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Bankruptcy Attorneys in Inglewood, CA

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Bankruptcy laws in Inglewood, California can be a rough ride, that’s why we’ve simplified these pieces just for you!

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What is the Fresh Start Program?

If you are going through a difficult time financially, debts are weighing you down, your creditors keep calling and threatening you, and all you want is a little peace of mind, we have something to tell you: You are NOT alone. Many people are going through what you are going through, and one of the most effective options to pay off your debts is bankruptcy.

You may be repulsed by the word bankruptcy, but you may think that if you declare it you will end up losing all your most precious things, like your car or house. You should know that those are just MYTHS.

The truth is that bankruptcy will pay off your unsecured debts, so you can enjoy a fresh financial start. It’s as simple as that. In addition, there are different forms of the process, which are tailored to different specific cases. If even after reading the rest of the article you are not sure how to proceed, contact an attorney to clarify all your doubts.

Experience

If you decide to file for bankruptcy, but you are unfamiliar with the laws surrounding this process, it may be a bad idea to do so on your own. An excellent bankruptcy attorney will have all the experience necessary to make your bankruptcy filing successful. In addition, a bankruptcy attorney knows the state laws and regulations inside and out, and will guide you through all the procedures.

Assess all your options

The extensive financial knowledge of an experienced bankruptcy attorney will allow him/her to diagnose your financial situation, and then determine what type of bankruptcy is best suited for your situation. You may want to get rid of your debts quickly, in which case the attorney will recommend chapter 7 bankruptcy. Or you may have a steady income and qualify for chapter 13 bankruptcy.

Protection from creditors

You may be receiving constant calls, and even visits, from creditors demanding payment of your debt. However, if your creditors know that you have an excellent bankruptcy attorney on your side, they will leave you alone immediately. Your attorney will make sure they stay away from you. He or she will tell you about the types of behavior that are considered abusive, and about the rights you have in your position. Once you file for bankruptcy, creditors are legally required to stop collecting on the debt.

Save your home or vehicle

If you are facing foreclosure proceedings, or if you are receiving threats to repossess your vehicle, hiring a bankruptcy attorney may be your best option to save those precious assets. The attorney will explain to you the options you have to have the best chance of keeping them. In addition, he/she will assist you in making lists of exempt assets, so that you do not make any mistakes during the procedure and end up losing something important to you.

Peace of mind

Retaining the services of an experienced bankruptcy attorney will make the entire process much easier. If you are going through a difficult financial time, you do not need to stress about legal procedures, when you can entrust it to someone who is much more experienced than you are in this field. Once you retain the services of an attorney, you can relax a bit, and then focus on rebuilding your finances with some peace of mind.

What Are The Benefits of Bankruptcy in Inglewood

For residents of California, one benefit of filing for bankruptcy in this state is that you will be given two lists of different assets which you can exempt or “protect” – meaning, these assets won’t be taken away from you during and after the bankruptcy process. In short, you’re sure not to lose them!

However, you cannot mix assets on different lists, so you must choose carefully on which asset list you want to exempt.

California is also home to some of the best bankruptcy lawyers around; so, wherever you are – whether you live in Los Angeles, Inglewood, Beverly Hills or Anaheim – you have the best bankruptcy lawyers to help you!

What Are The Different Types of Bankruptcy in California?

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is a great choice if you want to clear your debts fast!

In Chapter 7 Bankruptcy, your non-exempt assets (assets which are subject to liquidation) will be sold by your bankruptcy trustee, and the proceeds will go to your creditors.

This can be uncomfortable for many, but if you want to settle your debts as soon as possible, this may be an ideal option.

Remember that you will not lose all your properties – you have exempt assets, assets which are secured and will never be taken away from you.

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is a great choice if you want to clear your debts fast!

In Chapter 7 Bankruptcy, your non-exempt assets (assets which are subject to liquidation) will be sold by your bankruptcy trustee, and the proceeds will go to your creditors.

This can be uncomfortable for many, but if you want to settle your debts as soon as possible, this may be an ideal option.

Remember that you will not lose all your properties – you have exempt assets, assets which are secured and will never be taken away from you.

What Can A Chapter 7 Bankruptcy Attorney in Inglewood Offer You?

Finding a Chapter 7 bankruptcy lawyer in Inglewood is your first step in filing for your bankruptcy case.

Once you found your bankruptcy attorney, it’s time to file the necessary papers and forms, and have them submitted to a bankruptcy court.

You and your Inglewood bankruptcy lawyer will also find a trustee, the one who will take care of managing and selling your (non-exempt) assets.

Chapter 13 Bankruptcy

In Chapter 13 Bankruptcy, instead of liquidating your assets, you will be asked to restructure your finances and create a repayment plan as your means to pay your creditors. Your assets will remain with you until you pay your debts. Failure to do so would mean losing your assets, depending on your remaining balance.

Chapter 13 Bankruptcy works best for individuals and small businesses, especially those who have the financial capacity to create a repayment plan.

Chapter 13 Bankruptcy

In Chapter 13 Bankruptcy, instead of liquidating your assets, you will be asked to restructure your finances and create a repayment plan as your means to pay your creditors. Your assets will remain with you until you pay your debts. Failure to do so would mean losing your assets, depending on your remaining balance.

Chapter 13 Bankruptcy works best for individuals and small businesses, especially those who have the financial capacity to create a repayment plan.

What Can A Chapter 13 Bankruptcy Attorney in Inglewood Offer You?

Chapter 13 bankruptcy related paperwork can be overly complex. If you want your bankruptcy process to be simple and stress free, then what you should do is contact an attorney to take care of everything.

Part of your Inglewood bankruptcy attorney’s job is to do everything in his/her power to keep you from losing your assets after your bankruptcy case is over.

Chapter 11 Bankruptcy

If Chapter 13 works for individuals or small business filers, Chapter 11 works best if you file as a big business.

In Chapter 11 Bankruptcy, you can keep your assets as well – you can even remain in power over your business/es – as you pay your debts through a reorganization plan. Failure to pay all the said debt would mean liquidation of your assets, depending again on your remaining balance.

Chapter 11 Bankruptcy

If Chapter 13 works for individuals or small business filers, Chapter 11 works best if you file as a big business.

In Chapter 11 Bankruptcy, you can keep your assets as well – you can even remain in power over your business/es – as you pay your debts through a reorganization plan. Failure to pay all the said debt would mean liquidation of your assets, depending again on your remaining balance.

What Can A Chapter 11 Bankruptcy Attorney in Inglewood Offer You?

Each company has a different financial organization, therefore, its economic recovery must be managed in different ways. Chapter 11 is the most complex of all because it provides different options, depending on the business. In order for your business bankruptcy to be successful, you must plan for every detail. An attorney can help you prepare for a successful restructuring process.