For more than 20 years, Law Offices of Jan Quaglia has offered legal advice and representation to clients in the surrounding areas of Los Angeles, CA. Attorney Quaglia specializes in Chapter 7 and Chapter 13 bankruptcy. Our team of professionals will sit down with you and go over your debt-to-income-ratio and advise which chapter is right for your needs. Avoid harassing phone calls from debtors; we will take care of them for you. We will protect your rights as a home owner and help avoid garnishments from your checking accounts or pay checks. When deciding to file bankruptcy, it is important to know the ins and outs of your options. Below are the different types of bankruptcies and their description. Please read about them to determine which one might be best for your unique situation.
Chapter 7 - A Fresh Start
Chapter 7 Bankruptcy is the fastest and usually least expensive form of Bankruptcy relief to obtain a fresh start. You are allowed by law to retain certain assets and up to a set value in other assets, these are called exemptions. Often in a Chapter 7, if you exceed the allowed exemptions, a Trustee will work with you to buy back these assets instead of having them seized and sold. You will usually finish a Chapter 7 within 120 days and have your discharge which gives you the fresh start. The Chapter 7 Bankruptcy filing is reported on your credit for seven years but our firm’s history indicates that most of our clients rebuild their credit within two to three years. We provide advice on how to get re-started on rebuilding your credit.
Chapter 13 - Personal Reorganization
Chapter 13 is a personal or family reorganization. It has a set term or length of three to five years which depend on several factors which we analyze. The Chapter 13 will help you save your home and catch up on mortgage payments over the term of the plan or possibly restructure your mortgage under HAMP. HAMP is a Federal program which has been used or attempted by many homeowners to try to stop a foreclosure. Chapter 13 Bankruptcy attorneys are being encouraged to implement HAMP provisions in a Chapter 13 as a means of providing better creditor cooperation. A Chapter 13 can allow you to pay off all of your debt at a reduced fixed interest rate. It requires all creditors to play by the same set of rules where in consumer credit counseling situations, the creditor sets the rules and is not required to cooperate or participate. In a Chapter 13, if all unsecured debt is not repaid during the Plan, the unpaid portion is discharged to assist you in obtaining a fresh start. Many assets which you would lose in a Chapter 7 are able to be retained in a Chapter 13 by paying their protected value over the life of your plan. You cannot retain luxury items which are financed at the expense of your unsecured creditors. Small unincorporated businesses, like sole proprietorships, can restructure their payments to make their businesses profitable in order to remain in business.
Learn More About Law Offices Of Jan Quaglia:
Please have the following information available when coming in for your initial interview:
Last 2 years of tax returns, current pay stubs, all creditor bills, number of family members, and your gross income level.
Legal services also provided to clients in the following areas: Burbank, CA , Glendale, CA, Van Nuys CA, North Hollywood, CA, Studio City, CA, Sherman Oaks, CA, Canoga Park, CA, Woodland Hills, CA, Reseda, CA.
Contact Law Offices Of Jan Quaglia today at 818-846-2748, or browse the website for more information about our legal services.
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