Filing for Bankruptcy in Los Angeles
Speak to a Certified Bankruptcy Specialists TodayAlthough bankruptcy has helped numerous individuals achieve financial freedom, it’s not right for everyone. To discover if filing for bankruptcy is a good option for you, please get in touch with The Turoci Bankruptcy Firm today. Our Los Angeles bankruptcy attorneys can evaluate your situation to determine which type of bankruptcy you should file for or any potential bankruptcy alternatives to may be eligible for. As a Certified Specialist in bankruptcy law, Todd Turoci and The Turoci Bankruptcy Firm, have the experience that will help you save time, money, and stress. Contact us today at 888-332-8362 to request a free consultation.
What Is the Bankruptcy Code?In the United States, all bankruptcy cases are governed by a set of federal laws known as the Bankruptcy Code. Found in Title 11 of the U.S. Code, the Bankruptcy Code is divided into several Chapters. Chapters 1, 3, and 5 deal with general bankruptcy rules and procedures. The remaining Chapters, which include Chapter 7, 9, 11, 12, 13, and 15, relate to specific types of bankruptcy proceedings.
The Bankruptcy Code has many Chapters, each made up of several Sections, including:
- Chapter 1: General provisions (Sections 101, 112)
- Chapter 3: Case administration (Sections 301, 366)
- Chapter 5: The debtor, the estate, and creditors (Sections 501, 562)
- Chapter 7: Liquidation (Sections 701, 784)
- Chapter 9: Adjustment of municipality debts (Sections 901, 946)
- Chapter 11: Reorganization (Sections 1101, 1174)
- Chapter 12: Debt adjustment for family farmers or fishermen with regular annual income (Sections 1201, 1231)
- Chapter 13: Debt adjustment of an individual with regular income (Sections 1301, 1330)
- Chapter 15: Ancillary and additional cross-border cases (Sections 1501, 1532)