If you find yourself succumbing to the pressures of mounting debt in your personal finances or small business operation and are unable to meet your financial obligations, bankruptcy may be the legal solution to give you the breathing room you need to reorganize your finances, or even to wipe the slate clean and give yourself a fresh start. The attorneys at Rounds & Sutter practice primarily in the areas of consumer and small business bankruptcy in Southern California, helping real people find real solutions to their financial problems.
What is bankruptcy?
A voluntary bankruptcy is a proceeding in federal court brought by individuals or businesses who are unable to pay their debts as they come due and seek the protection afforded by the courts and bankruptcy law. In some cases, a bankruptcy trustee will determine whether certain property should be sold to pay off some of the debts, or if the debtor is entitled to a “no-asset” bankruptcy where debts are discharged without the sale of any possessions. In other types of bankruptcies, the debtor’s assets and liabilities are restructured and reorganized in a way that lets the debtor make payments over a period of years in a manageable way. The end result is that a person or business exits bankruptcy either debt-free or with a significantly reduced debt load. Our practice includes both bankruptcy for individuals as well as bankruptcy for small businesses. Filing for bankruptcy triggers what is known as an automatic stay, meaning that all collection activities, including home foreclosure proceedings, immediately stop as soon as creditors are put on notice of the stay. While the automatic stay is in force, we can proceed to develop a long-term workable solution for your financial situation.
Is it appropriate to file for bankruptcy? Is bankruptcy right for me?
Bankruptcy law has been part of our nation’s laws since its founding. Bankruptcy is even enshrined in the U.S. Constitution. Clearly, it was always expected that people would need the help bankruptcy can provide, and that the law should serve those needs when they arise. Some of our country’s greatest and most successful citizens have filed for bankruptcy when they needed to, including people like Abraham Lincoln, Henry Ford, and Walt Disney, and companies such as Dow Corning, Purina and Polaroid. The fact is that bankruptcy exists to help people in need and offer them protection from the total devastation that could otherwise occur from out-of-control debt. There are many reasons that a person can become overwhelmed by debt, such as a sudden illness or job loss, a bad investment or downturn in the economy. There is no reason to be ashamed about seeking bankruptcy protection when you need it. At Rounds & Sutter, we understand that circumstances can put you in a situation where you need to reach out for help. Reach out to Rounds & Sutter at our offices in Ventura, Santa Barbara, San Clemente and Westlake Village. We welcome the opportunity to be able to help you.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.