Through bankruptcy, we help people to achieve financial freedom through a Federal recognized process of debt elimnation. Before you refinance your home or consolidate your credit cards talk to us to find out what your options are. You may be able to get out of debt now without incurring costly debt consolidation loans, home equity mortgages, or committing yourself to extended repayment plans through consumer credit counseling Bankruptcy is a legally declared inability or impairment of ability of an individual or organizations to pay their creditors. Creditors may file a bankruptcy petition against a debtor in an effort to recoup a portion of what they are owed. In the majority of cases however, bankruptcy is initiated by the debtor and is filed by the bankrupt individual or organization. Bankruptcy in the United States is a matter placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8, Clause 4), which allows Congress to enact uniform laws on the subject of bankruptcies throughout the United States. The Congress has enacted statute law governing bankruptcy, primarily in the form of the Bankruptcy Code, located at Title 11 of the United States Code. Federal law is amplified by state law in some places where Federal law fails to speak or expressly defers to state law. The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13. (As much as 65% of all U.S. consumer bankruptcy filings are of the Chapter 7 variety.) Corporations and other business forms often file under Chapter 7 or Chapter 11. In Chapter 7, a debtor surrenders his or her non-exempt property to a bankruptcy trustee who then liquidates the property and distributes the proceeds to the debtor's unsecured creditors. In exchange, the debtor is entitled to a discharge of some debt; however, the debtor will not be granted a discharge if he or she is guilty of certain types of inappropriate behavior (e.g. concealing records relating to financial condition) and certain debts (e.g. spousal and child support, student loans, some taxes) will not be discharged even though the debtor is generally discharged from his or her debt. Many individuals in financial distress own only exempt property (e.g. clothes, household goods, an older car) and will not have to surrender any property to the trustee. The amount of property that a debtor may exempt varies from state to state. Chapter 7 relief is available only once in any eight year period. Generally, the rights of secured creditors to their collateral continues even though their debt is discharged. For example, absent some arrangement by a debtor to surrender a car or In Chapter 13, the debtor retains ownership and possession of all of his or her assets, but must devote some portion of his or her future income to repaying creditors, generally over a period of three to five years. The amount of payment and the period of the repayment plan depend upon a variety of factors, including the value of the debtor's property and the amount of a debtor's income and expenses. Secured creditors may be entitled to greater payment than unsecured creditors In Chapter 11, the debtor retains ownership and control of its assets and is retermed a debtor in possession ( Our law office is a full service law firm with an emphasis on debtor and creditor law. By definition,a lawyer is a person learned in the law; as an attorney, counsel or solicitor; a person licensed to practice law. Law is the system of rules of conduct established by the sovereign government of a society to correct wrongs, maintain stability, and deliver justice. Working as a lawyers we practice application of these abstract legal theories and use knowledge to solve specific individualized problems. Our firm strives to advance the interests of those who retain (i.e., hire) us to perform legal services. Our primary office is loacted in Downtown San Diego. Downtown San Diego has been undergoing an urban renewal since the early 1980s, beginning with the opening of Horton Plaza, the revival of the Gaslamp Quarter, and the construction of the San Diego Convention Center. The Centre City Development Corporation (CCDC), San Diego's downtown redevelopment agency, has transformed what was a largely abandoned downtown into a glittering showcase of waterfront skyscrapers, expensive live-work loft developments, five-star hotels, and many cafes, restaurants, and boutiques. Our office is experienced in all the component fields that generally lead to the filing of personal bankruptcy case. Divorce, Child Custody, Child Support often result in an individual filing for bankruptcy. The devasting trauma of being injured in an accident, and the associated lost wages, and medical bills are another common cause of personal bankruptcy. We have the experience and expertise to handle your case in these areas.
California Bankruptcy Lawyers in San Diego