With a Board-Certified Bankruptcy Specialist at the helm, the attorneys at Curd, Galindo & Smith, L.L.P. provide excellent advice and representation to individuals and consumers seeking debt relief and the protection from creditors offered by Chapter 7, Chapter 13, and Chapter 11 bankruptcy proceedings. We take the time to learn of your own unique situation and advise you on the strategy that best works for you.
Chapter 7 – The Elimination Of Debt Through The Liquidation Of Non-Exempt Assets
The part about elimination of debt probably sounds good, but the part about liquidation of your assets… maybe not so much. However, it is important to understand that the law provides for many exemptions from this so-called liquidation. It is even possible to have a no-asset bankruptcy, where you receive a discharge of your debt without having to sell any property at all.
Just as not all property is subject to sale, not all debt is dischargeable under Chapter 7. Chapter 7 is most attractive to consumers with large amounts of unsecured debt, such as mounting credit card debt or unpaid doctor bills, or to businesses looking to make a fresh start. Individuals filing for Chapter 7 must also meet certain income requirements. Our bankruptcy lawyers can review your income and expenses, assets and liabilities, and determine whether Chapter 7 is the right solution for you. If it isn’t, you may still find relief through Chapter 13.
Chapter 13 – The Adjustment And Elimination Of Debts Through A Payment Plan
Chapter 13 may not sound as attractive as Chapter 7, since you still have to repay most of your debts, but it has many advantages and positive features. Chapter 13 gathers all of your creditors together in one place and negotiates one centralized payment plan, so that you are no longer dealing with multiple creditors and bill collectors. A Chapter 13 is removed from your credit report several years sooner than a Chapter 7, which will help you rebuild your credit sooner.
With Chapter 13, you do not have to worry about losing any of your property or assets. Even if you are in default on your mortgage and facing a foreclosure on your home, Chapter 13 can stop that foreclosure in its tracks and allow you to catch up on past payments and stay in your home. If you have a steady source of income and can commit to a monthly payment plan, Chapter 13 may be the route for you to emerge from bankruptcy debt-free and with all your possessions intact.
Chapter 11 – Reorganization And Payment Of Debts For Businesses On The Brink Of Insolvency
While Chapter 13 is for consumers only, Chapter 11 is utilized mostly by businesses who want to stay in business but need to restructure their operations in order to stay afloat. Most businesses can continue to operate during a Chapter 11 Reorganization, with the owner acting as debtor-in-possession and maintaining control of operations without the court appointment of a trustee.
Bankruptcy Representation of the Highest Caliber
Our firm’s bankruptcy practice is headed by partner Jeffrey B. Smith, a Bankruptcy Specialist certified by the California Board of Legal Specialization. For immediate assistance, contact Curd, Galindo & Smith, L.L.P. to speak with an attorney in our bankruptcy practice.