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Bankruptcy Attorneys in Los Angeles, CA

Legal Facts is a website dedicated to providing you with all the information you need about all kinds of legal issues. In addition, all of our content is written in a simple, easy-to-read manner so that you understand the basics in a matter of minutes.

We have information about bankruptcy, workers’ compensation, divorce, personal injury, foreclosure, and more. Everything related to the law can be found in Legal Facts.

If you decide that you need legal representation, you may contact excellent attorneys near you through our platform. We only work with passionate legal professionals who are willing to guide you every step of the way for a price that won’t break the bank.

Bankruptcy law in Los Angeles is complex, there is no question about it. Here you will find the essentials of it.

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What is the Fresh Start lending Program?

There is only one word that can describe 2020: chaos. No one was prepared for what lay ahead this year, and as a result, the finances of hundreds of people, and even large companies, have been seriously affected. Businesses have closed, many people have been put out of work, a real tragedy unprecedented in the modern world. 

Perhaps the crisis has forced you to take on excessive debt in order to keep food on the table. You may think that from now on the debts will sink you deeper and deeper, and that you have no escape. However, we are here to tell you that there is a legal alternative: bankruptcy.

There are many myths surrounding this process, but the truth is that it will take care of paying off your unsecured debts so that you can enjoy a fresh financial start. In these difficult times, it is time to put aside your prejudices, and take advantage of the options that the law has for you. Bankruptcy may be your saving grace.

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 Los Angeles

Living in California gives you certain benefits when filing for bankruptcy. The most relevant one has to do with the assets that you will be able to exempt from the process. You will be given two lists of assets; from which you can only choose one to exempt from the process. California is one of the few states that allow you to do this.

Please note that you may NOT combine assets from both lists. You will only be able to choose one of the two, so think carefully before making a decision.

Bankruptcy provides different benefits, depending on the Chapter you file. You have essentially three options. Chapter 7 will allow you to get rid of your debts quickly, Chapter 11 is ideal for large businesses, and Chapter 13 is perfect for people with stable income in the form of wages or small business owners. You can read more about these options below.

What Are The Different Types of Bankruptcy in Los Angeles?

Chapter 7 Bankruptcy

If your priority is to get rid of your debts quickly, then Chapter 7 may be just what you need. This will solve most of your debt problems. The process is relatively simple; your non-exempt assets will be sold to settle your debts with your creditors. Eventually, your unsecured debts will be liquidated.

Many find this option unacceptable because they are uncomfortable selling their assets. However, if you want to get out of debt quickly, and you aren’t concerned about this detail, then this Chapter is perfect for you.

The most complicated part of this option is qualifying, you will have to submit a means test to determine if you are eligible, it all depends on your financial situation. If the court determines, after the evaluation, that you qualify, you will be ready to proceed.

 If you prefer to evaluate other options, you have Chapter 13 and Chapter 11.

Chapter 7 Bankruptcy

If your priority is to get rid of your debts quickly, then Chapter 7 may be just what you need. This will solve most of your debt problems. The process is relatively simple; your non-exempt assets will be sold to settle your debts with your creditors. Eventually, your unsecured debts will be liquidated.

Many find this option unacceptable because they are uncomfortable selling their assets. However, if you want to get out of debt quickly, and you aren’t concerned about this detail, then this Chapter is perfect for you.

The most complicated part of this option is qualifying, you will have to submit a means test to determine if you are eligible, it all depends on your financial situation. If the court determines, after the evaluation, that you qualify, you will be ready to proceed.

 If you prefer to evaluate other options, you have Chapter 13 and Chapter 11.

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

If you want the process of filing for bankruptcy to be simple and stress-free, you should work with a bankruptcy attorney in Los Angeles, California.

Los Angeles is home to some of the best bankruptcy attorneys in California, and they are ready to help you make your bankruptcy case a complete success.

