California Bankruptcy Lawyers
Providing solutions to overwhelming debt
Unsettling times make for difficult decisions. Even in a promising economy, mounting debt can begin to feel unmanageable and overwhelming. Established businesses with cash flow issues, aged accounts receivable, rising costs of doing business or burdensome long term leases may face insolvency issues that require experienced analysis, not just a quick fix solution. At Hughes & Hughes, LLP, our attorneys bring knowledge and skills to help you take control of your debt so you can take back control of your life.
Negotiators of insolvency options
At our firm, we want what is in your best interest, which is not always bankruptcy. When bankruptcy is not your best option, our attorneys are experienced with other possible options to resolve your situation. A workout with creditors is a business option, as well as possible state court assignment for benefit of creditors. Reorganization can be in a chapter 11 case or informally with your creditors. We will look at all possible options for your specific situation.
We work with business owners and individuals to seek solutions for financial crisis. We review your debts, income and expenses, and explain the ultimate impact bankruptcy would have on your family, business, home, and future credit. We answer all your questions about the bankruptcy process and the anticipated outcomes you should expect.
Our office only handles Chapter 7 and Chapter 11 cases for businesses or individuals.
Your bankruptcy options in California
Chapter 7 bankruptcy: If you and/or your spouse own few assets and earn relatively low wages, you may qualify for filing a Chapter 7 bankruptcy to provide relief from your debts through liquidation of your nonexempt assets. Because many household and personal items are exempt from bankruptcy liquidation, you can make a fresh start with limited disruption to your life.
If you are a business owner and 51% or more of your debt is business related you can qualify to file a Chapter 7 case. If Chapter 7 is not right for you we will evaluate the suitability of other options.
Chapter 11 bankruptcy: If you own or operate a business, a Chapter 11 bankruptcy permits your business to continue operating while you pay creditors under a reorganization plan. The Chapter 11 option helps you reorganize debt without losing the business you struggled so hard to build. An individual may also qualify for a Chapter 11 if you have significant assets to reorganize.
Chapter 13 bankruptcy: Chapter 13 bankruptcy are another option and we can refer you to counsel if your circumstances indicate this is the best option for you.
Call Hughes & Hughes, LLP at 818-715-9558, and ask to speak with Sharon Hughes, or contact us online to schedule your bankruptcy consultation.