BANKRUPTCY

Simplify. Support. Stability. With Camarillo and Thousand Oaks bankruptcy attorney Ryan J. Casson on your team, those three words are what the bankruptcy process can be. Note that the word “Scared” is not on his list, and do not let it be on yours. Bankruptcy can be complex, and confusing. But with a Camarillo and Ventura bankruptcy attorney helping you weigh the potential pros and cons of filing a petition for bankruptcy relief and navigating the process with you, you can identify the best path to a “Fresh Start.”  Whether you are an individual with unexpected debt, business debt, or otherwise need a fresh opportunity for yourself or a business, the Camarillo bankruptcy Law Office of Ryan J. Casson can help you consider which bankruptcy “Chapter” (7, 11, or 13) may be appropriate to your circumstances, file your bankruptcy petition, represent you at hearings, and work to achieve your Fresh Start.

Please note that the written fee agreement will outline the legal responsibilities that attorney Ryan J. Casson agrees to perform, which may be of a limited nature and may not involve him representing you at any hearings besides the 341 meeting of creditors. There will be much to discuss during the initial phone call or meeting!

California bankruptcy attorney Ryan J. Casson, located in Ventura County, can also represent debtors and creditors in “adversary proceedings” relating to trusts and estates, tax, business, and property ownership disputes.

As this office is experienced with estate planning and tax, we are able to assist Camarillo, Newbury Park, Thousand Oaks, and Westlake Village individual and businesses debtors, and creditors of business debtors, work to resolve trust and tax issues in bankruptcy, including adversary proceedings that dispute dischargeability, allege voidable/fraudulent transfers, etc.

Make an appointment in Camarillo (or on Zoom, etc.) to assess your bankruptcy petition or related bankruptcy matter!

Creditors: Please note that this office does not represent consumer creditors in consumer debt matters.

Please note that, at present, any bankruptcy matters that this law firm handles are limited to matters before the U.S. Bankruptcy Court for the Central District of California.

As one of the practice areas of this law firm includes the practice of bankruptcy law, under federal law, this law firm is considered a debt relief agency. This law firm helps Californians obtain a fresh chapter in life through filing for bankruptcy under the Bankruptcy Code. 

Chapter 7 vs. Chapter 13 Bankruptcy: What’s the Difference?

For individuals facing overwhelming debt, the two most common forms of consumer bankruptcy are Chapter 7 and Chapter 13. While both can provide meaningful relief, they are designed for different financial situations and long-term goals.

Chapter 7 bankruptcy is often referred to as a “Fresh Start” bankruptcy. It is intended to eliminate unsecured debts such as credit cards, medical bills, and personal loans – often within a few months of filing. In many cases, individuals are able to keep their home, retirement accounts, and other assets through California’s exemption laws.  If you are the sole member of an LLC who signed personal guarantees on SBA or other loans to your business, or have old IRS tax debt, these debts may be discharged, too.

Taxes and bankruptcy can be complex and analyzing whether tax debt may be discharged in a Chapter 7 bankruptcy should be performed by an experienced bankruptcy attorney.  Attorney Ryan J. Casson can assist debtors with IRS tax debt or California Franchise Tax Board (FTB) tax debt review their IRS account transcripts and analyze whether and when the tax debt can be discharged in bankruptcy.

Eligibility for Chapter 7 is determined in part by the “means test,” which compares your average income over the prior six months to standardized expense allowances. If the calculation shows sufficient disposable income, there may be a presumption that Chapter 7 is not appropriate. However, the means test is a formula, and it does not always reflect a person’s real monthly budget. Certain individuals – including those with primarily business debt or active-duty service members – may be exempt from the means test altogether.

Chapter 13 bankruptcy, by contrast, is a reorganization. It is designed for individuals with regular, higher income who may not qualify for Chapter 7, or who need time and structure to catch up on secured debts such as a mortgage or car loan. Instead of an immediate discharge, Chapter 13 creates a court-supervised repayment plan that allows you to address your debts over time.

