Debt Relief/Bankruptcy

Mark Brenner has filed over 1,500 bankruptcies in all districts of federal court in California. He takes great care to determine whether bankruptcy is the right option and which type of bankruptcy is best for each client. If the client does not qualify, or does not want to file a bankruptcy, other options are available.

A Chapter 7 bankruptcy is the simplest and most common form of bankruptcy, but a powerful tool against creditors. In most cases, if properly prepared, debtors may keep all of their property and the creditors get nothing. The process takes about 90 days, after which the debtor receives a discharge (forgiveness) of all his/her debts. Corporations can also file a Chapter 7, but don’t get a discharge.

A case filed under Chapter 11 of the United States Bankruptcy Code is frequently referred to as a “reorganization” bankruptcy. It is usually used for business entities such as corporation, but individuals who owe over certain limits can file also. This type of bankruptcy allows a debtor to restructure debt, even eliminating junior mortgages and other liens on real property.

A Chapter 13 bankruptcy is like a Chapter 11 reorganization but only for wage earners, individuals and married couples who are working to pay their bills, but can’t make ends meet. It is most powerful in stopping a bank from foreclosing on one’s home. Just like in a Chapter 11, some mortgages and lines of credit can be eliminated.

If bankruptcy is not an option for whatever reason, debt relief can still be obtained by negotiating the debt with the creditor or collection agency to avoid litigation. If litigation is necessary, Mark Brenner has over 38 years of helping clients resolving the lawsuit on the most favorable terms possible.