Bankruptcy Attorneys in Ventura County

Helping You Resolve Your Debts

If you are struggling to pay off debts, bankruptcy may be your only path toward achieving a clean slate and a brighter financial future. At Morgan Law Firm in Ventura County, our bankruptcy attorneys will advise you on your best course of action and guide you through each step of filing for bankruptcy. Our team has more than 100 years of combined experience, so you can trust that we will help you successfully resolve your debts.

Call or text an attorney directly today at (805) 644-8888 to set up a free initial consultation with one of our experienced bankruptcy attorneys.

Understanding Your Bankruptcy Options

Depending on your situation, there is an option best suited for you. There are three types of bankruptcy – Chapter 7, Chapter 13, and Chapter 11. However, unless you own a business, your choices as an individual are between a Chapter 7 and a Chapter 13 bankruptcy.

Here is what you need to know about each type of bankruptcy:

• Chapter 7: A Chapter 7 bankruptcy is the most common type that qualifying individuals file for. In some cases, LLCs, partnerships, or even corporations with assets that can be used to cover debts may also qualify. Under a Chapter 7 bankruptcy, most unsecured debts, such as medical bills, credit card bills, and most personal loans can be eliminated by surrendering your assets. However, to qualify, you must pass the means test. If your disposable income is below the median income for your state, you may qualify for this type of bankruptcy.

• Chapter 13: If you do not qualify for a Chapter 7 bankruptcy, chances are you qualify for a Chapter 13 bankruptcy. Through this type of bankruptcy, you can reorganize your debt and repay some of it through a monthly payment plan. If you still have some remaining debt at the end of your payment plan, they will be discharged.

• Chapter 11: If you own a business, a Chapter 11 is likely more appropriate for your situation, though it is also often a more complicated type of bankruptcy. Filers are given about 4 months to create a reorganization plan, separating creditors by class, and prioritizing certain types of debt. In some cases, the 4-month timeframe may be extended.

Our legal team can help you make the best choice for your future, so do not hesitate to reach out.

Schedule a Free Consultation with an Experienced Bankruptcy Attorney Today!

Making the decision to file for bankruptcy is a big step and it can go a lot more smoothly with legal assistance. At Morgan Law Firm in Ventura County, our experienced team will provide the guidance and support you need to get through it, so you can move forward.

Call or text us today at (805) 644-8888 to set up a free initial consultation.