Whether you are an individual facing financial difficulty, or a business encountering insolvency problems, our firm has the experience and expertise to wipe out, discount, modify, reduce interest and payments, or reorganize your debt. 
If you are facing foreclosure of your property, garnishment of your wage, or levy of your account, and are in need of immediate help, we could usually stop the process by doing an emergency filing. Call us for details. 
If your annual household income is below your state's median family income (or above median income but passes Means Test), and all or most of your assets are exempted, a straight bankruptcy (chapter 7) may be an option for you. Chapter 7 will allow you to wipe out all dischargeable debt.
Nondischareable debts in a chapter 7 include, but are not limited to: most taxes; child support,; alimony; student loans (dischargeable by petition to court if undue hardship can be shown); court fines and criminal restitution; and personal injury caused by willful and malicious conduct; and money or property obtained by fraud etc.
Some of the nondischargeable debts can be "superdischarged" in a chapter 13. Ask us for details.
The median income in the state of California, as of this writing (Feb 19, 2009) is $47,363 for one earner, $62,690 for 2 people, $68,070 for 3 people, and $77,014 for 4 people in a family. Add $6,900 for each individual in excess of 4.
If your family income is above state median, or if you have more assets than allowed under the exemptions, chapter 13 may be an option, provided you have sufficient regular income every month to fulfill a payment plan.
Also, if you have a home facing foreclosure, and your goal is to keep the home, a chapter 13 will stop the foreclosure, and allows you to pay off your arrearage and other debt in a payment plan.
Chapter 13 also offers solutions for individuals with tax problems. The debtor can discharge tax penalties, eliminate or reduce tax liens to asset value, and devise an interest free repayment plan for recent taxes. 
If you have secured and unsecured debt above the limitations under chapter 13, and you own asset with value above the exemption amount, you may want to consider filing bankruptcy through chapter 11. 
Chapter 11 is also appropriate if you have a business (of any size), if you are a real estate investor, or if you are trying to reorganize a single real estate project. Filing a chapter 11 will stop the creditors from pursuing their claims, and give you time to devise a plan. 
Filing bankruptcy under any chapter allows you to claim exemptions on your properties, such as home, car, household goods and furnishing, retirement funds, tools of trade, bank accounts, etc.
Homestead exemption for a single is $50,000 and $75,000 for a married couple or unmarried individual with minor child(ren). It increases to $150,000 for persons over 65, or disabled, or persons over 55 with low income.
For people unwilling or not qualified to file bankruptcy, we offer debt reduction service. We have been successful in negotiating and reducing credit card debt substantially.
For people unable to refinance their mortgage, we offer loan modification service. Whether temporarily (repayment plan, or forbearance) or for a longer term, we have the resource and expertise to help you.
Please call us for a free consultation to discuss your specific problem.
We will give you a detailed analysis as to what will be your best option under the circumstances.
Michael Y. Lo, Esq. is an Alhambra bankruptcy attorney specializing in chapter 7, chapter 11, and chapter 13 bankruptcy, as well as debt negotiation, reduction, settlement and loan modification practices.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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 506 North Garfield Avenue, Suite 280, Alhambra, CA, 91801

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