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BANKRUPTCY LAW

Mandatory Bankruptcy Disclosures – PDF Download

The experienced attorneys at The Margarian Law Firm have handled all phases of bankruptcy cases, from simple Chapter 7 filings to complicated lawsuits within a bankruptcy proceeding.

Our expertise in the areas of stripping second mortgages, reorganizing mortgage arrears and successfully challenging creditors’ claims have allowed us to save our clients thousands of dollars while protecting their assets, saving their homes from foreclosure and allowing them to “strip” liens off properties which have decreased in value. Whether you are seeking a fresh start in life or find yourself in the middle of a complicated, expensive lawsuit, we are here to help.
  • STOP Foreclosure
  • STOP Wage Garnishments
  • STOP Lawsuits and Judgments
  • STOP Collections Agencies

Call The Margarian Law Firm at
(818) 553-1000 today for your FREE consultation!

Bankruptcy for Individuals and Married Couples

  • Chapter 7 Liquidation (“Fresh Start”)
  • Chapter 13 Reorganization
  • Stripping of Judgment Liens, Second and Third Mortgage Liens, Other Liens on Property
  • Chapter 11 Restructuring/Reorganization

Bankruptcy for Businesses

  • Chapter 7 Liquidation
  • Chapter 11 Restructuring/Reorganization

Bankruptcy Litigation

  • Adversarial Proceedings
  • Non-Dischargeability Actions
  • Objections to Creditors’ Claims
  • Motions for Relief from Stay
  • Notice of Stay of Pending Lawsuits

Contact The Margarian Law Firm today at (818) 553-1000
to schedule your FREE consultation.

Below is a graphic representation of a potential client who can benefit from filing bankruptcy:

Phase 1 – Pre-Bankruptcy Filing Phase 2 – Post-Bankruptcy Filing (Chapter 13 Reorganization) Phase 3 – Completion of Chapter 13 Plan and Entry of Discharge Order
Vehicle Worth $5,000; Auto Loan of $7,500 “Cram down” of vehicle to its current fair market value Keep Vehicle with LOWER Auto Loan
Assets Including Home, Cars, Jewelry, Retirement Accounts, Life Insurance Policies, etc. Assets “exempt” under relevant sections of the Bankruptcy law. Keep Your Assets to the extent allowed under the relevant Code sections.
Pending Lawsuits, Expensive to Keep Fighting Pending Lawsuits STOPPED Personal Liability Discharged, subject to limited exceptions
Wage Garnishment Wage Garnishment STOPPED Judgment Discharged, $0 Owed Upon Discharge
Judgment Liens on Property Motion to Remove Liens on Property Judgment Liens Removed, $0 Owed Upon Discharge
Tax Debt Classified as Unsecured, Non-Priority Debt* *Certain Conditions Must be Met. Qualifying Tax Debt Discharged $0 Owed Upon Discharge
Value of Property: $500,000 First Mortgage Balance: $550,000 Second Mortgage Balance: $150,000 Third Mortgage Balance: $50,000 Net Equity: Negative (-$250,000) Motion to Value Property Based on Appraisal Report; Request for Second and Third Liens to be “Stripped” and categorized as unsecured debts Value of Property: $500,000 (or higher) Encumbrance: $550,000 (or lower) No Second Mortgage No Third Mortgage $200,000 Second and Third Mortgages Discharged; Liens Stripped off Property.

This is only a hypothetical illustration; results vary as the facts and circumstances of every case differ.
Contact The Margarian Law Firm today at (818) 553-1000 to schedule your FREE consultation!

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