Explanation of the Current Bankruptcy Laws

There has been much talk about the major changes made to bankruptcy laws a few years ago and how they affect individuals and businesses considering bankruptcy as a debt relief option. For straightforward answers to all your bankruptcy questions, consult with an experienced attorney.

At Simon Resnik Hayes LLP, our bankruptcy lawyers have helped thousands of people and small businesses in the Los Angeles area find debt relief through Chapter 7 and Chapter 13 bankruptcy. We stay current with all legislation pertaining to bankruptcy and welcome the opportunity to discuss how the laws impact your situation.

You Can Still File Bankruptcy

It is true that in October 2005, Congress passed sweeping changes to the bankruptcy laws. Under these laws, people who wish to discharge unsecured debts through Chapter 7 bankruptcy must pass a “means test,” which takes into account an applicant’s income, expenses and total debt. While these laws make it more difficult to file Chapter 7 bankruptcy, many people and businesses still qualify for this type of relief.

If you do not qualify for Chapter 7 bankruptcy, you may still file for Chapter 13 bankruptcy. This debt reorganization plan is designed for applicants with an income who wish to protect certain assets or pay a percentage of what they owe to creditors.

The 2005 laws also require applicants to participate in a government-approved credit counseling program prior to filing bankruptcy. Before you can file a bankruptcy case and any debt is eliminated, you must receive a credit counseling certificate from an approved agency. Before completion of your case, you must complete a simple financial management course. Our attorneys can help you find an approved agency and financial management course to fulfill these requirements.

Trusted Answers to All Your Bankruptcy Questions

At Simon Resnik Hayes LLP, we want to help you find a debt relief solution that makes sense for you. During a free consultation, one of our experienced bankruptcy attorneys will evaluate your situation and discuss whether bankruptcy is a good option for you. We will explain the California new bankruptcy laws, identify exemptions and address any questions and concerns you have.

To arrange an appointment, call us at 213-699-3055 or 888-368-4099 or contact us online. From our offices in Los Angeles and Sherman Oaks, we serve clients throughout Los Angeles, San Fernando Valley, Riverside, San Bernardino and Orange Counties.

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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.