The Galstyan Firm is a Los Angeles law practice with an international reputation in all of its practice areas. We strive to maintain and excel our recognition in the legal community and as a dedicated firm with all the resources at hand counsel our clients and deliver quality legal advice. We were founded on a commitment to provide personal attention to each client and effective legal counsel. To promote quality, efficiency, and expertise the firm is organized into three major departments representing the major segments of our practice in bankruptcy law, personal injury litigation and immigration law. Concentrating heavily in these areas, the Galstyan Firm offers a broad array of capabilities. Our dedication to maintaining and growing into other delicate practice areas enables us to solve the unique needs of each client, meet client goals and exceed all expectations. Chapter 7: Unlike a Chapter 13 bankruptcy, a Chapter 7bankruptcy case does not involve the filing of a plan of repayment as in Chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor’s nonexempt assets, if any, and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor’s property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain â€exempt†property; but a trustee will liquidate the debtor’s remaining assets. It is essential to have an experienced bankruptcy attorney guide to through this. Mr. Galstyan, an experienced bankruptcy attorney, will advise you of your options and help you classify your property as exempt or non-exempt giving you an opportunity to ultimately decide whether to file under Chapter 7. Filing process under Chapter 7: Atty. Galstyan represents his clients from the beginning of the bankruptcy case to its end. Under Federal Rules of Bankruptcy Procedure Chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets. In addition to the petition, Mr. Galstyan files schedules of assets and liabilities, current income and expenditures, financial affairs and a schedule of executory contracts for his clients among other forms. Chapter 11: A case filed under Chapter 11 of the United States Bankruptcy Code is also frequently referred to as a â€reorganization†bankruptcy. The preparation, confirmation, and implementation of a plan of reorganization is at the heart of a Chapter 11 case, however other issues may arise that must be addressed by the debtor in possession. As with other Chapters, an individual cannot file under Chapter 11 if, during the preceding 180 days, a prior bankruptcy petition was dismissed due to the debtor’s failure to appear before the court or comply with orders of the court. The same credit counseling requirements apply as in Chapter 13. Filing Process under Chapter 11: A Chapter 11 case begins with the filing of a petition with the bankruptcy court serving the area where the debtor has a domicile or residence. Under Chapter 11, a petition may be a voluntary petition, which is filed by the debtor, or it may be an involuntary petition, which is filed by creditors that meet certain requirements. Due to the complexity of Chapter 11, a knowledgeable and experienced bankruptcy attorney is strongly advisable. The filing process with respect to the necessary schedules and other filing requirements varies depending on each case. Chapter 13: A Chapter 13 bankruptcy is also called a wage earner’s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this Chapter, our firm will assist you with the proposal of a repayment plan to make installments to creditors over three to five years. If the debtor’s current monthly income is less than the applicable state median, the plan will be for three years unless the court approves a longer period â€for cause.†Otherwise, if the debtor’s current monthly income is greater than the applicable state median, the plan generally must be for five years. One of the many advantages to a Chapter 13 bankruptcy is that during this time the law forbids creditors from starting or continuing collection efforts. The Filing Process under Chapter 13: Attorney Galstyan begins your Chapter 13 case with the petition with the bankruptcy court serving the area where you have a domicile or residence. Unless the court orders otherwise, Atty. Galstyan also files with the court schedules of assets and liabilities; (2) a schedule of current income and expenditures; executory contracts and unexpired leases; and a statement of your financial affairs. Our office provides you with information as to where and how to complete your credit counseling and we file evidence that you have competed the counseling course with the court. The debtor must provide the Chapter 13 case trustee with a copy of the tax return or transcripts for the most recent tax year as well as tax returns filed during the case. Benefits of Chapter 13: We are asked this question a lot and one think that Mr. Galstyan advises his clients is that a Chapter 13 offers individuals a number of advantages over liquidation under Chapter 7. Perhaps most significantly, Chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this Chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Another benefit of Chapter 13 is that it allows individuals to reschedule secured debts and extend them over the life of the Chapter 13 plan. Doing this may lower the payments.
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