Your Bankruptcy Attorney in the United States, Canada, & the U.K.
The current economic difficulties have had an effect on not only the United States, but also Canada and the United Kingdom. Our team of bankruptcy attorneys, located in the United States, is available to provide assistance in addressing various financial challenges such as job loss, extensive medical expenses, and severe financial setbacks. We aim to help individuals find effective solutions to reduce and recover from the burden of financial stress. Please arrange a meeting with Li & Chan Law Firm in order to investigate the ways in which we might provide assistance.
Financially Starting Over
Despite thorough preparation, economic uncertainty might result in the accumulation of unpaid invoices or delayed payments. The accrual of interest, cessation of income, and reliance on credit card payments are observed phenomena in this context. Creditors may initiate actions to foreclose on your residence and seize further assets, so posing a threat to your financial well-being. Regardless of the underlying factors contributing to the cause and effect relationship, an individual’s financial situation has deteriorated significantly, necessitating the pursuit of a new beginning. Gain mastery over your financial affairs and acquire knowledge pertaining to the available alternatives by engaging the services of our esteemed bankruptcy attorneys at Li & Chan Law Firm.
Types of Bankruptcy
Obtain a comprehensive summary of the principal sections within the Bankruptcy Code at this location. Uncertain about the appropriate starting point? The legal professionals at Li & Chan Law Firm has the necessary expertise and knowledge in the field of bankruptcy law. They are adept at assisting individuals in determining the most appropriate chapter of bankruptcy to pursue in the jurisdictions of the United States, Canada, and the United Kingdom.
According to existing bankruptcy legislation, individuals are required to successfully complete a means test as a prerequisite for initiating Chapter 7 bankruptcy proceedings. Individuals whose monthly income falls below the adjusted median income may be eligible for automatic qualification. Nevertheless, individuals with incomes over this criterion may still be eligible for qualification by subtracting costs such as car payments and contributions towards retirement plans. Our legal team has provided assistance to a substantial number of persons in initiating Chapter 7 Bankruptcy proceedings, even in cases where other legal practitioners held the belief that they did not meet the eligibility criteria. This assistance has been extended to clients located in the United States, Canada, and the United Kingdom.
In the context of the United States:
Chapter 7 bankruptcy is commonly known as “liquidation bankruptcy,” a legal process in which specific assets may be liquidated to satisfy outstanding obligations, while remaining qualified debts are absolved.
Chapter 13 bankruptcy entails the formulation of a structured repayment scheme spanning a period of three to five years, with the objective of gradually discharging outstanding obligations.
The means test is employed as a method of assessing eligibility for Chapter 7 bankruptcy by considering various elements such as income, expenses, and additional considerations.
In the context of Canada:
The primary governing legislation for bankruptcy laws in Canada is the Bankruptcy and Insolvency Act (BIA).
– It is possible for individuals to initiate bankruptcy proceedings under the Bankruptcy and Insolvency Act (BIA) as a means of addressing overwhelming financial obligations.
Licensed Insolvency Trustees (LITs) assume a crucial role in the administration of bankruptcies and the formulation of consumer proposals, which serve as viable alternatives to bankruptcy.
In the context of the United Kingdom:
The primary regulation of bankruptcy rules in the United Kingdom is carried out through the Insolvency Act of 1986.
Bankruptcy proceedings in the United Kingdom generally entail the liquidation of an individual’s assets in order to satisfy outstanding debts owed to creditors. Following a period of around one year, the individual is normally granted a discharge from bankruptcy.
In the United Kingdom, there exist additional types of insolvency proceedings, namely Individual Voluntary Arrangements (IVAs) and Debt Relief Orders (DROs).
United States (Chapter 11 Bankruptcy)
– Chapter 11 is a reorganization bankruptcy available to individuals and businesses.
– Debtors can retain control of their business operations and assets.
– The goal is to modify the terms of debts, including interest rates and payment values.
– The process can be complex and lengthy, often spanning several years.
– Legal assistance is advisable to navigate the intricacies of Chapter 11 bankruptcy.
Canada
– In Canada, personal bankruptcy is primarily governed by the Bankruptcy and Insolvency Act (BIA).
– Businesses can also file for bankruptcy under this legislation.
– Bankruptcy in Canada involves a Licensed Insolvency Trustee (LIT) who administers the process.
– The LIT may create a proposal for creditors, similar to Chapter 11 reorganization in the U.S.
United Kingdom:
– In the United Kingdom, bankruptcy is regulated by the Insolvency Act 1986.
– Bankruptcy typically involves the sale of assets to repay creditors.
– There are alternatives to bankruptcy in the U.K., such as Individual Voluntary Arrangements (IVAs) and Debt Relief Orders (DROs), which allow individuals to propose repayment plans or have debts written off.
Please note that while these overviews provide general information about the respective bankruptcy processes, specific laws and regulations can vary by jurisdiction and may have changed since my last update in September 2021. For precise details and guidance on bankruptcy in these regions, it’s advisable to consult legal experts or refer to official government resources.
Why Our Bankruptcy Attorneys
Li & Chan Law Firm is a law firm that prioritizes achieving outcomes and offers a wide range of services, drawing upon extensive experience to aid individuals in their debt recovery efforts. It is acknowledged that each case possesses distinct characteristics, thus prompting the provision of innovative resolutions and customized pricing arrangements that are specifically designed to cater to the individual requirements of every customer. It is posited that the achievement of financial relief is within reach, and a steadfast dedication is expressed towards providing comprehensive guidance throughout the entirety of the legal procedure.