Individuals who own assets that are not otherwise exempted under California’s Chapter 7 exemption systems (there is one system that exempts most home equity but very little personal property, and a different system that exempts some personal property but very little home equity) – where an individual has inherited cash or a second residence, or who recently acquired their primary residence – may also need to consider Chapter 13 bankruptcy.

How Chapter 13 Bankruptcy Works

A Chapter 13 case begins with the filing of a petition and a proposed repayment plan, typically lasting three to five years. The plan consolidates your debts into a single monthly payment based on your income, expenses, and overall financial circumstances. Once the case is filed, the automatic stay goes into effect, which can stop foreclosure proceedings, wage garnishments, and collection activity.

Unlike Chapter 7, the means test does not determine eligibility for Chapter 13. However, it can still play an important role. If your income is above certain thresholds, you will generally be required to propose a five-year repayment plan rather than a shorter three-year plan.

Your Chapter 13 plan must be reviewed and confirmed by the bankruptcy court. This means the court must determine that the plan is feasible, complies with the Bankruptcy Code, and is proposed in good faith. If your income and expenses do not support the proposed payment, the plan may need to be modified before it can be approved.

One of the key advantages of Chapter 13 is its flexibility. It allows homeowners to cure mortgage arrears over time while maintaining current payments, which can help prevent foreclosure. It can also be used to restructure certain secured debts, address priority tax obligations, and in some cases reduce or eliminate junior liens. Unsecured creditors often receive only a portion of what they are owed, with any remaining eligible balances discharged at the end of the plan. Certain non-priority tax debts may also be partially repaid through the plan, with the remaining balance discharged upon successful completion of the plan.

It is also important to understand that Chapter 13 is an ongoing process. While many firms offer flat fees for the initial filing and plan confirmation, post-filing work – such as plan modifications, motions, or addressing creditor issues – is often handled on an hourly basis.

Speak With a California Bankruptcy Attorney About Your Options

Every financial situation is different, and the right approach depends on your income, assets, and goals. A careful analysis can help determine whether Chapter 7, Chapter 13, or a non-bankruptcy alternative is the best fit.

If you are considering bankruptcy or simply want to better understand your options, we invite you to call attorney Ryan J. Casson, a California bankruptcy and tax attorney. A consultation can provide clarity, answer your questions, and help you take the next step with confidence.

Work with a California bankruptcy attorney to file your petition or resolve a trust or tax issue in bankruptcy!

  • Sale of nonexempt assets by the bankruptcy trustee to pay off debts, and the discharge of unsecured debts, offering a new financial beginning. What happens to a home and/or residential mortgage depends on equity and other factors. Can be used by individuals and businesses. While the timeline may vary, in general, the process is completed in a few months.

  • A business debtor creates, with court oversight, a plan to reorganize and repay creditors while retaining control of their business. To emerge fresh from a Chapter 11 case may take a few years.

  • For an individual debtor who has “regular income” and within three to five years repays their debts; fulfillment of the repayment plan allows the debtor to keep most of their assets. Similar to the Chapter 11 process for businesses. Failure to repay jeopardizes the plan.

  • Lawsuits inside or related to a bankruptcy case. Where one objects to the dischargeability of a debt, claims fraud, how a debt is classified, or ownership of property or debt, a formal adversary proceeding (lawsuit) may be created to resolve these more complex matters.

  • This office is available to represent business creditors or creditors with claims that do not involve consumer debt. In particular, Camarillo bankruptcy attorney Ryan J. Casson is available to represent creditors requiring assistance with trust, estate, and tax issues in the bankruptcy of a trust beneficiary, other individual, or business entity debtor.

  • Sometimes, it may be possible to convert nonexempt assets to exempt assets, or otherwise work to “exempt” property, if not undertaken with the intent to hinder, delay, or defraud creditors. This is a very weighty analysis and best be done with a California bankruptcy attorney.