Gold River Bankruptcy Lawyers
Exploring Your Debt Relief Options
In certain circumstances, a bankruptcy filing can provide significant relief. In other instances, just the specter of filing will be sufficient to permit the firm’s attorneys to negotiate out-of-court solutions with the client’s creditors to resolve the client’s debt-related issues and avoid a bankruptcy filing altogether. While an out-of-court resolution of debt-related problems is preferred, the firm is ready, willing, and able to assist a client in a bankruptcy filing if a filing is the best option under the circumstances.
Debt Analysis Assistance
Meegan, Hanschu & Kassenbrock has been assisting people in resolving financial problems for more than 25 years. We analyze each client’s assets and liabilities to determine if a bankruptcy will advance the client’s immediate and long-term financial goals or whether there may be a non-bankruptcy alternative available. We view the client’s debts, income, and expenses, and explain the implications of bankruptcy and explore all options. If a bankruptcy filing is the right choice, we provide detailed information about the bankruptcy process and a complete synopsis of the potential range of outcomes the client should expect. In cases where bankruptcy has been necessary, many of our past clients have expressed great relief shortly following the bankruptcy filing, not withstanding the fact they were initially reluctant to engage in the process. While the firm emphasizes business-related filings, we represent clients in consumer cases as well.
Your Bankruptcy Options
There are four types of bankruptcies potentially available to individuals and/or businesses -- Chapters 7, 11, 12, and 13. Each type of bankruptcy is briefly discussed below.
Chapter 7 Bankruptcy
A Chapter 7 bankruptcy is generally available to individuals and entities unable to pay all of their current debts. If a potential client’s debts are primarily consumer debts, in order to "qualify" for a Chapter 7 bankruptcy, the client must pass the "means test." We assist the client in the sometimes complicated process of determining whether this prequalification requirement is met. In a Chapter 7 case, individuals are entitled to exempt various types of assets, some of which may have very significant value. In fact, in most bankruptcy cases, the client’s assets are fully exempt, the client loses no property other than encumbered property the client cannot afford to keep and the client obtains a discharge, thus obtaining the "fresh start" desired. Our attorneys have assisted clients in hundreds of Chapter 7 cases.
Chapter 11 Bankruptcy
Chapter 11 bankruptcies are quite expensive. Both individuals and entities are potentially qualified to file Chapter 11 bankruptcies. Generally, a Chapter 11 bankruptcy is filed to restructure someone’s financial affairs and pay creditors all or part of their claims pursuant to a confirmed plan of reorganization over time after emerging from bankruptcy. Chapter 11 cases can also result in asset liquidation. This can be a very complex area of bankruptcy law. The firm’s attorneys have collectively represented clients in several hundred Chapter 11 cases.
Chapter 12 Bankruptcy
A Chapter 12 case is available for a "family farmer," as such term is defined in the Bankruptcy Code. There are applicable debt limits. While there used to be a number of Chapter 12 filings, in the past five years or so, there have been very few, probably due to the general overall strength of the farm economy, coupled with the relatively stringent debt limitations.
Chapter 13 bankruptcy
Chapter 13 bankruptcies are available only to individuals or couples. Entities cannot file a Chapter 13 bankruptcy case. In order to qualify for a Chapter 13 bankruptcy case, you need a "regular income," some of which must be "disposable." The monthly "disposable income" is dedicated to pay off your debts in whole or in part under a court-approved installment payment plan with a duration of three to five years. Chapter 13 bankruptcies are sometimes a preferable option to a Chapter 7 or 11 filing. While the firm does not currently represent clients in Chapter 13 bankruptcy cases, the firm’s practice is to refer the client to another competent firm in the initial evaluation process if a Chapter 13 filing looks like the most viable option for the potential client. This is all done as part of the initial evaluation process at no cost to the potential client.
Exploring Your Bankruptcy Options
If you wish to explore your bankruptcy options, please call either David Meegan or Anthony Asebedo at 916-925-1800 or contact the firm on-line to make initial contact. After the initial call, we will send you a letter asking for some detailed financial information regarding your assets and liabilities. After you return that information, one of the firm’s attorneys will promptly call you to discuss your options. Generally, during that call, a decision will be made as to whether the firm is best suited to meet the client’s needs and, assuming so, whether the client wishes to retain the firm. If, for any reason, the firm believes the potential client’s interests can be best served by referral elsewhere, those referrals will be given at that time.
Meegan, Hanschu & Kassenbrock serves clients in Sacramento and Gold River, as well as throughout the Sacramento Region, Northern California and the Bay Area.