Bankruptcy Lawyer Torrance

If you're filing as an individual, you are looking at a 7 or 13. Which is more beneficial is 100% dependent on your particular circumstances.

There is no "best chapter" of bankruptcy because it depends on your unique situation. That said, many people file Chapter 7 bankruptcy, if eligible, to wipe out debt. Chapter 13 is a debt reorganization plan that often includes a partial discharge of debt. Chapter 11 is for business reorganization, along with Chapter 12.

13 if you have property and possesions to protect. 7 if you have no current income 11 is for business.

You will definitely need to schedule a consultation. Each type is geared towards different situations. There simply is not a "best" type.

Your choices are probably Ch 7 or Ch 13. Ch 11 is mostly for large businesses. Ch 7 discharges most debt, is cheaper than a 13 and is over in six months or so. Ch 13 is good for dealing with tax debt and mortgage arrears. Which is best for you depends on your specific situation.

The one that fits you and your goals. To explain the difference does not exactly explain how each would benefit you and would only involve unnecessary explanations.

Chapter 7 bankruptcy is the easiest to file if you qualify and will discharge all of your unsecured debts. Check with a local attorney to make sure you pass the income test and that will probably be the best route for you unless you have a lot of assets that are not exempt, then the chapter 13 would be the better way to go.

There is no such thing. Everybody is different and everybody's employment and debt situation are different. A Chapter 7 is a liquidation and is great for getting rid of credit card debt, medical bills and other unsecured debts. It won't help you at all if the IRS is garnishing your paycheck over last years taxes or if you are behind on your house or car payments and are facing foreclosure or repossession, unless you don't care about keeping the car or house. There are also restrictions about who is eligible to file based on your income. A Chapter 13 bankruptcy can be used to reorganize your debts. It can save autos from repossession and save homes from foreclosure. It does require that you have a regular monthly income and that the income is enough to keep up with your regular house payment and your usual monthly expenses and still have enough income left over to pay back the back house payments, the car payments, the IRS and a little something for your unsecureds. It is also your first option to look at if you don't qualify for Chapter 7 because you make too much money. A Chapter 11 can be used by a consumer debtor but very few choose this path. It is complicated and expensive. I don't recommend that people even take a good look at it unless their debts exceed $500,000.00 and their annual income exceeds $150,000.00.

The best chapter is the one that best addresses your circumstances and for which you qualify. There are advantages and disadvantages to each. If there weren't Congress wouldn't have bothered to write the other chapters. You need to talk to an experienced bankruptcy attorney to determine what is right for your situation.

Chapter 7 and 13 are for the individual. Chapter 7 will basically get rid of all your undecided debt while chapter 13 typically is for those who earn too much to qualify for a 7. Chapter 13 is a restructuring /repayment of your debt typically over a five year period.

You have a misconception that you have a choice. The choice is usually made for you by your numbers (usually the numbers that make one chapter work, make another not work). The only way to determine if you should file at all, and what you should file, when you should file and what strategic moves you need to make in your filing is to get a lawyer. Few individuals file Chapter 11 due to the enormous costs. Generally most individuals look at 7 and 13 (and if they have a farm, 12).

The best chapter depends on your income, family size, and types of debt.

Some people must file chapter 13 because their income too high and there is not enough secured debt. Chapter 7 wipes out you debts and in chapter 13 you have make payments based on a formula.

Chapter 13 is a reorganization bankruptcy when you have assets that exceed the statutory exemptions and you have enough income to pay a portion of the debt pursuant to a plan that has to be approved by the court. Chapter 11 refers to businesses and Chapter 7 is the most common.

It depends on how money you make and what assets you have. Chapter 7 is a straight discharge in which all your unsecured debts are relieved and you make a choice on how to handle each of your secured creditors. This is usually the best unless you either make too much (don't qualify under the means test) or you have non-exempt assets that you desire to keep, such as a second home, land, gun collection,or other valuable non-exempt property. Chapter 13 is a restructuring of your debt that you then arrange to make payment's on over at least a3 year time period. You would use this if you didn't qualify for a Chapter 7.

Chapter 7 is the easiest and fastest way to a fresh start. However, there are income caps on a chapter 7 so you must qualify by taking a means test. These income caps are determined by family size. If you exceed the income limitations for a chapter 7, a chapter 13 may be your only bankruptcy option. Also, there may be reasons where a person may choose a chapter 13 over a chapter 7, even if you qualify for a chapter 7. A chapter 7 is a straight liquidation. You do not pay any of your creditors. Usually a chapter 7 debtor erases all his or her unsecured debt and does not lose any assets. A chapter 13 requires that you file a plan for either full re-payment or partial re-payment to your creditors. Your plan, once again is income based, and will be either 36 months or 60 months.

The primary distinction between chapter 13 and chapter 7 is that the former is a payment plan and the latter is not.

Ch 7 takes 90 days to receive a discharge while Ch 13 takes 3 or 5yrs. You need to qualify. This is all case by case basis.

Chapter 7 is typically the most common where income and assets are limited and where the debtor has primarily unsecured consumer debt. However, the means test requirement may require a debtor to file Chapter 13(which requires a repayment plan of a percentage of debt. Also, Chapter 13 is an option when a debtors has a regular income and wants to keep certain secured assets such as automobiles and homes.

Each Chapter serves a different purpose. Most people file a Chapter 13 to either save a home from foreclosure or b/c they are not able to file other Chapters due to income. Most people that file a Chapter 11 is due to debt limits imposed on the other Chapters.

The answer to your question actually is impossible to answer without fully understanding your personal situation. Bankruptcy advice is NEVER a one-size-fits-all situation. Each Chapter of the Bankruptcy Code is different. If you own no real estate and have no particularly valuable assets and have a moderate income (i.e., at or below the median income) then Chapter 7 might be right for you. If, on the other hand, you own a house, you want to keep the house, and are perhaps behind on your mortgage Chapter 13 might be the best choice. Chapter 13 might have advantages for you if you have a second mortgage, yet the current market value of your home is less than the amount you owe on your first mortgage. Chapter 11 might be right for an individual with a high income, or a lot of real estate holdings.