Bankruptcy Attorney Helping You Find Financial Relief
Filing for bankruptcy can give you the brighter future you seek
At Invictus Law, P.C., we understand that in today’s tough economic times it can be difficult to make ends meet. Our bankruptcy lawyers in Ontario and Santa Ana, California help individuals and businesses throughout Orange County — including Orange and Irvine — and in San Bernardino and Riverside counties find the debt relief they’re seeking. We assist you with attaining the legal resolutions you need at affordable prices and provide you with the attention you deserve.
Our Orange County attorneys counsel you on bankruptcy options
Filing for bankruptcy is one viable way to get yourself on firmer financial footing. Depending on your goals and filing status, whether it’s as an individual, corporation or partnership, you also have the following bankruptcy options:
- Chapter 7: Chapter 7 bankruptcy, also called straight bankruptcy, liquidates your assets to pay off creditors. Individuals, partnerships and other businesses are eligible, although individuals must pass a “means test.” For the means test, you must show that you earn less than the state median income. We file a petition for bankruptcy at a local federal bankruptcy court on your behalf. Substantial financial documentation, such as a list of your creditors and an accounting of your monthly living expenses, accompanies your petition. Once you file, the court notifies your creditors, and they can no longer harass you for collection. The court designates a trustee to your case, and that trustee holds a meeting of your creditors. By state law, you may be able to keep some assets such as your car, household furnishings and other belongings, to help you make a fresh financial start. Chapter 7 bankruptcy can be completed within four to six months. Our bankruptcy attorneys advise on state and federal exemptions and counsel you on your options. If you do not pass the means test, you can file for bankruptcy under Chapter 13.
- Chapter 11: Chapter 11 bankruptcy is often called reorganization bankruptcy. This is a popular option for businesses that want to stay afloat and pay off creditors through a three-to-five-year repayment plan. A U.S. trustee monitors the progress of the reorganization and holds a meeting of the creditors, similar to that in Chapter 7 bankruptcy.
- Chapter 13: Chapter 13 bankruptcy, also called wage-earner bankruptcy, allows you to pay creditors over the course of three to five years. The length of the plan depends on whether your income falls above or below the California median income. The most important advantage of Chapter 13 over Chapter 7 is that you can protect against and stop foreclosure on your home. Other aspects are similar to Chapter 7 in terms of filing and documentation requirements, the designation of a trustee and paying off creditors. In the repayment plan, priority claims are paid first; these include most taxes and the expenses associated with the bankruptcy proceeding. Paying secured claims — those in which the creditor is entitled to take back certain property if the debt isn’t paid — comes next. Paying unsecured claims — those in which the creditor has no special rights — follows. With Chapter 13 bankruptcy, you also receive protection from creditor and collection agency harassment. The plan takes into consideration your car loan, which is a secured claim, and when the debt was secured. You may be able to pay only its value. You may also be able to retain the original payment plan of your home mortgage, which is also a secured claim.
Each individual is facing a different situation. When you meet with us, we review your financial circumstances and your goals and advise you about your options.
Certain conditions apply
Our Orange County bankruptcy attorneys review your specific situation and counsel you on the option that best suits your needs. Certain eligibility requirements apply in all cases, including your income level and whether you have received credit counseling from an approved agency within 180 days of filing.
Certain exemptions also apply, and we can help you understand both the state and federal exemptions and how they may apply to you.
Schedule your free initial consultation and get on the path to financial relief
Our bankruptcy attorneys at Invictus Law, P.C. offer a brighter financial future for individuals and businesses of all sizes when overwhelming debt clouds your path. Learn what your options are in a risk-free, complimentary consultation. Call us anytime at (949) 287-5711 or contact us online to schedule your appointment at one of our convenient office locations in Santa Ana or Ontario, California.