Santa Monica Bankruptcy Overview

Bankruptcy Attorney Serving Santa Monica, California

The Federal bankruptcy code exists to help debtors get a fresh start financially, even in the face of overwhelming debt. We all make mistakes or find ourselves in situations where we are no longer able to make ends meet. A divorce, losing a job, a prolonged illness or serious injury can have lasting effects that result in the need for a second chance. That is precisely what bankruptcy may be able to offer for you.

Although the specific process and benefits will vary depending on whether you file a Chapter 7, Chapter 13 or Chapter 11 bankruptcy, the end result is essentially the same: the elimination or reorganization of debt. By liquidating assets or reorganizing your debt and implementing a repayment plan, you may be able to discharge eligible debt, typically excluding certain taxes and child or spousal support obligations.

Chapter 7 vs. Chapter 13

The two main types of bankruptcy relief that individuals throughout California seek are Chapter 7 and Chapter 13. Recent laws have made it more difficult for debtors to qualify for Chapter 7, as they must pass a "means test" to be eligible. This is a basic evaluation of your income, and if a debtor makes a certain amount of money he or she may have to file a Chapter 13 case. There are also specific advantages to filing Chapter 7 versus Chapter 13. For example, Chapter 13 typically allows for more protection for your home and other assets, whereas Chapter 7 will result in a much quicker elimination of your debt.

If you would like to learn more about bankruptcy and how it may affect you, I welcome you to contact me. As a Santa Monica bankruptcy lawyer, I understand how to approach these cases and am able to explain to clients the many benefits bankruptcy may have to offer.

For a free consultation regarding your bankruptcy matter, contact Santa Monica bankruptcy attorney George H. Kim today!  Evening and weekend appointments available.  Locations throughout Los Angeles near you.