Chapter 9 Bankruptcy Lawyers in Los Angeles
Carefully Handling Your Case from Start to FinishWhile many people have heard of Chapter 7 or Chapter 13 Bankruptcy, these options for filing for financial freedom tend to only aid individuals or distinct businesses and corporations. But what if a larger body of people are mutually suffering from bankruptcy? Instead of individually filing for minor petitions, a better option is having the entire group file for Chapter 9 Bankruptcy.
Although this application is lesser-known, it is a very powerful option of support especially designated to serve groups of people deemed as being in “municipalities.” These municipalities cover broad and overarching bodies of communities, including towns, cities, school districts, tax districts, and even entire counties. Our reliable legal team at The Turoci Bankruptcy Firm is experienced at supporting wider communities to gain the support they need.
Call us today at 888-332-8362 if your municipality is facing overwhelming debt so that you can receive aid from our dependable Chapter 9 bankruptcy attorneys in Los Angeles.
How Does Chapter 9 Bankruptcy Work?Chapter 9 works by allowing entire municipalities to lessen debt burden by reconstructing how their debts are managed. This primarily occurs through extensions of timelines in order to repay or refinance debts. In some cases, the interest or principal of current arrears might even be reduced. Unlike other bankruptcy plans, there is no liquidation of assets when a municipality files for Chapter 9.
After the application has been filed, the municipality will be able to obtain the discharge when certain conditions have been met, including:
- The overarching plan of debt management and repayment extensions has been confirmed.
- The debtors’ deposit has been received by the court’s appointed agent and then subsequently disbursed as the plan has outlined.
- The court determines that these securities that have been given to the agent are both legal and valid in settling the debtor's obligations and that any additional payment methods for extended debts are also sustained and valid.
What this means is that the discharge must not only be legally confirmed by the court, but the entire deposit given by the debtor must be successfully distributed first, with affirmation from court-appointed officials that the payment process and source are all legal and valid.
Experienced Advocacy Clients Can Depend OnOne key distinction between Chapter 9 and other bankruptcy cases is that no judge is automatically designated – debtors will have to wait for judges who have the time, capacity, and desire to handle their case. It could take a long time to find a judge who is knowledgeable and willing to listen to a municipal case, unless you turn to our dependable team at The Turoci Bankruptcy Firm. On account of our connections and experience, we can expedite the process of finding a judge who will carefully handle your case for financial liberty. We have a reputation for handling cases with unparalleled speed and efficiency, so please don’t hesitate to reach out to our firm.
Contact us today at 888-332-8362 to schedule your free consultation with our Chapter 9 bankruptcy lawyers in Los Angeles. We are eager to advocate for your community!