About | Korompis Law Offices

Korompis Law - Pasadena Bankruptcy Attorney

Nancy Korompis

Attorney Nancy Korompis is an experienced bankruptcy lawyer who has been expertly helping Pasadena clients get a fresh financial start since 2009.

Professional Memberships:

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is the most common type of bankruptcy and also the simplest and fastest to file. Signs that it could be sensible to file for Chapter 7 include:

The family home is at risk of foreclosure
Needing to pay for essential needs like groceries and gas with a credit card
Transferring balances from one credit card to another instead of paying down the debt

Filing for Chapter 7 bankruptcy means several major sources of debt may be discharged by the court, including credit card debt and late fees, utility bills, medical bills and personal loans.

Chapter 7 can only be filed by individuals that meet income requirements. The filer’s disposable income must be below the median income in California, and the filer may have to prove this through a means test. A filer may also be required to sell non-exempt assets to pay some of their debt, but the vast majority of Chapter 7 cases are “no-asset.”

Chapter 13 Bankruptcy

Filing for Chapter 13 bankruptcy may be an option for individuals or married couples whose income is too high to file for Chapter 7.

Chapter 13 bankruptcy is also known as a “wage earner’s plan.” The filer’s finances are re-organized under the supervision of the court, and a plan is created to repay debts within three to five years. Rather than repaying individual creditors, the filer pays one amount to a trustee, and the payments are disbursed on the filer’s behalf. All disposable income may be re-directed to the filer’s debts, if needed.

An advantage of filing Chapter 13 is that it protects the family home. If the home is under foreclosure proceedings, these stop once Chapter 13 is filed.

There are eligibility requirements to file Chapter 13, including:

The total amount of debt must be under the required limits: $1,395,875 of secured debt, such as mortgages, and $465,275 of unsecured debt, like credit card bills, medical bills and personal loans.
Credit counseling is required before filing.

Chapter 11 Bankruptcy

A corporation, partnership or limited liability company experiencing major problems with increasing debts may be able to stay in business by filing for Chapter 11 bankruptcy. The company’s finances are reorganized according to a plan approved by their creditors.

Many well-known companies in the United States have filed for Chapter 11 bankruptcy and are still operating .

Trusts and Estates

When preparing for the future, Korompis Law can assist with estate planning. Creating a trust means that after your death, your distribution of your estate can bypass the courts and save your family time, stress and legal fees. Trusts can also provide structure for children or grandchildren too young to handle an inheritance. Irrevocable trusts can also protect your assets from creditors.

Probate

Korompis Law handles estate administration and can provide executor services for their clients to distribute assets to their designated heirs.

Nancy Korompis is a graduate of University of Florida and Pace University School of Law (NY). She is a member of the Pasadena Bar Association, the San Gabriel Bar Association, and the Central District Consumer Bankruptcy Attorney Association.

Meet Our Certified Bankruptcy Specialist