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California Bankruptcy Laws

California Bankruptcy Laws

Explanation of the Current Bankruptcy Laws in California

There has been much talk about the major changes made to bankruptcy laws a few years ago and how they affect individuals and businesses considering bankruptcy as a debt relief option. For straightforward answers to all your bankruptcy questions, consult with an experienced Los Angeles bankruptcy lawyer.

At RHM LAW LLP, our bankruptcy lawyers have helped thousands of people and small businesses in the Los Angeles area find debt relief through Chapter 7 and Chapter 13 bankruptcy. We stay current with all legislation pertaining to bankruptcy and welcome the opportunity to discuss how the laws impact your situation.

Questions? Contact our firm today to schedule your 30-minute complimentary consultation.

Understanding the Bankruptcy Process: A Step-by-Step Guide

Navigating the bankruptcy process can be daunting, but having a clear understanding of each step can empower you to make informed decisions. At Resnik Hayes Moradi LLP, we believe that knowledge is crucial to overcoming financial challenges. Here’s a simplified overview of what to expect when filing for bankruptcy in California:

  1. Initial Consultation: Schedule a meeting with our experienced attorneys to discuss your financial situation and explore your options.
  2. Gathering Documentation: Compile necessary financial documents, including income statements, debts, and assets, to help us build your case.
  3. Credit Counseling: Complete a mandatory credit counseling course to assess your financial situation and explore alternatives to bankruptcy.
  4. Filing Your Petition: We will assist you in filing your bankruptcy petition with the court, ensuring all forms are completed accurately.
  5. Automatic Stay: Upon filing, an automatic stay goes into effect, halting most collection actions against you, providing immediate relief.
  6. Meeting of Creditors: Attend a meeting where creditors can ask questions about your financial situation, guided by our legal team.
  7. Discharge of Debts: After completing the process, you may receive a discharge of eligible debts, offering a fresh financial start.

Understanding these steps can help reduce anxiety and prepare you for what lies ahead. Our dedicated team at Resnik Hayes Moradi LLP is here to support you every step of the way, ensuring you feel confident and informed throughout the bankruptcy process. Contact us today to begin your journey towards financial recovery!

You Can Still File Bankruptcy in CA

It is true that in October 2005, Congress passed sweeping changes to the bankruptcy laws. Under these laws, people who wish to discharge unsecured debts through Chapter 7 bankruptcy must pass a “means test,” which takes into account an applicant’s income, expenses, and total debt. While these laws make it more difficult to file Chapter 7 bankruptcy, many people and businesses still qualify for this type of relief.

If you do not qualify for Chapter 7 bankruptcy, you may still file for Chapter 13 bankruptcy. This debt reorganization plan is designed for applicants with an income who wish to protect certain assets or pay a percentage of what they owe to creditors.

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Client Reviews

What Clients Say About Working With Us
    "Without the support of pro bono attorneys we couldn't do all the work we need to do, and your firm in particular is outstanding."

    Thank you for your great work on behalf of Ms. Johnson. Without the support of pro bono attorneys we couldn't do all the work we need to do, and your firm in particular is outstanding.

