Santa Clarita Bankruptcy | Santa Clarita Bankruptcy Attorney | Santa Clarita Bankruptcy Lawyer

Santa Clarita Bankruptcy and Debt Settlement Attorney

The Santa Clarita bankruptcy and debt settlement law firm of the Law Office of Jonathan Panossian, A PC is experienced in representing the legal needs of our clients and their businesses in the Santa Clarita area.

Times are tough! With an economy that is lagging, rising medical bills, and unmanageable credit card balances, individuals all over the Santa Clarita area are looking for relief from their debts. Law Office of Jonathan Panossian, A PC is more than just a bankruptcy law firm. Read on to see what service we provide.

Chapter 7 Bankruptcy - Santa Clarita

Chapter 7 bankruptcy is like pushing the "reset" button. It is designed for the type of person who is so upside-down with their budget that they cannot pay for their ordinary living expenses like food, rent, and clothes. To add to that, they have all this credit card debt that they wouldn't be able to pay back based on their budget, so they push the "reset" button and file for Chapter 7 bankruptcy. In addition to being upside-down with their budget, the debtor needs to pass the Means Test as required by the new 2005 bankruptcy laws in order to file Chapter 7 bankruptcy. Chapter 7 bankruptcy is a good solution for medical bills, credit card/department store debts, and most other unsecured debts. Other unsecured debts, such as child or spousal support, most taxes, government fines or debts incurred by fraud are not dischargeable in bankruptcy. Chapter 7 bankruptcy is usually not a good solution for getting "caught up" with secured debts, such as late mortgage payments for your property in the Santa Clarita area or your car payments. In most cases, Chapter 7 bankruptcy stops garnishments, lawsuits, and harassment permanently. It also stops repossessions and foreclosures temporarily, but, in many cases, not permanently. Find out more on how to prevent foreclosure in Santa Clarita. Most people choose to file for Chapter 7 bankruptcy because it is the most cost-effective way to eliminate your debts.

When you file for Chapter 7 bankruptcy, the Chapter 7 Trustee looks to see what assets you have to take from you to pay back creditors. These assets are called "non-exempt" assets. Remember, however, that most Chapter 7 cases are "no asset" cases. This means that the Chapter 7 Trustee is not interested in any of your assets and you will keep what you own and lose nothing. As your attorney, the Law Office of Jonathan Panossian, A PC will exempt your assets, such as your Santa Clarita home, to the fullest extent allowed by law.

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Chapter 13 Bankruptcy - Santa Clarita

Chapter 13 bankruptcy is designed for the type of person who makes more than their living expenses and/or has assets that are non-exempt that the debtor would like to protect. This isn't the "reset" button like Chapter 7 bankruptcy, but a planned payment system to pay back your debts over the course of three to five years. The Chapter 13 bankruptcy plan payment amount varies from debtor to debtor and takes into account your net income, value of non-exempt assets, and many other relevant facts. Chapter 13 bankruptcy is a good solution to get caught up with your secured debts, such the arrearages on your mortgage for your Santa Clarita home or your car payments. However, there are limits as to the amount of unsecured and secured debts that you can have and still file for Chapter 13 bankruptcy.

If you are facing foreclosure of your Santa Clarita home or other real property, filing for Chapter 13 may allow you to save your property by proposing a feasible payment plan to the Court. Once the plan is approved, creditors must accept it. Non-dischargeable taxes, back child support and student loans may be paid without interest during the life of the Chapter 13 bankruptcy. After looking at your income, expenses, and all other relevant facts, the Law Office of Jonathan Panossian, A PC will be able to tell you what your payment amount would be.

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Debt Settlement

While Chapter 7 and Chapter 13 bankruptcy is the most cost-effective way to eliminate your debts in most circumstances, it isn't for everyone. If someone has a non-exempt asset that would be taken in a Chapter 7, but does not find the Chapter 13 plan payment to be feasible, and they have the ability to pay, bankruptcy may be avoided by negotiating a settlement with creditors.

With debt settlement, creditors may be willing to settle for a lump sum that is greatly reduced from the amount that is actually owed, agree to a payment plan, or a combination of the two. The types of debts that can usually be resolved are the unsecured debts that would be discharged in a Chapter 7 bankruptcy, like credit card debts, automobile repossession deficiencies, medical bills, and personal loans.Click here for more on how to find a professional debt settlement attorney in Santa Clarita.

Law Office of Jonathan Panossian, A PC can assess your individual situation and tell you if you can resolve your debts without bankruptcy. Call to schedule a free consultation to see if debt settlement is right for you!

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Second Mortgage Resolution

The real estate market in the Santa Clarita area has been hit hard! Property values in the Santa Clarita area have been falling drastically and continue to do so.

If you are so upside-down with your property that there is no equity to support your second mortgage, then it may be possible to do a "lien strip" through a Chapter 13 bankruptcy. A "lien strip" is where we ask the Bankruptcy Court to convert your second mortgage from a secured debt, where it is tied to your property, to an unsecured debt, like a credit card bill. Unsecured debts in Chapter 13 bankruptcy are paid only based on the amount of your surplus income every month. If surplus income is insufficient to pay unsecured creditors, these creditors get paid only a portion of the debt owed, or in some cases, zero.

It may also be possible to settle your second mortgage without the use of filing for bankruptcy. If you are so upside-down with your property that there is no equity to support your second mortgage, it may be possible to settle your second mortgage by offering a cash settlement, payment plan, and/or a combination of the two. With money being tight in this economy, a second mortgage holder that knows that they will receive nothing through foreclosure may be willing to accept a cash settlement for a fraction of the balance.

Law Office of Jonathan Panossian, A PC will be able to advise you as to what course is best for you.

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IRS Tax Resolution

Law Office of Jonathan Panossian, A PC is here to help you with your creditors and the IRS is one of them! Whether it is through Chapter 7 or Chapter 13 Bankruptcy, Offer In Compromise, Payment Plans, Penalty Abatement, or Innocent Spouse Relief, the Law Office of Jonathan Panossian, A PC will advise you how to resolve your tax liabilities.

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We represent clients throughout the San Fernando Valley, Santa Clarita Valley, Conejo Valley and surrounding areas, including Agoura Hills, Alhambra, Altadena, Arcadia, Atwater Village, Bell Canyon, Beverly Hills, Burbank, Cahuenga Pass, Calabasas, Canoga Park,Canyon Country, Chatsworth, College Hills, Cypress Park, Eagle Rock, East Pasadena, El Sereno, Encino, Glendale, Glenwood, Granada Hills, Hidden Hills, Hollywood, Kagel Canyon, Knollwood, Lake View Terrace, Lake Balboa, La Canada Flintridge, La Tuna Canyon, Los Feliz, Mission Hills, Monrovia, Montecito Heights, Moorpark, Newbury Park, North Hills, North Hollywood, Northridge, Oak Park, Olive View, Pacoima, Panorama City, Pasadena, Porter Ranch, Reseda, Rosemead, San Fernando, San Gabriel, San Marino, Santa Clarita, Saugus, Sepulveda, Shadow Hills, Sherman Oaks, Sierra Madre, Silver Lake, Simi Valley, Somerset, South Pasadena, Stevenson Ranch, Studio City, Sun Valley, Sunland, Sylmar, Tarzana, Temple City, Thousand Oaks, Toluca Lake, Toluca Terrace, Tujunga, Valley Glen, Valley Village, Valencia, Van Nuys, Verdugo City, Universal City, Warner Center, West Hills, West Hollywood, Westlake Village, Winnetka, Woodland Hills.

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