suited for your situation. You may want to get rid of your debts quickly, in which case the attorney will recommend chapter 7 bankruptcy. Or you may have a steady income and qualify for chapter 13 bankruptcy.

Protection from creditors

You may be receiving constant calls, and even visits, from creditors demanding payment of your debt. However, if your creditors know that you have an excellent bankruptcy attorney on your side, they will leave you alone immediately. Your attorney will make sure they stay away from you. He or she will tell you about the types of behavior that are considered abusive, and about the rights you have in your position. Once you file for bankruptcy, creditors are legally required to stop collecting on the debt.

Save your home or vehicle

If you are facing foreclosure proceedings, or if you are receiving threats to repossess your vehicle, hiring a bankruptcy attorney may be your best option to save those precious assets. The attorney will explain to you the options you have to have the best chance of keeping them. In addition, he/she will assist you in making lists of exempt assets, so that you do not make any mistakes during the procedure and end up losing something important to you.

Peace of mind

Retaining the services of an experienced bankruptcy attorney will make the entire process much easier. If you are going through a difficult financial time, you do not need to stress about legal procedures, when you can entrust it to someone who is much more experienced than you are in this field. Once you retain the services of an attorney, you can relax a bit, and then focus on rebuilding your finances with some peace of mind.

What Are The Benefits of Bankruptcy in Beverly Hills, CA

California is one of the only states that, when you file for bankruptcy, gives you a choice between two lists of assets that you can exempt. After the bankruptcy court evaluates your case, you will be given both lists and can choose one of them.

Keep in mind that you cannot combine assets from both lists to protect them. This may be a difficult decision, but you can only choose one of them.

The trustee assigned to your case will then sell the non-exempt property to pay your creditors. This is what will happen if you choose to file for bankruptcy under Chapter 7. You have two other options, Chapter 11, which is designed for large businesses, and Chapter 13, which is better for individuals and small businesses. In these cases, you can keep your non-exempt assets. Instead, you will have to adhere to a payment plan, called a reorganization plan, to pay your creditors in an amount of time determined by the court. If you fail to make the necessary payments, your property will be sold to pay off the remaining debt.

What Are The Different Types of Bankruptcy in Beverly Hills, California?

Chapter 7 Bankruptcy

With Chapter 7 bankruptcy you will eliminate your debts in the fastest possible time. – this is done through liquidation, or selling of your assets. The proceeds, then, will go to your creditors as payments. Your remaining debts will be discharged, but not all – such as child support, fraudulent debts, student loans, etc.)

Filing Chapter 7 Bankruptcy is best if you want a quick solution for your debt problems – and if you’re fine with selling your assets and properties (of which many find this uncomfortable).

Chapter 7 Bankruptcy

With Chapter 7 bankruptcy you will eliminate your debts in the fastest possible time. – this is done through liquidation, or selling of your assets. The proceeds, then, will go to your creditors as payments. Your remaining debts will be discharged, but not all – such as child support, fraudulent debts, student loans, etc.)

Filing Chapter 7 Bankruptcy is best if you want a quick solution for your debt problems – and if you’re fine with selling your assets and properties (of which many find this uncomfortable).

What Can A Chapter 7 Bankruptcy Attorney in Beverly Hills Offer You?

Filing for Chapter 7 Bankruptcy is smooth and easier especially if you work with the best Bankruptcy lawyers of Beverly Hills, California. Beverly Hills bankruptcy lawyers will help you in preparing and submitting the required bankruptcy forms and files in a bankruptcy court. They will also help you find a trustworthy bankruptcy trustee.

Your Chapter 7 bankruptcy lawyer and trustee will help in the liquidation of your assets, which then will be used to pay to your creditors. In the process, other debts – most of your unsecured debts such as credit card debts – will be discharged from you.

Once everything is settled, you are financially free again (though you still have some debts, the non-dischargeable debts). You can finally have a fresh start in your finances and be able to build your credit again!

Chapter 13 Bankruptcy

In Chapter 13 Bankruptcy, instead of liquidating your assets, you will be asked to restructure your finances and create a repayment plan as your means to pay your creditors. Your assets will remain to you unless you failed to pay your debts. Chapter 13 works best for individuals and small businesses, especially those who have the financial capacity to create a repayment plan.

Keep in mind that if you don’t comply with the repayment plan, your assets will be sold to pay the remaining debt. So make sure to do so!

Chapter 13 Bankruptcy

In Chapter 13 Bankruptcy, instead of liquidating your assets, you will be asked to restructure your finances and create a repayment plan as your means to pay your creditors. Your assets will remain to you unless you failed to pay your debts. Chapter 13 works best for individuals and small businesses, especially those who have the financial capacity to create a repayment plan.

Keep in mind that if you don’t comply with the repayment plan, your assets will be sold to pay the remaining debt. So make sure to do so!

What Can A Chapter 13 Bankruptcy Attorney in Beverly Hills Offer You?

Your Chapter 13 Bankruptcy attorney will help you through this process, and will guide you on how to handle your bankruptcy case. You will need to send a detailed report of your income and assets, and it may take some time to prepare. With the help of a bankruptcy attorney, this will be much easier.

Bankruptcy lawyers of Beverly Hills, California are great in reorganizing your finances to ensure you can pay your creditors well while you’re still able to meet your basic lifestyle needs.

Chapter 11 Bankruptcy

Chapter 11 is very similar to Chapter 13, only that this Chapter is preferable for large business (partnerships and corporations). If you’re a big business owner and live in Beverly Hills, choosing this Chapter and working with a great Beverly Hills bankruptcy lawyer is probably your best choice!

In Chapter 11 Bankruptcy, you can keep your assets as well – and even remain in power over your business – as you pay your debts through a reorganization plan. Failure to pay all the said debt would mean liquidation of your assets, depending of course on your remaining balance

Chapter 11 Bankruptcy

Chapter 11 is very similar to Chapter 13, only that this Chapter is preferable for large business (partnerships and corporations). If you’re a big business owner and live in Beverly Hills, choosing this Chapter and working with a great Beverly Hills bankruptcy lawyer is probably your best choice!

In Chapter 11 Bankruptcy, you can keep your assets as well – and even remain in power over your business – as you pay your debts through a reorganization plan. Failure to pay all the said debt would mean liquidation of your assets, depending of course on your remaining balance

What Can A Chapter 11 Bankruptcy Attorney in Beverly Hills Offer You?

A Chapter 11 bankruptcy attorney will properly advise you on how to proceed to keep your business running efficiently while you get through your bankruptcy case.

In the case of large businesses, this type of situation is often particularly complex. There are many variables that must be taken into account at every step of the process, so having a bankruptcy legal professional is a must.