Babachanian helps people and small businesses overwhelmed by debt.
Declaring bankruptcy means you’re formally announcing you can’t pay your bills as they come due and need the bankruptcy court to protect you from your creditors. Once you file a bankruptcy petition in court, an “automatic stay” stops further collection efforts against you unless the bankruptcy court lifts the stay.
Babachanian represents clients only in Chapter 7 liquidation cases for individuals and businesses. (If you need a different type of bankruptcy, Babachanian can refer you to an appropriate professional.) In Chapter 7 cases, a court-appointed trustee collects the debtor’s non-exempt property, if any, sells it and distributes the proceeds (less the trustee’s cut) to creditors. Because the law allows for debtors to exempt a good deal of property, many Chapter 7 cases are deemed “no asset” cases. In such cases, the debtor keeps most (if not all) of his or her property leaving the creditors with nothing.
Many people believe that Chapter 7 is no longer available to them after the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), but that may not be true. Whether a person is eligible for a consumer Chapter 7 depends on his or her financial condition.
If can no longer handle your debts, contact Babachanian to talk straight about strategies including debt negotiation outside of bankruptcy and, if necessary, bankruptcy. Get rid of that dark cloud over your head, start fresh and start sleeping again at night.