Do I Need A Bankruptcy?

The attorneys of the Shakoori Law Office have been providing legal advice and representing those faced with staggering debt throughout Orange County and Southern California for over 16 years. We commonly have people come to us who believe they need to file bankruptcy. Under the bankruptcy law reforms of October 17, 2005, you must wait eight years after a Chapter 7 bankruptcy discharge before seeking another Chapter 7 bankruptcy discharge. We often counsel clients that they do not have enough debt to justify filing for Chapter 7 bankruptcy relief. You will want to save this valuable option until you really need it. You also may not need to file bankruptcy even though creditors are threatening you because you may have no nonexempt property or wages. This means you have nothing the creditors can take from you.

Sometimes a debtor is better off waiting to file because their debt load is not particularly high or they have assets or transactions that make delaying a bankruptcy strategically beneficial. For example, purchases of certain luxury items and cash advances made within 60 days of filing a bankruptcy are presumed nondischargeable, which may make it advisable to delay filing a bankruptcy. At the Shakoori Law Office, we will review your income, assets, debts and entire financial status to determine available alternatives and options so that you can make an informed decision about your best course of action.

Our knowledgeable bankruptcy attorneys can help you assess when and if to file a bankruptcy. They will review your financial situation by analyzing your budget based on realistic monthly expenses including living costs, car payments and house payments. We will then analyze whether you have the ability to pay off your debts in three years. You may be able to reduce expenses, negotiate interest rates down, or sell assets that allow you to avoid bankruptcy. However, there may be penalties associated with certain assets, such as, liquidating an IRA or 401K, which may leave you in a worse position. The bottom line is that the Shakoori Law Office does much more than help you file a bankruptcy. We explore your financial situation and give you legal advice on possible options and alternatives.
The goal of our knowledgeable attorneys is to put you back on the road to financial security, which may or may not include filing a bankruptcy on your behalf. We know the stress and anxiety that comes with feeling you are struggling to tread water financially. Let our attorneys provide a financial life raft and guide you to safety. The Shakoori Law Office is conveniently located in Santa Ana, California and assists clients throughout Southern California including but not limited to the following: Santa Ana, Tustin, Fullerton, Orange, Anaheim, Irvine, Newport Beach, Costa Mesa, Fountain Valley, Huntington Beach, Westminster, Garden Grove, Orange, Buena Park, Placentia, Yorba Linda, Irvine and throughout Los Angeles, Riverside and San Bernardino Counties. Call today for your no obligation free initial consultation 800-578-0922.

Practice Areas

Cities Served

  • Aliso Viejo
  • Anaheim
  • Costa Mesa
  • Fullerton
  • Garden Grove
  • Huntington Beach
  • Irvine
  • Mission Viejo
  • Newport Beach
  • Santa Ana
  • Tustin
  • Westminster