Bankruptcy Attorney in Santa Monica, CA
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Our team is works with only the most passionate and experienced legal professionals. If you decide to hire a bankruptcy attorney in Santa Monica, you should make sure that you have one who puts your interests first and helps you every step of the way.
Here you will find everything you need to know about Santa Monica bankruptcy law, so be sure to read it!
What is the Fresh Start Program?
Let’s forget the myths, let’s talk about what bankruptcy CAN do. It can eliminate your unsecured debts, such as loans, medical expenses, and even claims for damages in cases of traffic accidents.
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 Santa Monica, CA
However, you cannot mix assets on different lists, so you must choose carefully on which asset list you want to exempt.
California is also home to some of the best bankruptcy lawyers around; so, wherever you are – whether you live in Los Angeles, Inglewood, Beverly Hills or Anaheim – you have the best bankruptcy lawyers to help you!
What Are The Different Types of Bankruptcy in California?
Chapter 7 Bankruptcy
Getting your debts cleaned up quickly is possible thanks to Chapter 7 bankruptcy.
In this Chapter, your non-exempt assets will be sold by a trustee to settle debts with your creditors. These assets are the ones that are likely to be lost to pay off your debts. After the sale, the money obtained will go to your creditors and your debts will be discharged.
Many people may not like this alternative, or find it inconvenient. But it will certainly be the one that pays off your debts as soon as possible. Besides, there are times when you will have no other choice.
There are certain properties that you can keep after your bankruptcy case. Your exempt assets will not be touched in any way during the process, and the possessions you require for your daily life are also considered exempt. Your main car, for example, will not be sold to pay off your debts.
Chapter 7 is not your only option when you decide to file for bankruptcy, there are also Chapter 13 and Chapter 11.
Chapter 7 Bankruptcy
Getting your debts cleaned up quickly is possible thanks to Chapter 7 bankruptcy.
In this Chapter, your non-exempt assets will be sold by a trustee to settle debts with your creditors. These assets are the ones that are likely to be lost to pay off your debts. After the sale, the money obtained will go to your creditors and your debts will be discharged.
Many people may not like this alternative, or find it inconvenient. But it will certainly be the one that pays off your debts as soon as possible. Besides, there are times when you will have no other choice.
There are certain properties that you can keep after your bankruptcy case. Your exempt assets will not be touched in any way during the process, and the possessions you require for your daily life are also considered exempt. Your main car, for example, will not be sold to pay off your debts.
Chapter 7 is not your only option when you decide to file for bankruptcy, there are also Chapter 13 and Chapter 11.
What Can A Chapter 7 Bankruptcy Attorney in Santa Monica Offer You?
The first thing you should do before filing for Chapter 7 bankruptcy is to get an excellent lawyer to guide you through the process.
Your Santa Monica bankruptcy attorney will explain the proceedings to you in detail, and will prepare with you all the necessary paperwork to be sent to the bankruptcy court.
The court will then appoint a trustee to evaluate and sell your non-exempt assets to pay your debts. You and your attorney may need to find one in some cases.
Chapter 13 Bankruptcy
Individuals with some financial capacity and small business owners will be able to take full advantage of the benefits of Chapter 13 bankruptcy. As long as their finances allow them to develop and fulfill a payment plan, they will be able to qualify for this chapter. The court will have the final say in this matter.
If the bankruptcy court determines that you are eligible for this chapter, a payment plan will be created to settle the debts with your creditors. This means that your finances will be completely restructured. This chapter is very different from Chapter 7 because the main way to pay off your debts is not to sell your possessions.
If all goes well, no one will have to touch your assets during the bankruptcy process. But if you fail to fulfill the payment plan, your non-exempt assets will be sold to pay off the remaining debt.
Chapter 13 Bankruptcy
Individuals with some financial capacity and small business owners will be able to take full advantage of the benefits of Chapter 13 bankruptcy. As long as their finances allow them to develop and fulfill a payment plan, they will be able to qualify for this chapter. The court will have the final say in this matter.
If the bankruptcy court determines that you are eligible for this chapter, a payment plan will be created to settle the debts with your creditors. This means that your finances will be completely restructured. This chapter is very different from Chapter 7 because the main way to pay off your debts is not to sell your possessions.
If all goes well, no one will have to touch your assets during the bankruptcy process. But if you fail to fulfill the payment plan, your non-exempt assets will be sold to pay off the remaining debt.
What Can A Chapter 13 Bankruptcy Attorney in Santa Monica Offer You?
The first thing you should do before filing for Chapter 7 bankruptcy is to get an excellent lawyer to guide you through the process.
Your Santa Monica bankruptcy attorney will explain the proceedings to you in detail, and will prepare with you all the necessary paperwork to be sent to the bankruptcy court.
The court will then appoint a trustee to evaluate and sell your non-exempt assets to pay your debts. You and your attorney may need to find one in some cases.
Chapter 11 Bankruptcy
Chapter 11 Bankruptcy is ideal if you are the owner, co-owner, or representative of a large company, even if it is multinational. It has certain similarities to Chapter 13, but certain details add to the complexity of this Chapter.
The process is relatively simple: Just like in Chapter 13, you will have to develop a payment plan to settle your debts. In the meantime, you will still have full control of your business.
Keep in mind, if you don’t comply with the reorganization plan, your assets will be sold to pay off the remaining debt. If you do not want your company to lose valuable assets, it is advisable that you retain the services of an experienced bankruptcy attorney to advise you throughout the process.Â
Chapter 11 Bankruptcy
Chapter 11 Bankruptcy is ideal if you are the owner, co-owner, or representative of a large company, even if it is multinational. It has certain similarities to Chapter 13, but certain details add to the complexity of this Chapter.
The process is relatively simple: Just like in Chapter 13, you will have to develop a payment plan to settle your debts. In the meantime, you will still have full control of your business.
Keep in mind, if you don’t comply with the reorganization plan, your assets will be sold to pay off the remaining debt. If you do not want your company to lose valuable assets, it is advisable that you retain the services of an experienced bankruptcy attorney to advise you throughout the process.Â
What Can A Chapter 11 Bankruptcy Attorney in Santa Monica Offer You?
The key to your business surviving a Chapter 11 bankruptcy-driven economic reorganization is proper bankruptcy planning. To do this, you must have the help of a legal professional who has the experience to advise you properly.
Also, if your company doesn’t have the services of a bankruptcy attorney under federal bankruptcy law, you will not be able to proceed with the filing. Either way, it is a necessary investment that will ultimately benefit your company greatly.