Frequently Asked Questions

California Bankruptcy Attorney

How does bankruptcy work?

Bankruptcy allows a person or business to resolve their debt problems through the use of one of the bankruptcy Chapters to either discharge their debt, or reorganize it for repayment over a certain period of time.  It offers individuals a chance to resolve their debt problems within a matter of months or, if repayment is necessary, within 3 to 5 years.

What are some of the types of bankruptcy solutions you can help with?

The most common bankruptcy options are:

Chapter 7 - This provides you with discharging all of your debt with a few exceptions, you need to qualify for it by taking a means test.  Which confirms that you don't have the means to re-pay your debt.

Chapter 11 - This type provides an oppirtunity for businesses and corporations filing to restructure their business and develop a repayment plan they can fit into their revised budget.  It allows businesses to remain in operation.

Chapter 13 - This is a reorganization for an individual or sole proprietor.  For some, it will allow for the complete elimination of Junior Mortgages.

How do you know what debt resolution alternative to use?

One of our California bankruptcy attorneys from Price Law Group will sit down with you for a free initial consultation to discuss your specific circumstances.  Based on your information and goals for your financial troubles, we can work out a solution that is best suited to you.  This can either be bankruptcy, debt settlement, debt consolidation, or any number of other options we have available at our disposal.

Can I eliminate all of my debt?

Depending on the type of bankruptcy you are filing, it will ultimately lead to most, if not all, of your unsecured debt in being discharged.  There are some exceptions, such as student loans, taxes and support payments.  Any debt incurred after the filing process would also not be included.  But most commonly, individuals find themselves with a clean slate following a bankruptcy discharge.

Contact a California Bankruptcy Attorney for answers to your questions regarding debt solutions.