Get legal help with Chapter 7 and Chapter 13
The Law Offices of Larry D. Simons is located in Pasadena and serves southern California. We can help you determine eligibility for bankruptcy and decide which type of bankruptcy best suits your needs. Bankruptcy options depend on the extent and type of debt you face, combined with your ability to generate future income. The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 limits eligibility for filing Chapter 7 under a means test.
Chapter 7 bankruptcy
Chapter 7 is generally the most common type of bankruptcy for individuals filing personal bankruptcy in Pasadena. When Congress enacted the BAPCPA, it established a means test, which involves income calculations to compare an individual’s or family’s income with the state median income.
In California, the median income in 2008/2009 for a four-person family averaged $74,801. Families with income above this figure are subjected to a means test calculations and may not be eligible to file Chapter 7 bankruptcy.
Our firm represents both debtors and creditors in Chapter 7 bankruptcies. We also provide legal assistance for Chapter 7 b2b bankruptcy and business bankruptcy. When companies are closing their doors, they often liquidate assets to pay off debts through a Chapter 7 business bankruptcy.
Chapter 13 bankruptcy
A Chapter 13 bankruptcy, also called reorganization or wage earner’s bankruptcy allows the debtor to pay off debt in monthly installments over a three- or five-year period. Chapter 13 usually appeals to individuals who are not eligible for Chapter 7 or who have substantial assets or secured debt.
The US Bankruptcy Code limits eligibility to file Chapter 13 based on the amount of debt.
Debts may not exceed:
- Unsecured debts—$336, 900
- Secured debts—$1,010, 650
Our firm represents both debtors and creditors in Chapter 13.
Businesses are not entitled to Chapter 13 filing, which is only open to individuals. Business reorganization through bankruptcy involves filing Chapter 11, which allows the business to stay in operation while it reorganizes to handle debt. Law Offices of Larry D. Simons only represents creditors in Chapter 11 bankruptcy, which includes b2b bankruptcy.
Arrange a consultation to discuss business or personal bankruptcy
Contact the Law Offices of Larry D. Simons online or call 888-871-6438 to arrange a confidential, no obligation consultation with a bankruptcy lawyer in Pasadena. We provide comprehensive or selective advice on eligibility, options, and the advantages/disadvantages of various types of bankruptcy.