Bankruptcy Attorney Los Angeles California

At the Law Offices of Hamid Soleimanian, we focus solely on helping our clients achieve freedom from debt when filing personal bankruptcy. Los Angeles bankruptcy attorney, Hamid Soleimanian dedicates his practice to providing clients with legal assistance that is informative, accessible, and experienced.   We help you understand that even though you may feel isolated, Bankruptcy filers are not alone. Over one million American bankruptcy petitions are filed each year, and the Central District of California usually leads the nation in filings. Many bankruptcies are caused by circumstances truly outside of the debtor's control, such as catastrophic illnesses and injuries, termination from employment, and loss of a lawsuit. Whether your financial troubles stem from credit card debt, student loan debt, medical debt or any other cause, Our bankruptcy attorney, Hamid Soleimanian will assist you in exploring the option of filing for bankruptcy.

Overview of Chapter 7 Bankruptcy

If you are thinking of filing bankruptcy, one of the more common types of Bankruptcy which we can assist you with is Chapter 7 Bankruptcy,  also known as “liquidation”.  Chapter 7 is available to individuals, married couples, corporations and partnerships who pass the IRS “means test” to quality. A bankruptcy starts simply by filing the Official Petition, Schedules, and Statement of Financial Affairs with the bankruptcy court. In order to complete the proper Bankruptcy Forms, we will ask that you provide us with a detailed and comprehensive list of all of your creditors and the amount and type of their claim.  You must also state the source, amount, and the frequency of your income, a list of all of your property, and a detailed list of your monthly living expenses.
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Overview of Chapter 13 Bankruptcy

Chapter 13 is another common type of bankruptcy which can help you pay off your debts, usually over a period of 3 to 5 years. If you have low income, or your debts exceed a certain dollar amount, you may not be able to file for chapter 13 bankruptcy. If it is determined that you are eligible to file for chapter 13 bankruptcy, you need to receive credit counseling from an approved agency first. You should also be able to show that you can pay certain debts completely, and that you can catch up on the payments for your secured debts. Your remaining free income will go towards your unsecured debts. Depending on your level of income, your payment plan will be between 3 to 5 years.
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For those individuals who are not able to pay their debts due to loans, medical bills or credit cards, filing for personal bankruptcy could be a viable option for getting out of their unmanageable debts. One of the most common types of personal bankruptcy is chapter 7 bankruptcy. This option is available to both individuals and couples who have passed the bankruptcy means test.
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Overview of Business Bankruptcy

For businesses whose liabilities overweigh their assets, filing for business bankruptcy can be the way to move beyond the debts and restructure the business. Some of the most common forms of business bankruptcy are chapter 7 and chapter 13 bankruptcies. By filing for chapter 7 bankruptcy, a business stops its operations and their assets would be liquidated to pay their debts.
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Call (818) 501-2040 to get more information about bankruptcy from our Los Angeles bankruptcy lawyer to decide which one will help your business get back on track.

After filing a petition for bankruptcy, the court will appoint a trustee who takes control of your assets and liquidates the non-exempt property to pass the proceeds to your creditors. Exempt-property is property that a debtor maintains control over after petitioning for bankruptcy.
As soon as you file for bankruptcy, your creditors are prevented from trying to collect on your debts through what's called an "automatic stay." The stay is designed to preserve your property and to give you a break from litigation. A creditor must show the bankruptcy judge, after a hearing, that there is "cause" for the creditor to be allowed to continue with collection action. If there is property that is not exempt, the trustee takes control of it. From the sale of your property, the trustee pays the expenses of the administration of the case, and then gives any remaining money to creditors with allowed claims, according to the priority of the claims. Any wages you earn after you file the case are yours, beyond the reach of creditors who had claims on the date you filed for bankruptcy.
Los Angeles bankruptcy attorney, Hamid Soleimanian will assist you with every detail of this process including but not limited  to:  the "341" meeting, any reaffirmation of debt requests from your creditors, and finally obtaining the court order granting the "discharge" of all the dischargeable debts that existed on the date the case was filed.