    - Skip K.
    "I filed bankruptcy with this firm 3 years ago and found that they are professional, friendly, and compassionate."
    I filed bankruptcy with this firm 3 years ago and found that they are professional, friendly, and compassionate. I also met with their loan modification department. Unfortunately, they were unable to help because of the type of loan that I have. I really appreciated that they did not lie, waste my time, or take my money in an attempt to modify a loan that was not doable. I've since used their firm for a couple of minor issues and found all of the attorneys to be knowledgeable and considerate. Attorneys Simon and Resnik are amazing!
    - Shannon J.
    "I cannot thank them enough for helping save my home. I would recommend them for anyone that is thinking about filing for bankruptcy or foreclosure on their home."
    I needed a bankruptcy attorney in Sherman Oaks and found Matt Resnik on Google. He has one of the best-reviewed bankruptcy law firms on Yelp so I decided to check it out his law firm for myself. I quickly found out that they are foreclosure specialists and they could help me with my issue. They made the process very easy for me and laid out my options for me. I cannot thank them enough for helping save my home. I would recommend them for anyone that is thinking about filing for bankruptcy or foreclosure on their home. They are the best bankruptcy law firm in Sherman Oaks.
    - Joseph R.
    "As the dank blanket of economic uncertainty continues to depress the hopes of many of us, I keep your business cards and number available for others."
    This is to thank you for the exceptional work of you and your fine staff. In managing my bankruptcy and loan modification, a nearly five-year effort, your performance was stellar. I never felt alone or adrift, key concerns in those circumstances. The outcome was outstanding. As the dank blanket of economic uncertainty continues to depress the hopes of many of us, I keep your business cards and number available for others. Without hyperbole, I can attest that you are present a beacon. Thank you so much.
    - K.C.
    "Matt and his staff conducted themselves with professionalism throughout the whole ordeal."
    I worked with Matt and his team for about a year to get through the paperwork shuffle and my personal experience was nothing short of fantastic. Legal situations have a tendency to get hairy, but Matt and his staff conducted themselves with professionalism throughout the whole ordeal. To keep it short, let's just say he under-promised and over-delivered.  Rarely would I ever say this about an attorney, but overall he was just a great guy. I would not hesitate to have him on my side of the courtroom again. World market is right across the street from his office and I even decided to get his staff a thank you / holiday gift card.  World market has excellent craft beer BTW, try the Einstock White Ale. They also validate parking. That just shows this isn't a fake review.
    - Dean C.
    "He made me feel like I had options, all was not lost, and I could rebuild my credit."
    Matt is the best bankruptcy attorney in Sherman Oaks. I consulted with Matt over a chapter 7 bankruptcy. I had issues with overwhelming credit card debt after Chase increased it's APR for no reason. It set off a chain of events that were really hurting me. He made me feel like I had options, all was not lost, and I could rebuild my credit after the 7. I had some concerns about a piece of property I was having issues with and Matt also turned out to be a real estate lawyer as well! I recommend this office to anyone who is unsure of their financial situation. It doesn't hurt to find out your options.
    - Max B.
    "These are top-notch pros that'll have your back. I cannot recommend them highly enough."
    Where to begin? I had a vile evil credit union repo my car over a misunderstanding, they wouldn't work with me even when I offered full payment plus repo fees (this was my first repo!) so I didn't know what to do. I met with a few lawyers but when I met with Simon he broke things down and gave me my options. I needed a car - so I filed BK and included the car to get it back. The evil credit union fought and Simon GOT ME MY CAR BACK!!! His team is amazing!!!! Maria Donna etc!!! These are top-notch pros that'll have your back. I cannot recommend them highly enough. Sincerely they saved my life. LA with no car!? ARGH!!!!!! *THANX ALL!!!!
    - Tim C.
    "He not only saved my house but also got rid of all my debt. They are not your typical attorneys and their creativity really allowed me to do things that other attorneys never mentioned in previous consults."
    Fantastic office! I want to thank Matt for taking his time with me and sincere in his assistance. He spent over an hour with me for free during our initial consult. I left knowing exactly what's needed. He not only saved my house but also got rid of all my debt. They are not your typical attorneys and their creativity really allowed me to do things that other attorneys never mentioned in previous consults. Affordable and Outstanding firm and thank you for all you have done! My family thanks you!
    - David K.
    "He negotiated on my behalf with a credit card company and was able to settle with them for much lower than I could have on my own."
    I worked with David Kritzer at this firm, and he was great. He negotiated on my behalf with a credit card company and was able to settle with them for much lower than I could have on my own thanks to his knowledge and expertise in the field. If you have a debtor on your back go to him to get it taken care of.
    - Kelly S.

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