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Bankruptcy Attorney


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Proudly Serving Southern California and Houston Texas

Are you thinking about filing for bankruptcy? No one wants to deal with the harassing calls from creditors, the worry of knowing that you could be foreclosed on, or the stress that you may be facing an undetermined financial future. When your home and property are at risk, it is most important that you work with a talented attorney you can trust who will passionately fight for you every step of the way. Call Nassar Law immediately to begin the process of freeing yourself from debt. Nassar Law is here to provide families and individual persons throughout Southern California and the Houston Texas region with the guidance that they need during this difficult time. We are passionate about our clients’ rights and strive to free our clients from the financial shackles uncontrolled debts may clamp on.

When you work with Nassar Law, you are working with highly experienced bankruptcy attorney Gregory E Nassar and his network of attorneys who are well-versed in all areas of bankruptcy law. It is our goal to provide immediate and effective solutions for our clients. Clients are never out of touch with us as we provide excellent and effective communication for each and every client. This is a time in your life which can be stressful and uncertain, but it can be made much easier when you work with Nassar Law.


BANKRUPTCY OPTIONS: Chapter 7 and Chapter 13


CHAPTER 7

LIQUIDATION/STRAIGHT BANKRUPTCY

Estimated time: 3-5 months

In the US, an individual can file for bankruptcy in two ways. One of the ways of filing for bankruptcy is through chapter 7 bankruptcy (Under Title 11 if the United States code). This code is also known as the bankruptcy code. Filing for bankruptcy through "Chapter 7" offers you an opportunity to eliminate your outstanding debt in full (with certain exceptions).

Another name given to chapter 7 bankruptcy is straight bankruptcy or liquidation bankruptcy. This is because all the exempts assets (cash, checking/savings accounts, retirement/401k accounts, injury awards; vehicle loans, etc.) are normally protected. It is always important to consult a professional to discuss if it is the best alternative since once you file for bankruptcy, you cannot simply terminate the filing.

There may be a lot of benefits from filing for liquidation bankruptcy; however, one must meet some qualifications before he successfully files for it. One of the qualifications is passing the Means test and the Schedule I/J test. If you pass the test and are considered eligible, you are then allowed to start the process of filing for chapter 7 bankruptcy. Nassar Law is here to discuss qualification issues and asset protection issues and will recommend the best course of action to follow.

WHAT IS NOT DISCHARGED?

Although majority of the debts are dealt with under this chapter, there are other types of debts that are not. Some of these debts include spousal support, child support and other fines imposed by court for a commission of crime. Also, student loans, property taxes and income taxes assessed less than 3 years are typically not liquidated/discharged in a bankruptcy.

CHAPTER 13

DEBT REORGANIZATION/REPAYENT

Estimated time: 3-5 years

Chapter 13 gives the debtor and opportunity to reorganize his budget, create a payment plan to the creditors, and allocate future income and assets in a manner to protect them from such creditors. This type of bankruptcy is supervised by the Federal Bankruptcy court. One of the many benefits for filing for chapter 13 bankruptcy is that the debtor can maintain his non-exempt assets while he still pays off the debt. It also protects homes from foreclosures.

Qualifying for Chapter 13 - Much different than qualifying for Chapter 7

For you to qualify for chapter 13 bankruptcy, you must first prove that you can gather enough income from wages, pension, disposable income and child support. This type of bankruptcy is beneficial to the debtor as it allows him/her to catch up on paying secured loans before a foreclosure takes place. In addition, chapter 13 provides similar relief as Chapter 7 bankruptcy. It stops creditors from constantly calling you and prevents the foreclosure and repossession of your home and assets.

POSSIBLE ALTERNATIVES TO BANKRUPTCY

There are alternatives to filing for bankruptcy, such as debt reorganization and credit counseling and an attorney can help you determine which solution is best for you. If declaring yourself bankrupt is the route that best suits your individual needs, our office will discuss the differences between filing under Chapter 7 or Chapter 13 bankruptcy to you and what the benefits of filing under each could be. Bankruptcy can be beneficial to those that are facing creditor harassment and help you avoid collections and foreclosure. If you have questions regarding your financial situation, make sure to contact Nassar Law today.

Nassar Law PLLC proudly represents clients in the following cities and surrounding areas:

Los Angeles, Agoura Hills, Arcadia, Baldwin Park, Bell, Beverly Hills, Burbank, Calabasas, Claremont, Culver City, Downey, El Segundo, Glendale, Hawthorne, Huntington Park, Industry, Long Beach, Malibu, Pasadena, San Dimas, Santa Clarita, South Pasadena, West Hollywood, Orange County, Brea, Buena Park, Costa Mesa, Dana Point, Diamond Bar, Fullerton, La Habra, La Habra Heights, Huntington Beach, Laguna Beach, Laguna Hills, Mission Viejo, Placentia, Pomona, Rowland Heights, San Clemente, Walnut, Yorba Linda, Riverside, Riverside County, Corona, Temecula, Moreno Valley, Murrieta, Palm Springs, Lake Elsinore, Palm Desert, Indio, La Quinta, Coachella, San Bernardino, Big Bear Lake, Grand Terrace, Hesperia, Highland, Joshua Tree, Chino, Chino Hills, Houston, Pasadena, The Woodlands, Baytown, Conroe, Deer Park, Friendswood, Galveston, Lake Jackson, La Porte, League City, Missouri City, Sugar Land, Texas City, Pearland, Atascocita, Kingwood, Channelview, Mission Bend, Spring, Alvin, Bellaire, Clute, Dickinson, Freeport, Galena Park, Galena Park, Humble, Jacinto City, Katy, La Marque, Richmond, Santa Fe, Seabrook, South Houston, Stafford, Tomball, Webster, West University Place, Aldine, Cinco Ranch, Cloverleaf, Four Corners, Fresno, Greatwood, New Territory, Pecan Grove, Sienna Plantation

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