Misty Ann Perry-Isaacson

Chapter 7 contemplates an orderly, court-supervised procedure by which a trustee takes over the assets of the debtor's estate, reduces them to cash, and makes distributions to creditors, subject to the debtor's right to retain certain exempt property and the rights of secured creditors. Because there is usually little or no nonexempt property in most chapter 7 cases, there may not be an actual liquidation of the debtor's assets. These cases are called "no-asset cases."

Chapter 13 is designed for an individual debtor who has a regular source of income & who has limited unsecured debt & secured debts. Chapter 13 is often preferable to chapter 7 because it enables the debtor to keep a valuable asset, such as a house, and because it allows the debtor to propose a plan to repay creditors somewhere between 0-100% of their debts over time – usually over three to five years. Chapter 13 may be the only alternative for consumer debtors who do not qualify for chapter 7.

Our firm is unique in that we represent both debtors & creditors in business and consumer Chapter 7, 11, 12 & 13 cases. All of our Attorneys are California Certified Legal Specialists in Bankruptcy Law. California attorneys who are certified specialists have taken & passed a written examination in their specialty field, demonstrated a high level of experience in the field, fulfilled ongoing education requirements & been favorably evaluated by other attorneys & judges familiar with their work.

Chapter 11 ordinarily is used by commercial enterprises or individuals with high net worth or incomes, such as from ownership of several real properties, or individuals who cannot qualify for chapter 13. Debtors seek to repay creditors concurrently through a court-approved plan of reorganization. Our firm is unique in that we represent both debtors and creditors in business and consumer Chapter 11 cases.