9454 Wilshire Blvd, Sixth Floor, Beverly Hills, CA 90212

Attorneys Who Help Make Sense of the Types of Bankruptcy in Los Angeles

Providing sound legal guidance and support for more than 30 years

One of the most common questions I am asked is “What type of bankruptcy should I file for?” The answer to this is not cut and dry and depends largely on your specific financial circumstances. Bankruptcy law is complex — it is normal to feel overwhelmed or even hopeless. As an experienced, knowledgeable attorney, I get to know you and your situation so I am able to help you determine the best course of action.

Chapter 7

Chapter 7 bankruptcy is one of three types of bankruptcy in Los Angeles. It is a debt liquidation option that typically gives people a much quicker route to the discharge of their debts. It is the most common form of bankruptcy because it offers a fresh start for individuals or businesses with no hope of repairing their current financial situation. Chapter 7 bankruptcy may be the right option if you are crippled by large unsecured debts such as:

  • Credit card bills
  • Medical bills
  • Personal loans
  • Mortgage debt
  • Utilities
  • Garnishments

Eligibility for Chapter 7 is contingent upon a means test, which determines whether you are financially able to repay the debts rather than discharge them. Choosing the right bankruptcy attorney can help you decide if Chapter 7 is the best choice.

Chapter 11

Chapter 11 bankruptcy is a debt reorganization plan used predominantly by businesses that are struggling to meet payroll, taxes and other expenses. Filing for this type of bankruptcy allows your business to continue operating with legal protection against creditors. This is done through the restructuring of debt and the creation of a payment plan. Chapter 11 bankruptcy is a legally complex process, so it is always wise, if not legally required, to have attorney representation.

Chapter 13

Similar to Chapter 11, Chapter 13 bankruptcy is also a debt repayment or reorganization plan. It is designed for individuals with regular incomes who cannot meet their creditor’s demands. It is especially helpful if you have significant equity or large assets that you wish to keep. After filing, you are required to create a payment plan that allows you to pay off creditors over a period of three to five years. My firm has the skill and experience to help you draft a plan that is both effective and reasonable.

Get help understanding the several types of bankruptcy in Los Angeles by contacting an experienced attorney today

When you are in dire financial straits, you need a bankruptcy attorney who knows the law, knows the system and knows you. Located in the heart of downtown Beverly Hills, I provide a wide range of services for individuals and families suffering from the weight of excessive debt. Call the Law Offices of Michael Jay Berger at 310-271-6223 or contact me online to schedule a free consultation.


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