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BANKRUPTCY ATTORNEY IN LOS ANGELES CALIFORNIA

Attorney Petro Kostiv and his team will help you solve your debt and money problems.

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ABOUT BANCARROTA

Chapter 7

Chapter 7 bankruptcy is the most common type of bankruptcy, and can help you eliminate your debts completely. In such bankruptcy cases, your debts may have accrued and you have to file for bankruptcy. Participants or businesses deemed to be chapter 7 bankruptcy have to be held in court that have no way to repay their debt over the next three to five years.

When Chapter 7 bankruptcy is granted, they legally excuse the debtor to have to pay any debt and most debtors can keep all things. It usually takes about four months after the case has been filed in court for a bankruptcy case to be unloaded.

Chapter 13

Individuals or businesses that do not qualify for Chapter 7 bankruptcy may qualify for Chapter 13 bankruptcy. In these cases, Chapter 13 allows participants to pay their debts on a three- to five-year plan with zero interest. Debtors can pay only a percentage of their debt or the entirety of their debt depending on their income. People using Chapter 13 are because they have a foreclosure threat or are drawn up with payments from their home, car, or taxes.

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