Filing Bankruptcy can offer individuals and businesses a fresh start. I'm here to help.
Chapter 7 or 13 Bankruptcy
In General: 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. Bankruptcy can stop foreclosure sales and other creditor collection actions. A completed bankruptcy where a discharge is obtained can be the beginning of a better financial future.
Student Loan Discharge/Adversary Proceedings: You may have heard that student loans are not dischargeable in a bankruptcy case. Student loans are not automatically discharged when a discharge is entered. First, there must be a lawsuit against the U.S. Department of Education, or whatever agency or entity holds the education loans. This is done through an adversary proceeding while a bankruptcy case is still open. To have student loans discharged, a debtor must show that they've made a good-faith effort to repay the loans, that they are unable to maintain a minimal standard of living if forced to repay the loans, based upon current income, and some other additional circumstance, such as advanced age, health, or disability. Adversary proceedings are also filed by creditors to determine that a debt owed is not dischargeable because of fraud, or some other reason.
The Chapter 7 Process (Consumers and 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.
The Chapter 13 Process (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.
The Next Step: Every case is different. If you're thinking about bankruptcy, it's best to discuss your situation with a knowledgeable attorney. A phone call, text, or email is the first step. If it looks like bankruptcy could be right for you, the next step would be a longer phone call, an in-person meeting, or a Zoom call.
Why Link Schrader: I've represented debtors in more than a hundred consumer Chapter 7 or 13 bankruptcy cases in the Central and Southern Districts of California which includes coastal California counties from San Luis Obispo south to the Mexican border and San Bernardino and Riverside counties east to the Nevada and Arizona borders. I've handled easy cases and difficult cases. Usually I am able to offer a set fee and payment plans for Chapter 7 and Chapter 13 cases.
Student Loan Discharge/Adversary Proceedings: You may have heard that student loans are not dischargeable in a bankruptcy case. Student loans are not automatically discharged when a discharge is entered. First, there must be a lawsuit against the U.S. Department of Education, or whatever agency or entity holds the education loans. This is done through an adversary proceeding while a bankruptcy case is still open. To have student loans discharged, a debtor must show that they've made a good-faith effort to repay the loans, that they are unable to maintain a minimal standard of living if forced to repay the loans, based upon current income, and some other additional circumstance, such as advanced age, health, or disability. Adversary proceedings are also filed by creditors to determine that a debt owed is not dischargeable because of fraud, or some other reason.
The Chapter 7 Process (Consumers and 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.
The Chapter 13 Process (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.
The Next Step: Every case is different. If you're thinking about bankruptcy, it's best to discuss your situation with a knowledgeable attorney. A phone call, text, or email is the first step. If it looks like bankruptcy could be right for you, the next step would be a longer phone call, an in-person meeting, or a Zoom call.
Why Link Schrader: I've represented debtors in more than a hundred consumer Chapter 7 or 13 bankruptcy cases in the Central and Southern Districts of California which includes coastal California counties from San Luis Obispo south to the Mexican border and San Bernardino and Riverside counties east to the Nevada and Arizona borders. I've handled easy cases and difficult cases. Usually I am able to offer a set fee and payment plans for Chapter 7 and Chapter 13 cases.
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.
Contact Information - Serving All of Southern California
Phone: (913) 593-0137 Email: [email protected] Mail: Law Office of Link W. Schrader, P.O. 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