Los Angeles, CA – 04/21/2015 — An experienced Los Angeles bankruptcy attorney can help individuals decide what is the best option for their particular circumstances, and which chapter best suits their needs. The benefit of filing for Chapter 13 or Chapter 7 bankruptcy is that debtors can get out from under debts that they can no longer pay; however, bankruptcy will affect the ability to make future purchases. This is why it is imperative that debtors contact a bankruptcy attorney in Los Angeles before taking action and filing bankruptcy. While most people assume they will lose everything they own, a bankruptcy lawyer can explain what assets can be kept and what must forfeit to clear debts.
Qualifications of bankruptcy are determined by assets, debts, and other factors, such as stocks, savings, retirement accounts, home equity, and the number of creditors. The best way to protect assets while eliminating debt is to hire an experienced bankruptcy attorney. Individuals may file Chapter 7 or Chapter 13 bankruptcy [sometimes Chapter 11]. Because bankruptcy laws are very confusing and complex, it’s important to contact a bankruptcy lawyer in Los Angeles, CA, before going forward with the filing.
California bankruptcy laws provide for Chapter 13 filers to continue to pay their debts while having their mortgages and other debts rearranged to a more sustainable situation. Chapter 13 bankruptcies can also improve credit scores as it shows the intention to pay debts. While debts such as a home and vehicle expenses, or credit cards, etc. may be wiped away, other secured debts must be paid through a payment plan. As a rule, a bankruptcy will stay on someone’s credit record for up to 10 years. However, filing bankruptcy usually has a positive impact on a credit score in the short term.
Contacting a bankruptcy attorney in Los Angeles, California can mean getting the best outcome available while keeping the most assets possible; instead of losing assets and still facing debts that cannot be discharged. To get a better understanding of bankruptcy and which Bankruptcy Chapter to file, it is best to consult with a Los Angeles bankruptcy lawyer or a local bankruptcy lawyer. The bankruptcy attorneys at Consumer Action Law Group can explain how filing can eliminate unsecured debts and protect assets.
Consumer Action Law Group Bankruptcy has helped hundreds of individuals to eliminate debt and stop foreclosure for many homeowners. To receive free bankruptcy advice, call (818) 254-8413 during their office hours. For more detail about their service visit Consumer Action Law Group.
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