The Law Offices of Michael H. Raichelson focuses heavily on the needs of individuals, families and businesses that are financially paralyzed by debts. We believe everyone deserves a break. Our skilled Ventura County bankruptcy lawyers know how to get you a fresh start if you qualify for bankruptcy, and most people do.
For more information or a free initial consultation, contact us in Ventura, California. You may contact us online or by calling 888-670-2424.
“We solve extremely complex problems and make them simple for our clients to understand. In addition to providing legal services, we attempt to give them the knowledge and skills to avoid bankruptcy in the future.” – Attorney Michael H. Raichelson
Asset Protection — Personal Bankruptcy
Are you tired of receiving calls threatening to garnish your wages and to take away your property from harassing debt collectors? Are you scared to death of losing your car through repossession, or worse, your house through foreclosure? With proper planning and the help of a skilled bankruptcy attorney, you can eliminate these threats and protect your assets.
We often hear these questions of concerns from our clients: “Can I keep my car?” “Can I keep my house?” “Can I keep my retirement savings?”
Depending on your financial situation, the answer is often “yes.” Although there are limits on the values of certain items you can keep after filing for bankruptcy, most of our clients find that they can keep more of their assets by filing a bankruptcy than by any other means of debt relief or forgiveness.
Our Experience/Your Bonus — Ventura County Bankruptcy Attorney
Qualifying for bankruptcy is a complicated process. It is important to hire a competent and experienced bankruptcy attorney who will help.
Among The Law Offices of Michael H. Raichelson’s advantages:
- We are experienced. We have a proven track record of success and get our clients the best results possible.
- We know how to get our clients a discharge if they qualify.
- We charge reasonable fees compared to the competition.
- We offer free initial consultations.
- We meet with you personally. We give you the attention you need and deserve.
- We are prompt and return phone calls.
- We can file your bankruptcy on short notice.
Ventura Debt Relief Attorney — Free Consultation — 888-670-2424
We will get you a fresh start and allow you to regain your future without fear. Our debt relief attorney Michael H. Raichelson will give you straight answers and get you the best results possible.
We have a high success rate for qualifying bankruptcies.
Are you losing sleep because of high credit card bills and medical bills? Are you being threatened with lawsuits and wage garnishments from harassing debt collectors? Are you scared to death about losing your car through repossession or possibly worse, your home through foreclosure? At the Law Offices of Michael H. Raichelson, we help our clients regain control of their financial affairs and give them the power to get their financial homes in order through bankruptcy.
If you are facing foreclosure, repossessions, wage garnishments or cannot pay off your credit card or medical bill debt in three to five years, you need to seriously considering filing for bankruptcy. You file bankruptcy to get a discharge, which is a court order relieving you of most of your debts. During the bankruptcy process, you must list all of your assets, debts, income and expenses on schedules attached to the bankruptcy petition. It is important that you identify all of your property in the paperwork. If a judge finds that assets were intentionally omitted from your paperwork, he may deny your discharge because you did something dishonest.
While unsecured debts are discharged, debts that cannot be discharged include most taxes, child support, alimony, most student loans, court fines and criminal restitution, and personal injuries caused by drunk driving or driving under the influence of drugs. Also, if you obtained money or property by fraud, a creditor may challenge your discharge as to that particular debt and a judge may order that the debt is not discharged. The discharge order only applies to debts that exist before the date you filed the bankruptcy.
Some creditors hold secured claims, i.e., your mortgage or car loan. While you do not have to pay a secured claim if the debt is discharged, this does not prevent the creditor from taking the property. You should consult with an experienced bankruptcy attorney to evaluate the legal impact of not paying a secured claim.
Bankruptcy law is primarily federal law intertwined with some state laws regarding property rights. You choose the type of bankruptcy that best meets your needs, so long as you qualify. Chapter 7 bankruptcy is the most common and typically quickest and least intrusive type of bankruptcy. A chapter 7 bankruptcy trustee administers a chapter 7 bankruptcy case and examines you at a hearing called a meeting of creditors. The chapter 7 bankruptcy trustee evaluates whether there are assets of sufficient value that are not protected by state and federal law that may be liquidated for the benefit of your creditors. You must be familiar with the bankruptcy process in order to protect your exempt assets from liquidation under state and federal law. This is why it is important to choose an experienced bankruptcy lawyer so that he or she may determine what assets are protectable and assure you success without losing any of your valuables. The cost of a chapter 7 bankruptcy generally ranges between $1,000 to $3,000, plus certain fees, such as the court filing fee. Every case is different and the final cost is dependent upon the complexity of your particular situation.
You can only receive a chapter 7 bankruptcy discharge every eight years. Also, no one can force you to pay a debt that has been discharged, but you always voluntarily pay that debt if you want to. This may be true when you owe a debt to a family member or friend. Or, during the chapter 7 bankruptcy process, you can sign a reaffirmation agreement if you have a particular reason of why you want to continue paying on the debt. A classic example is when you want to keep your car, and you work out a plan with your creditor to pay that debt. To make that plan legally enforceable in a chapter 7 bankruptcy, you must sign and file a reaffirmation agreement with the creditor. To be valid, the reaffirmation agreement must be voluntary, must not be too burdensome, must be in your best interests, and may be cancelled by you anytime before the court issues the discharge order or within 60 days after the agreement is filed with the Court, whichever is greater. Thoughtful deliberation must be made before signing a reaffirmation agreement.
For individuals, a chapter 13 bankruptcy is the second most common type of bankruptcy. In a chapter 13 bankruptcy, you generally keep all of your exempt and non-exempt property, but must have a source of income (i.e., wages or self employment income) to pay a portion of your debts back. This is called a repayment plan. The court approves your repayment plan based on how much you can afford. The amount you can afford is determined by taking your gross income and subtracting certain reasonable expenses. Some of these expenses are amounts that you actually spend on goods and services and other expenses are amounts that are predetermined by a formula. The success of your repayment plan will likely rest with hiring an experienced chapter 13 bankruptcy counsel. The cost of a chapter 13 bankruptcy generally ranges between $2,500 to $4,500, plus certain fees, such as the court filing fee. Every case is different and the final cost is dependent upon the complexity of your particular situation. However, in a chapter 13 bankruptcy, a portion of the attorney’s fees may be paid through your repayment plan, again, depending on the complexity of your particular situation.
For large estates and businesses, a chapter 11 bankruptcy may be applicable. In a chapter 11 bankruptcy, you may continue to run your business, but your creditors and the Court must approve your reorganization plan. No trustee is appointment unless the Court believes that one should be appointed. If appointed, the chapter 11 trustee takes over your business. The cost of a chapter 11 bankruptcy is substantially higher than chapter 7 or chapter 13 bankruptcies because of the challenges associated with administrating a chapter 11 bankruptcy. These challenges include monthly reporting requirement to the Office of the United States Trustee, approval of a disclosure statement and soliciting ballots for a successful chapter 11 plan of reorganization. It is recommended that you consult with an experienced bankruptcy attorney before you start a chapter 11 bankruptcy.
Spanish translation is available. Servicios de traducciones disponibles.
We are a Ventura County Bankruptcy Lawyer and help people file for bankruptcy relief under the Bankruptcy Code.
