Most people respond negatively to bankruptcies but it is, sometimes, necessary to file bankruptcy to get a fresh start in life by eliminating your debt. All bankruptcies are not the same. Chapter 7 bankruptcy is the most common type of filing by individuals who are behind on credit cards or medical bills, or facing wage garnishment or debt-related legal action. Chapter 13 bankruptcy is a common type of filing for individuals that have fallen behind on mortgage payments or car payments, and intend to catch up through a repayment plan.
Chapter 13 bankruptcy requires a specific level of income to be able to afford a repayment plan. In simple terms, qualifying for a Chapter 13 requires having the means to afford all monthly expenses, including mortgage payments and car payments, plus enough left over to pay back the amount of missed mortgage and car payments in a 3-5 year plan. The bankruptcy process can be confusing and difficult but you do not have to do it alone.
If you are getting creditor calls, facing wage garnishment, feeling overwhelmed, or maybe you even have a lawsuit, it is a very good time to call a good lawyer. In order to meet your specific needs a lawyer will take your current situation and your main reason for filing for bankruptcy into account to meet your goals.
Benefits of Chapter 13 Bankruptcy
A Chapter 13 bankruptcy immediately stops foreclosure, eliminates credit card debts, wipes out personal loans and medical bills. In some cases, a second or third mortgage on a house can be eliminated. Creditors and collection calls will be stopped immediately by filing Chapter 13 bankruptcy, and may be filed to recover a repossessed car and stops wage garnishment.
Benefits of Chapter 7 Bankruptcy
Chapter 7 bankruptcy also eliminates debts such as personal loans, medical bills or credit card loans and stops foreclosures (temporarily). Chapter 7 bankruptcy is different from Chapter 13 bankruptcy with respect to the mortgage payments made on a house. With a Chapter 7 bankruptcy, creditors and collection calls will be stopped immediately. Wage garnishments are also stopped immediately upon filing.
The bankruptcy attorneys at Consumer Action Law Group stop foreclosures and eliminate debts by filing Chapter 13 and Chapter 7 bankruptcy. We are a full service firm; we will be present at your mandatory meetings with the bankruptcy trustee and handle all the legal matters. We will let you know immediately if you are able to file either Chapter 13 or Chapter 7 bankruptcy, including the benefits of filing and what we charge.
Call our Los Angeles Bankruptcy Attorneys right now for a free consultation. Talk to a lawyer now by calling (818) 254-8413. If you need a bankruptcy attorney in Los Angeles, come in to our office and discuss your case with our bankruptcy lawyers. Our legal team has stopped hundreds of foreclosures, and has stopped sales in less than 10 minutes, throughout all of California.
At Consumer Action Law Group, an experienced bankruptcy lawyer will provide you a solution to meet your goals. When looking for a good bankruptcy attorney Los Angeles office visits are one of many options. In order to decide whether it is best to file Chapter 7 bankruptcy or Chapter 13 bankruptcy the attorneys in our firm will give you a free in-depth legal evaluation. Stop your foreclosure sale, protect your assets, and eliminate your debts.