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Millions of Californians face debilitating debt that snowballs out of control year after year. The word “bankruptcy” can be intimidating, especially because the consequences of pursuing bankruptcy can be long-lasting. However, when you are facing the loss of your home, the loss of your vehicle, and endless collection calls, bankruptcy can be a lifesaver. While filing for bankruptcy can harm your credit score, losing your property and facing collection can be even more harmful to your credit score. As such, at Papian & Adamian, as Glendale Bankruptcy Attorneys, we encourage our clients to set aside their fears about bankruptcy and see, instead, how the process can help them make a fresh start.
At Papian & Adamian, our Glendale Bankruptcy Attorneys help clients consider whether bankruptcy is right for them, and if so, which bankruptcy path would be the best fit – Chapter 7 or Chapter 13. Our legal team thoroughly evaluates every client’s unique situation to determine whether bankruptcy is a viable option, providing our clients with the following information to consider about the bankruptcy process.
Chapter 7 Bankruptcy – A popular option of debt-relief for many California residents is pursuing Chapter 7 bankruptcy. Chapter 7 allows you to start fresh and essentially eliminate all of your debt in a very short period of time. In order to qualify for Chapter 7 bankruptcy, you must meet the “income means test,” as Chapter 7 is reserved for consumers who truly do not have sufficient income to pay off their debt.
Chapter 13 Bankruptcy – For individuals who do not qualify for Chapter 7 bankruptcy or for those who have homes or vehicles they wish to protect from foreclosure, Chapter 13 may be the best option. With Chapter 13 bankruptcy, consumers can establish a monthly payment plan to tackle their debt while still maintaining control of their homes. In a way, Chapter 13 bankruptcy is much like debt consolidation, allowing consumers to make one monthly payment that is then distributed amongst all creditors.
Chapter 13 is also a good option if you have older income tax obligations. You may be able to discharge them in Chapter 13 bankruptcy if they qualify as nonpriority tax debts. Our team of Glendale Bankruptcy Attorneys will help you determine if taxes you owe qualify as nonpriority.
The bankruptcy process is not simple: it is not as easy as entering a courtroom and announcing to a judge that you cannot repay your debts. Both Chapter 7 and Chapter 13 bankruptcy in California require the submission of detailed petitions and financial schedules that lay out your income, your assets, and liabilities. Failing to properly complete these documents or failing to submit the requisite supporting documentation can be grounds for a rejection of your bankruptcy case. Or, worse, you may inadvertently and needlessly expose personal items and property to collection by the Trustee if you fail to make the proper requests for exemption.
The first step to fighting debt is to consider your options with the help of a qualified bankruptcy and debt-relief attorney.
Contact Papian & Adamian Today to Schedule Your Free Bankruptcy Consultation
If you are considering bankruptcy as an option to tackle your debt, contact the Glendale Bankruptcy Attorneys of Papian & Adamian today by calling (818) 649-1411 to schedule your free consultation.
We File Bankruptcy Cases in the Following Court Houses:
- LOS ANGELES COUNTY
- VENTURA COUNTY
- SANTA ANA
- ORANGE COUNTY