Strategic Legal Counsel for Los Angeles Businesses & Real Estate

Most borrowers cannot repay their debts even with a repayment plan and debt reorganization. The way out for these individuals is declaring bankruptcy under Chapter 7. Chapter 7 is also called “liquidation bankruptcy.” Here, the bankruptcy trustee sells the borrower’s non-exempt assets and distributes the proceeds to creditors. Borrowers are discharged from repaying most outstanding debts. 

At the Los Angeles Business & Real Estate Law Firm, we help individuals wishing to declare bankruptcy under Chapter 7. We begin by assessing the client’s debts, assets, and income to determine whether declaring a Chapter 7 bankruptcy is ideal for debt relief or if there is a better alternative. If it is, we will guide the debtor through the process, giving honest legal counsel. 

Bankruptcy under Chapter 13 is meant for debtors who earn regular income but are ineligible under Chapter 7 and homeowners who have defaulted on their mortgage payments and want to protect their homes from foreclosure. This type of bankruptcy entails reorganizing your debts and setting up a repayment plan requiring you to make monthly payments for three or five years. When the repayment period ends, dischargeable debts will be eliminated even if you have not paid them in full, provided you have made all your monthly payments. 

Bankruptcy under Chapter 13 gives you time to catch up on your debt arrears until you can reinstate your original agreement. It may enable you to retain your valuable, non-exempt assets and avoid those non stop calls from creditors.

Chapter 11 bankruptcy is for businesses, including partnerships, small businesses, corporations, and sole proprietorships. This type of bankruptcy helps companies reorganize their property to repay debts and save business operations. Per 11 USC 1121(b) of the Bankruptcy Code, a debtor under Chapter 11 bankruptcy can file a reorganization plan with the court for 120 days. The bankruptcy court can extend this period, but trustees or creditors may file separate plans with competing interests once the period expires. 

If you wish to declare Chapter 11 bankruptcy, we will help you work out a repayment plan for approval by a judge. A repayment plan enables you to manage the debts your business has incurred, as it prevents creditors from coming to collect and foreclose on your home. It also helps companies restructure their property so they can continue operating successfully. For a consultation or more information, call us at 310-796-7794.

It is usually financially and emotionally challenging to go through a divorce. Sadly, the financial factor often ties bankruptcy and divorce together. The financial problems may have begun earlier for a few people and might have influenced the divorce. The expensive divorce obligations are too much for other people to handle alone. Regardless of the circumstances, bankruptcy helps eliminate overwhelming debts and enables both parties to rebuild their lives. 

At the Los Angeles Business & Real Estate Law Firm, we are skilled in every aspect of bankruptcy and the effect it can have on your entire life. If you are yet to file for divorce, we will provide you with helpful information to apply when drafting a divorce agreement, particularly about joint debt obligations. 

After the divorce, legal counsel is equally necessary to answer questions concerning your financial options and bankruptcy. For example, whereas marital obligations like child support and alimony are not dischargeable through bankruptcy, eliminating other debts like medical bills and credit card balances relieves the burden. 

We provide many other services for businesses and individuals who wish to ease their debt burden without filing for bankruptcy, including debt settlement. Debt settlement is a simple and effective option if you do not want to declare bankruptcy. We can assist you in avoiding bankruptcy and foreclosure, stopping late debt payments, and reorganizing your financial life. 

Debt settlement involves a borrower reaching an agreement with their creditor where the creditor regards the reduced payment by the debtor as full payment. We use our knowledge to assess clients’ situations and provide personalized services. We understand the legal ramifications of every action we pursue and how it impacts clients. We explore every option before determining the ideal solution for a client, including debt settlement, refinancing, litigation, bankruptcy, and consolidation. 

Under California law, a person making an offer to buy real estate property can revoke that offer at any time before the other party accepts it. An option agreement refers to an independent contract with its own considerations. It permits the parties involved to consent that the offer will remain open and irrevocable for a given period. 

The possible purchaser pays option consideration, which they will then use to purchase later. If the option holder exercises their option, the seller can keep the option consideration in exchange for keeping the offer open for a given period. We can help you review or draft an option agreement to safeguard your interests.

Per California statute, leases tie tenants and landlords together for a specified term. That term is often one year. During this term, the landlord cannot change the rent or other lease terms unless that lease allows these measures to be taken. The landlord cannot force their tenant to vacate when the lease terms are still valid unless that tenant has violated a significant condition, like not paying rent. 

Landlords in California must comply with particular procedures to terminate a tenancy. An attorney can assist you in ensuring you follow every step. For example, per the California Code of Civil Procedure, any landlord who believes a tenant has failed to pay rent must give a three-day notice to quit or pay rent.

A purchase and sale agreement is key to a successful transaction in real estate. We can negotiate the terms of a purchase or sale. Among the matters that may require negotiation are real estate contingencies. Contingencies are clauses in a real estate agreement that explain what will happen if some aspects of the contract are not met. 

Contingencies can, for example, give a buyer an escape plan that allows them to walk out of the deal for a specified period during escrow without facing a penalty. Another real estate contingency that might be part of the contract is a clause requiring the buyer to sell their home before purchasing the seller’s asset.

A quiet title action is filed by an interest holder in real property when an opposing party claims a cloud on the title or an interest in that property. This action is filed with the superior court where the real property is located. Per California law (Code of Civil Procedure Sections 760.050 and 760.040), a court has the full discretion to decide on title problems after a quiet title action is filed.

The plaintiff’s interest in the action could be a lease, title, assessment, or title by adverse possession. A quiet title action cannot be utilized to cancel recorded instruments or determine property liens, and it is separate from an action to remove a cloud on title.

If co-owners disagree on what they should do with their property, a partition action is sometimes the only feasible choice. In California, real property co-owners can partition common properties. Filing a partition action with help from a real estate lawyer may be necessary. The judge will establish the interests of the involved parties and the lien priority.

If fairly dividing real estate is impossible, the judge can order that the property be sold and the resulting proceeds be divided per the interests and the lien priority. Sometimes, rather than selling the real property, the property is divided into different parcels and then distributed to the owners, hence the name “partition.”