When everything's on the line, you want the
Best Bankruptcy Attorney near me
It took a great deal of deliberation for you to reach this point. After conducting a pros and cons analysis, you’ve decided that filing for bankruptcy is the right decision for you at this stage in your life. It’s not a straight forward process. With all that’s happening, thinking about it in totality can cause some anxiety. Allow us to explain and simplify the process for you. All you need to do is gather the appropriate documents and we will take care of the rest. It’s our job to facilitate the bankruptcy process for you.
2005 Credit Counseling Bankruptcy Act
Although you have given this a great deal of thought, the state of California wants to make sure that you know what you’re getting into. The government wants to ensure that you understand all your options and are making this decision in good conscience. For that reason, the 2005 Credit Counseling Bankruptcy Act requires that you undergo credit counseling 6 months before filing for bankruptcy. This is just a procedural step. You will learn a lot during this process. The moment you come to a solid decision about filing for bankruptcy, give us a call. We will arrange informative credit counseling for you. After filing for bankruptcy, a financial management instructional course will be organized for you as well.
2005 Bankruptcy Means Test
When you are thousands of dollars in debt, the amount can be overwhelming. It may not be as bad as it seems. There may be other alternatives for you. The court will review your earnings six months prior to filing. They will compare your income to the median income in the state of California. If your earnings are below the Californian median income, you are welcome to file for chapter 7 bankruptcy. If your earnings are above the median income, the court will review your answers from the remainder of the test.
341 Creditor Meeting
Once you gather the necessary documents, an assigned lawyer will file bankruptcy on your behalf. A month after filing, a meeting with your creditors will be arranged. Creditors are defined as the organizations and individuals that are owed money. Most will not show up for the meeting. However, we must be prepared for each creditor whether they attend or not. This is a preliminary step to ensure that everyone is on board. Your attorney and her paralegal will prepare you for this moment. There is nothing to be afraid of. Those creditors that attend are only interested in securing their assets and making sure that the bankruptcy arrangements are beneficial for them.
There are three types of bankruptcies. Chapter 11 is the type of bankruptcy reserved for businesses. A company’s assets are seized rather than the individuals that head the organization. Chapter 7 is granted for individuals. You must pass the means test to be given the privilege of filing for Chapter 7 bankruptcy. Chapter 13 involves wage garnishments. This means that the monies owed to creditors will be consolidated into one lump sum. A percentage of the total amount will be deducted from your pay check before you see it. If filing Chapter 13 bankruptcy, you will be placed on a repayment plan. All of your disposable income must be paid into this plan.