Bankruptcy is legally defined as an individual's or business' inability to pay its creditors. In some cases, known as involuntary bankruptcies, creditors can initiate the bankruptcy process by filing bankruptcy against a debtor in an effort to regain part of the money they are owned.
Primarily, though, bankruptcy is filed by a debtor strapped for cash. This type of bankruptcy is referred to as a voluntary bankruptcy.
Over 126,000 Californians filed for personal bankruptcy in 2008. While filing for bankruptcy can be distressing and upsetting, it's important that you understand the process and work with one of the experienced bankruptcy attorneys at the Law Offices of David S. Chesley, Inc.
Bankruptcy laws are complicated, differ from state to state, and are changing regularly due to the passage of new legislation. Having the right legal representation can make a significant difference in the outcome of your bankruptcy case and your ultimate financial well being.
While there are technically six different types of bankruptcies, known as Chapters, the most common forms of bankruptcies include:
The plan elected will have to be approved by a majority of the creditors involved in the case. These proceedings vary wildly, depending on how long it takes both parties find a suitable restructure plan.
Under the guidelines of Chapter 13 bankruptcies, debtors are allowed to keep their assets but must pay the recalculated debt within three to five years of the judgment.
To ensure that your initial consultation with the esteemed bankruptcy attorneys at the Law Offices of David S. Chesley, Inc. is as helpful as possible, here of some tips on how to prepare for this meeting:
To schedule a private consultation with one of our experienced bankruptcy attorneys, contact us today.
Law Offices of David S. Chesley, Inc.
A Professional Law Corporation
4533 Van Nuys Boulevard, Second Floor
Sherman Oaks, CA 91403
Additional offices in the Counties of Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura.