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Bankruptcy is a legal process designed to help individuals and businesses eliminate or repay their debts under the protection of the federal bankruptcy court. As bankruptcy lawyers in Encino, CA, at Resolve Law Group, we understand the complexities and stress that come with financial distress. Our goal is to guide our clients through the various types of bankruptcy, helping them choose the path that best suits their financial situation.
Chapter 7 bankruptcy, often referred to as liquidation or straight bankruptcy, is the most common form. It allows individuals to eliminate most types of unsecured debt, such as credit card debt, medical bills, and personal loans. In a Chapter 7 case, a trustee is appointed to liquidate the debtor's non-exempt assets to pay creditors. However, many of our clients are relieved to learn that most personal assets, including home equity and retirement accounts, may be protected under exemption laws. We can help determine which of your assets would be considered exempt and guide you through the liquidation process if necessary.
Chapter 13 bankruptcy is designed for individuals with regular income who wish to keep their property but need to restructure their debts. It allows them to propose a repayment plan to make installments to creditors over three to five years. Our team at Resolve Law Group specializes in crafting feasible repayment plans that respect our clients' financial limitations while complying with legal requirements. Chapter 13 can be a powerful tool for saving a home from foreclosure, rescheduling secured debts (other than a mortgage for a primary residence), and consolidating obligations under more manageable terms.
Primarily aimed at businesses, Chapter 11 bankruptcy facilitates the reorganization of a debtor's business affairs, debts, and assets. It's also available to individuals whose debts exceed the limits of Chapter 13. Chapter 11 allows the debtor to propose a plan for profitability post-bankruptcy, which might include downsizing operations or restructuring debts. Our expertise at Resolve Law Group includes assisting businesses in navigating the complexities of Chapter 11, ensuring that they can make informed decisions about their future.
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