Los Angeles Bankruptcy Attorney

Steven P. Chang is a Los Angeles bankruptcy attorney that will help you every step of the way when you need to get debt relief. There are three different chapters of bankruptcy that can be filed by individuals or businesses and your Los Angeles bankruptcy attorney will advise you on which chapter you need to file to get the most positive benefits. Many people are confused about the bankruptcy laws and what filing bankruptcy can mean for them. It is important to have qualified legal representation whether you are filing Chapter 7 or Chapters 11 or 13 in order to ensure you have the best outcome.

If your Los Angeles bankruptcy attorney recommends Chapter 7 bankruptcy, it will depend on your family size and the amount of your income whether you are qualified to file. Chapter 7 has unlimited debt limits and the asset limits are limited by state and federal exemptions. It will take approximately four months and the basic requirements are that individuals who qualify under the means test, businesses, LLC's, Corporations, LLPs in serious debt problems. You will benefit from an immediate stay on collections activities, quick resolution and a fresh start! When you visit the Los Angeles bankruptcy attorney at the Law Offices of Steven P. Wang, the first thing they will do is give you a picture of your estate, both what you owe and what you own and take a comprehensive look at your financial situation and goals for the future to determine which bankruptcy option is right for you.

Your Los Angeles bankruptcy attorney may recommend Chapter 11 Bankruptcy which has no upper income requirements and unlimited debt limits. The asset limits are by state and federal exemptions, subject to the debtor's rights and plan payment amounts and no preset time frame. Business and individuals with regular income can file Chapter 11 and enjoy unlimited debt limits, remain in possession of their assets while in bankruptcy, are given additional leverage with creditors as debtor in possession. Chapter 11 is a reorganizational bankruptcy under the bankruptcy laws of the United States and is available to any business, whether organized as a corporation or sole proprietor, as well as to individuals although it is most prominently used by corporate entities.

Like Chapter 11, Chapter 13 is reorganization bankruptcy in which the debtor's debts are restructured and some of the debts are repaid. When you file for bankruptcy under Chapter 13 of the Bankruptcy Code, it is the aim of the Los Angeles bankruptcy attorney to give them the opportunity to repay some or all of the debts in their name, in better terms, including debts paid at a lower or no interest. It allows the debtor to use whatever income they may have in the future to pay off the creditors rather than requiring them to liquidation their assets. The Bankruptcy Code governs how much a creditor must be repaid and how long a debt must be paid back. While your Los Angeles bankruptcy attorney will safeguard your interests, the entire process is carried out under the supervision of the courts. If you are in need of debt relief, visit www.rsbankruptcy.com to learn more and schedule your free consultation.