One question that people might ask when considering filing bankruptcy is, “What Does Declaring Bankruptcy Do?” Some may think of it as one of the worst things to happen financially, but knowing how to take advantage of this process may actually be a great opportunity for them to start over fresh. For people with unimaginable debt or facing foreclosure can declare bankruptcy to save their home and have the debts discharged. Both Chapter 7 and Chapter 13 bankruptcy help debtors with their … [Read more...] about What Does Declaring Bankruptcy Do?
Chapter 7 bankruptcy
Can You Keep Your House in Chapter 7 Bankruptcy?
While you can keep your house in chapter 7 bankruptcy in most cases, it is possible that you may lose your home. Whether or not you will lose your home depends on many factors such as if you are current on your mortgage. However, filing for Chapter 13 bankruptcy might be a better option for you if you are facing foreclosure or have significant equity in your home. Chapter 7 Bankruptcy and Keeping Your Home Chapter 7 bankruptcy is mostly for those who are looking to get a fresh start. This … [Read more...] about Can You Keep Your House in Chapter 7 Bankruptcy?
Is It Better to File a Chapter 7 or 13?
If you are having a hard time keeping up with payments, especially during a global crisis like the Coronavirus (COVID-19) in 2020, you might be asking, “Is it better to file a chapter 7 or 13?” The answer really depends on your situation, but the general rule is that: Chapter 7 bankruptcy is for people with limited income that is not sufficient enough to fully or partially pay back their debt Chapter 13 bankruptcy is for those who do have enough income to pay their debt through a … [Read more...] about Is It Better to File a Chapter 7 or 13?
Los Angeles Bankruptcy Lawyer
An experienced Los Angeles bankruptcy lawyer can help if any of these situations apply to you: Overwhelmed by creditors who are constantly harassing you for unpaid bills Facing lawsuits from companies that you owe money to Can't keep up with monthly payments on your car or home This is the moment to start on the road to financial freedom. Filing Bankruptcy immediately stops collections, stops any lawsuits, stops wage garnishment, and wipes out credit card debt, medical debt, and … [Read more...] about Los Angeles Bankruptcy Lawyer
Reasons to File Bankruptcy
If you have gotten to the point where you are researching the different types of bankruptcy and the benefits of each, there is probably a very good reason for it. Nobody gets into debt or takes out a loan with the intention of having to file bankruptcy, but for many, filing to eliminate unmanageable debt can be the best thing for your financial situation. Below are three prime reasons why you should file for bankruptcy. 1. You Have Lost Your Job While the job market has continued to improve … [Read more...] about Reasons to File Bankruptcy