We are Los Angeles bankruptcy attorneys who can represent you through the process of eliminating your debt and giving you a fresh new start. For individuals, there are two main types of bankruptcy – Chapter 13 bankruptcy and Chapter 7 bankruptcy.
The type of bankruptcy you file will depend on what types of debts you have, your current situation, and what your overall goal is in filing for bankruptcy. Are you overwhelmed with unmanageable credit card payments? Are you facing a lawsuit, wage garnishment, or bank levies? Are creditors calling your home, cell phone, and maybe even workplace non-stop? If any of these situations apply to you, it may be time to call our bankruptcy attorneys in Los Angeles to discuss your options for your particular situation.
Researching and hiring knowledgeable and experienced bankruptcy lawyers in Los Angeles is important because you want to make sure you choose someone who can protect all of your assets such as your house, your car, and any liquid cash you may have in your bank accounts.
Approximately 30-45 days after you file for bankruptcy you will have a mandatory meeting with a bankruptcy trustee. It is very important that your bankruptcy attorney attends this meeting with you to make sure any issues that arise are handled right away. Some bankruptcy attorneys charge additional fees to attend this meeting. This appearance by your side is fully included in our fees.
We invite you to schedule a free consultation with our bankruptcy lawyer so that you can make a fully informed decision and pay an affordable fee for personal representation.
Bankruptcy Options in Los Angeles
There are different chapters that one can file bankruptcy under. The two main types for individuals are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Filing bankruptcy (no matter which chapter) automatically stops a foreclosure sale or repossession.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the form of bankruptcy that eliminates your unsecured debt such as credit cards and medical bills. In Chapter 7 bankruptcy, you do not make any more payments to your creditors unless you voluntarily want to keep making them keep your car or home. This type of bankruptcy only last approximately 3-4 months and then you receive a discharge order discharging your obligation to pay your debts.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a reorganization commonly used to catch up on mortgage payments or auto loan payments [secured debt]. Chapter 13 can last anywhere between 3-5 years depending on your situation, your assets, and your income. A Chapter 13 bankruptcy in California allows borrowers to resume making their mortgage payment once again, even if they are behind.
The past due payments are then spread out over a 3-5 year repayment plan which is paid to the bankruptcy trustee monthly as a “Chapter 13 plan payment.” Another benefit of Chapter 13 is the ability to “strip” your second lien from your real property if your home value is at or below the amount owed on your first lien. This can be a big benefit for borrowers who have seen their home value decrease over the last few years. Our chapter 13 attorney will be able to answer any questions you have regarding your bankruptcy.
Processes of Filing for Bankruptcy With Our Bankruptcy Attorneys
Filing bankruptcy in California involves a lot of forms and knowledge of California state bankruptcy exemption law in order to make sure all assets are protected. Most people are concerned that declaring bankruptcy will ruin their credit. However, the reality is contrary to that belief. In the majority of cases, declaring bankruptcy actually increases one’s credit score overnight [as bankruptcy is viewed by creditors as a step towards eliminating debt and taking steps towards fiscal responsibility].
The first step is to schedule a free consultation with our firm to review the benefits and disadvantages of your particular situation. Once you have decided on filing for bankruptcy, our bankruptcy attorney will need some documents from you including tax returns and your most recent pay stubs or income statements. Our bankruptcy attorneys will prepare and review all required bankruptcy forms with you.
Once your case is filed, our bankruptcy attorney will attend the meeting of creditors with you in front of the trustee. During the meeting of creditors, our bankruptcy attorney is there to support you and represent you. After this meeting, if you are filing Chapter 7 bankruptcy, you will await your discharge order from the court discharging your obligation to pay your debts. If you are filing Chapter 13 bankruptcy, you will continue making your mortgage payments and proposed trustee plan payments as your Chapter 13 bankruptcy plan for reorganization moves toward being approved/confirmed by all parties involved.
By filing bankruptcy with our firm, our attorneys will remain by your side and guide you thoroughly through all steps of your case.
Los Angeles Bankruptcy Attorneys Filing Fee
Our bankruptcy attorney fees are very reasonable and affordable. The fee will depend on the complexity of your case. Our bankruptcy Chapter 7 attorney fees and our Los Angeles Chapter 13 bankruptcy attorney fees are very affordable in Los Angeles. After a free legal evaluation, all fees will be disclosed to you upfront.
There will be no hidden fees or fine print. Importantly, you will get a free consultation with our chapter 7 and chapter 13 attorneys to find out what is your options and what debts can be eliminated. You are not obligated to retain us after the consultation. Call us today, you are just a step away from being debt-free!