Explanation of the Current Bankruptcy Laws
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 Resnik Hayes Moradi 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 risk-free consultation.
You Can Still File Bankruptcy
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.
The 2005 laws also require applicants to participate in a government-approved credit counseling program prior to filing bankruptcy. Before you can file a bankruptcy case and any debt is eliminated, you must receive a credit counseling certificate from an approved agency. Before completion of your case, you must complete a simple financial management course. Our attorneys can help you find an approved agency and financial management course to fulfill these requirements.
Trusted Answers to All Your Bankruptcy Questions
At Resnik Hayes Moradi LLP, we want to help you find a debt relief solution that makes sense for you. During a 30-minute risk-free consultation, one of our experienced bankruptcy attorneys will evaluate your situation and discuss whether bankruptcy is a good option for you. We will explain the California new bankruptcy laws, identify exemptions, and address any questions and concerns you have.
To arrange an appointment, call us at (213) 344-0043 and speak to our Los Angeles bankruptcy attorneys. From our offices in Los Angeles and Sherman Oaks, we serve clients in San Fernando Valley and throughout Los Angeles, Riverside, San Bernardino, and Orange Counties.
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.- 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.- Kelly S.
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.- Joseph R.
These are top-notch pros that'll have your back. I cannot recommend them highly enough.- Tim C.
They were thorough, extremely knowledgeable, wonderful to deal with, thoughtful, and really helped guide me through what was one of the toughest times in my life.- Rusty H.