LOS ANGELES BANKRUPTCY LAW OVERVIEW
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Angeles bankruptcy attorneys and law
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with all legal issues involved in Los Angeles bankruptcy
law and are committed to providing the highest
quality of competent legal representation.
If you or someone you know would like to get referred
to a qualified Los Angeles bankruptcy lawyer, contact
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your bankruptcy case easier to understand and deal
with.
Bankruptcy is the condition in which a person finds
himself/herself not able to pay their debts as they
become due and is therefore liable under the legal
provisions of Los Angeles bankruptcy law. The legal
effect of bankruptcy law is to divert most of the
debtor’s assets and debts to the administration
of a trustee from which outstanding debts are paid.
The following are explanations of select subjects
included in bankruptcy law:
CHAPTER
7
(Found within Bankruptcy Law)
Chapter 7 is the provision most commonly used by individuals.
It involves the absolute liquidation of a debtor’s
property to pay off the debts owed. With a Chapter
7 provision you may lose your home, but will be able
to get out of debt more quickly.
CHAPTER
11
(Found within Bankruptcy Law)
Chapter 11 is typically used for business
bankruptcies and restructuring. It allows businesses
to reorganize themselves, giving them an opportunity
to restructure debt andget out of certain leases and
contracts. Normally, a business is allowed to continue
to operate while it is in Chapter 11 under the supervision
of the Bankruptcy Court and its appointees.
CHAPTER
12
(Found within Bankruptcy Law)
Chapter 12 allows farmers with real
estate debts to pay off the debts from the profits
generated by future crops.
CHAPTER
13
(Found within Bankruptcy Law)
Chapter 13 is a type of provision in which consumers
work out a periodic payment plans with their creditors
to pay off all or most of their debts. One of the
more important benefits of Chapter 13 is that the
debtor generally can continue to live in their home
as long as he/she complies with the terms of the Chapter
13 agreement. The disadvantage of this is that debts
can linger for years.
All of our Los Angeles bankruptcy
lawyers are members in good standing of the
California Bar Association and have been subject to
our pre-screening process so that we may provide you
with the best legal assistance possible. To get referred
to a qualified Los Angeles bankruptcy attorney
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