Filing Bankruptcy can offer individuals and businesses a fresh start. I'm here to help.
Chapter 7 or 13 Bankruptcies.
Most Consumers ( individuals or married couples filing jointly) who file bankruptcy will file under Chapters 7 or 13. The choice of which chapter to file depends on your income, assets, and personal goals.
Chapter 7 (Consumers & Businesses) - About a month after filing your bankruptcy petition you'll have a Meeting of Creditors. If there are no objections, you'll usually receive a bankruptcy discharge 4-6 months after case filing. Bankruptcy exemptions will be matched to all property of Consumer debtors and Consumers will keep all exempt property. If property is not exempt it must be paid to creditors.
Businesses use Chapter 7 to liquidate assets in an orderly manner.
Chapter 13 (Consumers Only) - Along with filing your bankruptcy petition, you'll file a Chapter 13 Plan which provides for payment of some amount to creditors over a 3-5 year period. You'll still have a Meeting of Creditors, but will also have a Confirmation Hearing. You'll receive your bankruptcy discharge only after all payments are made according to the confirmed Chapter 13 Plan.
I've represented debtors in more than a hundred consumer consumer Chapter 7 or 13 bankruptcy cases, mostly in the Central District of California which includes Orange County, I look forward to discussing your situation in person or on Zoom to help you decide if bankruptcy is the right move for you. Call, text, or email today. Thank you!
Section 528 Required Disclosure: The services and benefits I provide may involve relief under the U.S. Bankruptcy Code. Services will include reviewing your assets, liabilities, income and expenses and assisting in a determination if bankruptcy is right for you. In Chapter 13 cases, monthly payments will usually be required to be made to a trustee who will distribute payments to creditors. My services include helping you understand the requirements which must be met before receiving a discharge of your debts.
Chapter 11 Bankruptcy
High-income individuals and businesses that intend to stay in operation will likely file for bankruptcy relief under Chapter 11.
Chapter 11 (Consumers & Businesses) - Shortly after filing your bankruptcy petition (about 7 days) you'll have an initial meeting with the United States Trustee to discuss the requirements of a Chapter 11 case and the financial conditions of the debtor. Chapter 11 cases normally include both a Disclosure Statement and a Plan of Reorganization. These items can be quite lengthy.
About a month after filing you'll have a Meeting of Creditors. Confirmation of a debtor's plan is dependent on creditors voting to approve the plan.
For consumers, a bankruptcy discharge will not normally be entered until all payments under the plan have been made (3-5 years). For business debtors, a bankruptcy discharge may be entered upon confirmation of the plan.
This is a very brief and incomplete description of a Chapter 11 case, many of which include creditor objections and adversary proceedings. A monthly operating report must be prepared and filed and quarterly fees must be paid to the U.S. Trustee. Subchapter V may provide a method to reduce the time and expense of some Chapter 11 cases.
I've represented both Consumers and Businesses in Chapter 11 cases in Los Angeles, Orange, Riverside and San Diego Counties. I look forward to discussing your situation in person or on Zoom to help you decide if bankruptcy is the right move for you. Call, text, or email today. Thank you!
Contact Information - Serving Southern California and Beyond
Phone: (913) 593-0137 Email: LSchrader@Schrader-Law.com Mailing Address: Law Office of Link W. Schrader, PO Box 4097, Tustin, CA 92781
Disclaimer: Nothing herein is intended to be legal advice or to create an attorney-client relationship. I invite you to contact me to determine if my services are right for you. Please do not include any confidential information in initial email correspondence. I may be representing a party with interests adversarial to yours! Thank you, Link