Considering Bankruptcy? Know Your Options
At The Law Offices of Ian S. Topf, APC, we are a debt relief agency committed to helping individuals navigate bankruptcy and find financial relief under the Bankruptcy Code. Let us help you figure out which solution is best for you.
Why Bankruptcy May Be the Right Solution
Unexpected life events—such as job loss, a medical emergency, or the sudden passing of a loved one—can create overwhelming financial hardship. Credit card debt, with its high interest rates and fluctuating terms, can quickly spiral out of control. Likewise, medical bills and personal injuries can place an enormous financial burden on individuals and families.
Filing for bankruptcy can help eliminate or restructure your debts, providing relief from creditors and collection agencies while helping you regain financial stability. The most common debts that can be discharged include:
- Credit Card Debt
- Medical Bills
- Certain Personal Loans
- Other Eligible Unsecured Debts (with exceptions)
If you’re struggling with overwhelming debt, we can guide you through your debt relief options, including whether bankruptcy is the right choice for you.
Understanding Chapter 7 vs. Chapter 13 Bankruptcy
Chapter 7 Bankruptcy – Complete Debt Discharge
- Most bankruptcy cases in California involve Chapter 7, which allows for a complete discharge of eligible debts.
- To qualify, you must pass a “means test” that evaluates your income, expenses, assets, and debts.
- In exchange for debt discharge, any non-exempt assets may be sold by a bankruptcy trustee to repay creditors.
Chapter 13 Bankruptcy – Structured Repayment Plan
- In a Chapter 13 Bankruptcy, you submit a court-approved repayment plan to pay back a portion of your debts over time (typically 3–5 years).
- The repayment amount is determined based on your income, debt obligations, and property ownership.
- Chapter 13 allows individuals to retain their assets while gradually repaying creditors under manageable terms.
Get Expert Guidance on Your Debt Relief Options
If you’re considering bankruptcy or looking for alternative debt relief solutions, we’re here to help. Schedule a consultation today to discuss your financial situation and determine the best path forward.