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Are You in Debt? We Can Help!

Santa Clarita Bankruptcy Lawyers

At Young & Williams LLP, we know how destructive debt can be. Our passion and experience is in helping families, individuals, and businesses facing seemingly intractable debt problems.

Eliminating Debt

If you are facing unmanageable credit card debt, medical bills, business debt, or can't make the payments on your house or car, call us. If civil judgments have been or could be entered against you, or your wages have been garnished or accounts levied, call us. Our Santa Clarita bankruptcy attorneys can help you explore bankruptcy and other options - whatever choices will prove most effective in your unique situation.

Some common strategies for eliminating debt include:

  • Chapter 7: In this type of bankruptcy, assets that are not protected by an exemption are liquidated by a trustee. Individuals generally get to keep their retirement savings, up to $175,000 in equity in a home, ordinary personal property such as furniture and clothing, and even vehicles and jewelry (up to maximum exemption amounts). Businesses can also file under Chapter 7 - but if so the business must close down immediately. For an individual or family, the goal of Chapter 7 is a "discharge" - commonly referred to as a "fresh start." At Young & Williams LLP, we think of the Chapter 7 discharge as a financial reboot.
  • Chapter 11: Chapter 11 is used to reorganize a business by allowing it to continue to operate while a plan to repay all or a percentage of its debt is developed. Chapter 11 can also be used to restructure debt for individuals with significant debts, assets and income; Chapter 11 can provide a more flexible payment plan solution than Chapter 13.
  • Chapter 13: Individuals with regular income (and debt within statutory limits) can reorganize debt in a comprehensive, standardized repayment plan without liquidating assets.
  • Debt negotiation: Sometimes creditors will work with debtors to structure a repayment program outside of Bankruptcy Court. This option may work in both the debtor's and the creditor's favor.

Call Young & Williams LLP to consult an experienced Santa Clarita bankruptcy attorney regarding your options.