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Most individuals would never think of filing for bankruptcy and hate to even consider having to face that situation. Nevertheless, more and more people in California are finding it hard to find jobs and are unable to pay their bills. When someone is faced with an overwhelming amount of debt with no way out, there is a perfectly legal method to handle your debt problems. Bankruptcy was written as a legal means to help those who can no longer repay their bills. The law offers protection against harassing creditors and can relieve you of a great burden and stress.

Through the use of State and Federal laws, a person is allowed to discharge or restructure their debt under certain circumstances. With the assistance of a skilled bankruptcy attorney, taking this legal action may be the best choice you have.

Each person’s circumstances vary. Depending on your financial condition, you may qualify for one or more of the following types of bankruptcy:

Chapter 7

Chapter 7 in essence discharges your debt, if you qualify. Any assets you have, with the exception of some that are exempted are used to pay off your existing creditors. Once the bankruptcy filing is finalized, all of your debt is gone and your creditors can no longer come after you. However, certain debts such as taxes and child support cannot be discharged, with certain exceptions. In addition, a “means test” must be passed to see if you qualify to use this type of bankruptcy.

Chapter 11

If you own a business and are having financial problems, this may be the type of bankruptcy for you. This permits business to continue operating while repaying the debts through a court-approved plan.

Chapter 13

Following changes in bankruptcy laws in 2005, this type of bankruptcy is now the most common one used for individuals. If you have steady income, this plan will allow you to restructure your debt and repay it within a set period of time, such as 3 to 5 years. This bankruptcy type allows you to keep your assets. Once your repayment plan is complete, your debts are completely paid off.

How We Can Help You

With over 10 years of experience helping residents of Long Beach and Orange County, Attorney Stewart Lim will carefully review your personal financial situation in order to provide you with the best option for your circumstances. Our office understands this is a difficult and stressful time for you and will do our best to get you through the bankruptcy process as quickly and painlessly as possible.

Contact The Law Office of Stewart Lims for experienced and caring legal assistance when looking for bankruptcy information: (888) 556-5858