Bankruptcy Attorney In Beverly Hills, CA
Are creditors constantly harassing you with threats of garnishment or asset seizure? High interest rates can make getting out of a financial hole that much more difficult, and overzealous creditors don’t make things any easier. In addition, the high costs of medical treatment often leave a wake of debt behind, which can cause havoc in anyone’s financial health.
While a gloomy scenario that is all too real for many, the law does provide some protection to help those who are looking to start over. If you find yourself deep in an unmanageable pile of debt, know that you can look to a qualified California bankruptcy attorney for assistance, someone who can help you start over with a clean slate.
Eric Bensamochan is an experienced bankruptcy attorney who helps those dealing with unmanagable debt find solace and get the fresh start that they deserve. Experienced with Chapter 7, Chapter 11, and Chapter 13 bankruptcies, you can be sure that Eric Bensamochan can formulate a strategy that best fits your needs.
Effective February 19, 2020 the Small Business Reorganization Act (SBRA) is a way for small businesses to take advantage of a streamlined process for debt relief and reorganization. Under the SBRA, individuals are also eligible under certain circumstances. With the recent passage of the CARES Act, the combined total debt limit has increased to $7.5M. Reorganizing under the SBRA is less expensive than a typical Chapter 11 Bankruptcy, and does away difficult roadblocks such as The Absolute Priority Rule. The SBRA could be the relief needed to reorganize your personal or business affairs, keep your properties, and get past this devastating time. Call The Bensamochan Law Firm now for a no cost, no obligation consultation. We care about our clients and their futures.
Chapter 7 bankruptcy is known as “straight” bankruptcy (or liquidation bankruptcy) and allows debvtors to discharge most of their debts. There are a few exceptions, such as mortgages, liens, student loans, etc. However, this option allows debtors to build their credit up rather quickly in comparison to other bankruptcy options and allows them to keep the items that they can afford and continue to make payments on.
AB 1885 has now become LAW! California Governor Gavin Newsome signed AB 1885 into law on September 18, 2020. This new law increases the amount of the homestead exemption from a maximum of $175,000 (under certain circumstances) to at least $300,000.00 That means if you need to seek relief under Chapter 7 due to mounting debt, you can now file and protect at least $300,000.00 in equity in your home. So many people will now be able to get the relief they so desperately need without having to worry about losing their home or hard earned equity in the process.
These are some of the most complex types of bankruptcy cases, are known as “reorganization” cases. Chapter 11 bankruptcies are commonly utilized by corporations and other entities who are not allowed to file for debt relief under Chapter 7. Given the specialized knowledge that they require, many law firms won’t touch these cases with a ten-foot pole. Eric Bensamochan is well-versed in Chapter 11, as well as other types of bankruptcies, and can offer the legal expertise that you need.
Chapter 13 bankruptcy allows for an arrangement where the debtor pays back all debt, on an agreed-upon percentage, in the span of 3-5 years. Certain types of debt, such as mortgages, don’t apply for this type of plan. However, if approved, this type of bankruptcy allows debtors to keep their assets as long as they continue to make their payments.
SBRA SUB CHAPTER V
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Regardless of your situation, know that Eric Bensamochan can help! Call The Bensamochan Firm at 818-574-5740 to learn more today.
The Bensamochan Law Firm Inc. assists clients in a number of areas in California, including Agoura Hills, Thousand Oaks, Westlake village, Calabasas, Oxnard, Camarillo, Ventura, Santa Barbara, Encino, Tarzana, West Hills, Woodland Hills, Sherman Oaks, Northridge, Chatsworth, Simi Valley, Sylmar, Pacoima, San Fernando, Reseda, Van Nuys, North Hollywood, West Hollywood, Burbank, Hollywood, Los Angeles, Porter Ranch, Lake Balboa, Canoga Park, Winnetka, Santa Ana, Riverside, Tujunga, Pasadena, Glendale, Venice, Santa Monica, and Westwood.