Bankruptcy for Individuals and Corporations
It can be easy to fall into debt, but very difficult to climb out from it. Unpaid balances on credit cards, loans and other consumer debt gather interest, making escape even more difficult. If you should suffer illness, job loss or other financial setbacks, it may seem impossible to get out from the hole debt puts you in.
Businesses can fall into debt as easily as individuals, if not more so. And for businesses, getting out of debt can be just as difficult — especially when economic conditions change or other market forces unexpectedly cut into revenue.
At Terzian Law Group, our skilled lawyers help individuals and businesses regain their financial health through debt relief, including bankruptcy. When you come to us as a client, we will help you review your options and choose the strategy that best fits your situation.
We work with such matters as:
- Chapter 7 bankruptcy
- Chapter 11 bankruptcy
- Chapter 13 bankruptcy
- Tax issues
Bankruptcy Options For Individuals
The two main forms of bankruptcy for individuals are Chapter 7 and Chapter 13. We carefully review each case to determine which methods will best serve our clients. We have helped many clients in both types of bankruptcy, depending on which type better suits our clients' needs.
To determine whether you qualify for Chapter 7, we have you fill out a questionnaire and then review your financial situation. Chapter 7 has a means test requirement, meaning that the court must look at your household income and how they measure up to your expenses. If you qualify for Chapter 7, we file a petition for relief, which automatically stops creditors from taking any debt collection against you.
Under Chapter 7, you may have to liquidate some of your assets to help pay off your creditors. However, there are many exemptions, meaning that you will be able to keep your most important assets. In many cases, Chapter 7 is the best way to wipe out your debts and begin a fresh financial start. The whole process can be over within three to five months.
The process of Chapter 13 takes longer, as it requires you to develop a payment plan that will be completed in three to five years. However, it's important to note that both types of bankruptcy place an automatic stay on debt collection actions against you. And, at the end of your repayment plan, the court will discharge much of your remaining debt.
If you choose Chapter 13, we will help you propose a payment plan to the court, based on your assets and liabilities. Chapter 13 does not require you to liquidate your assets, and it gives you a chance to mend arrears on your home or other difficult debt such as tax debt. Chapter 13 can be a great way to save your home from foreclosure.
The two main types of bankruptcy for business are Chapter 7 and Chapter 11. Chapter 7 is often used by businesses that are winding down operations. Chapter 11 gives businesses protection from their creditors while they reorganize and prepare to return to profitability.
At Terzian Law Group, we help business leaders with bankruptcy and tax issues so they can free themselves of debt and build better companies.
Tax problems can hold you back from achieving your dreams in life and business. They can also be frightening. The IRS and state tax agencies can be intimidating, and the tax code can be overwhelming, even for many lawyers.
At the Glendale, California, office of Terzian Law Group, we help individuals and businesses reduce their debt and resolve their tax issues. We help with such matters as:
- Personal tax audits
- Sales and payroll tax audits
- IRS tax debt
- California Franchise Tax Board debt
- Tax relief
- Offer in compromise
- Tax levies
Our skilled attorneys have years of experience helping people and businesses regain control of their finances. We have a thorough knowledge of tax law and a good working relationship with the IRS, the Franchise Tax Board and other members of the court. We care about our clients, and we put all our skills to work in helping them resolve their tax and financial issues so that they can build better futures.
Taxes And Bankruptcy
We have helped many clients minimize their tax problems through personal bankruptcy. When you file for Chapter 7, the court imposes an immediate stay on debt collection, including tax debt and penalties. When you file for Chapter 13, you get a stay on collections while you reorganize your debt under a payment plan that will take from three to five years.
Both forms of personal bankruptcy give you a chance to discharge some of your debts, including certain types of tax debt, which means they will be gone forever.
The Time To Resolve Tax Problems Is Now
The best time to seek out help from a tax lawyer is after your first notice from the IRS. Some of the most difficult tax controversies involve people and businesses who tried to ignore letters from the IRS, only making matters worse.
It's important to remember that you have rights when tax agencies come after you. IRS officers do not have your best interests at heart, and tax agencies have a lot of ways to get money from you, including liens, levies, wage garnishment and more.
We often advise clients before their first IRS collection interview, telling them what to expect and how to avoid giving up more than they should. When you are our client, we can represent you at the interview, protecting you and your rights. From there, we can negotiate a fair settlement or argue your case in tax court.
Federal and State Civil Litigation
It is easy for a civil lawsuit to spiral out of control or our emotions affect the underlying issues. With the assistance of Terzian Law Group, we make sure to look for the best interest for our clients.
We look to see that our clients are making rational decisions throughout the litigation process by assessing the likelihood of having a successful lawsuit.
Our firms experience and knowledge with the Federal and State Rules of Civil Procedure allow us to guide our clients throughout the legal process. Our experience includes:
Employment claims by firefighters and police officers involving gender, disability, sexual orientation, race and age discrimination as well as retaliation and wrongful termination; Civil rights claims involving unlawful entry and searches by police officers and other First Amendment-related lawsuits; environmental impact reports, and conditional use and rezoning. A wide variety of other cases involving jury bias, school district fees, fair housing laws, pensions, water rights and other similar claims involving state and federal agencies.
Why Act Now!
The sooner you resolve your financial issues and return to solid financial ground, the better. Call Terzian Law Group today at 818-242-1100.
We represent individuals and businesses in Glendale, the San Fernando Valley, Lancaster, Rancho, Long Beach, Huntington Beach and Riverside.
We are a debt relief agent. We help clients file for bankruptcy protection under the U.S. Bankruptcy Code.
Why Terzian Law Group
We offer exceptional legal services for a low rate and are compationate in guiding you each step of the way.
We are a phone call away for FREE CONSULTATION!