They will help you prepare the necessary paperwork to send to the court. In addition, they will tell you exactly what you must do to qualify for this Chapter. And if necessary, they will help you find a bankruptcy trustee.

The two of you will work together to get your non-exempt assets sold, and your debts discharged. That means you will NOT have to pay them, and creditors will have to stop collecting.

Sounds good, right? Once the process is complete you will be free of your unsecured debts, and will have the opportunity to rebuild your finances. Don’t hesitate to contact our Los Angeles bankruptcy lawyers.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is popularly known as “wage earners’ bankruptcy”. Why? Simple, the process is designed to give individuals and small business owners an option to get out of debt without having to sell their assets.

However, in order to take advantage of the benefits of this type of bankruptcy, you must qualify for it. You can only qualify if you have some financial stability. Otherwise, other options may be more suitable for you.

The way you will pay your debts in this type of bankruptcy is through a payment plan that you will develop with the court. In addition, your finances need to be restructured so that you can make payments while living relatively normally.

Be sure to make your payments religiously, otherwise your assets will be in danger of being sold to pay off the remaining debt.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is popularly known as “wage earners’ bankruptcy”. Why? Simple, the process is designed to give individuals and small business owners an option to get out of debt without having to sell their assets.

However, in order to take advantage of the benefits of this type of bankruptcy, you must qualify for it. You can only qualify if you have some financial stability. Otherwise, other options may be more suitable for you.

The way you will pay your debts in this type of bankruptcy is through a payment plan that you will develop with the court. In addition, your finances need to be restructured so that you can make payments while living relatively normally.

Be sure to make your payments religiously, otherwise your assets will be in danger of being sold to pay off the remaining debt.

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

A Chapter 13 Bankruptcy attorney will help you in sorting out your finances, and to create a “repayment plan” which you will use to pay your debts to your creditors.

Chapter 13 Bankruptcy works best if you’re filing for bankruptcy as an individual or as a small business. Keep in mind that under this Chapter, your assets will not be liquidated (at least, not immediately as the once being done in Chapter 7).

You should consult with an attorney before deciding which bankruptcy chapter to file for, so that you can choose the one that is best suited to your financial situation.

Proceeding with a Chapter 13 bankruptcy without an attorney isn’t advisable. Most people who decide to do something like this end up wasting their time and further increasing their financial problems. Don’t take any chances, let a professional handle the process.

Our Los Angeles, California attorneys have years of experience reorganizing finances, and are trained to help you every step of the way.

Chapter 11 Bankruptcy

If you are the owner, representative, or board member of a large business, Chapter 11 bankruptcy is the one that best suits your needs.

This is the most complex chapter of all, because it involves business finances. Companies may have different organizational structures and financial problems, all of which must be taken into account when applying for this chapter.

The way you will pay your debts is similar to Chapter 13 because it is a financial restructuring plan, tailored to the financial needs of the business. In addition, you will be able to remain in charge of the company during the process.

Once you have paid off your debts, you can rebuild your company’s finances from the ground up. This is your chance for an economic renaissance.

Chapter 11 Bankruptcy

If you are the owner, representative, or board member of a large business, Chapter 11 bankruptcy is the one that best suits your needs.

This is the most complex chapter of all, because it involves business finances. Companies may have different organizational structures and financial problems, all of which must be taken into account when applying for this chapter.

The way you will pay your debts is similar to Chapter 13 because it is a financial restructuring plan, tailored to the financial needs of the business. In addition, you will be able to remain in charge of the company during the process.

Once you have paid off your debts, you can rebuild your company’s finances from the ground up. This is your chance for an economic renaissance.

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

In order to guarantee that your business bankruptcy process is successful, the first thing you should do is consult with an experienced bankruptcy attorney. He/She will help you develop a plan of action for the bankruptcy process. This plan should be tailored to the specific needs of your business. Every detail is important; one misstep could mean significant losses.

In addition, federal bankruptcy law requires that your business be represented by an attorney. If your business is in Los Angeles, you are in luck. There are many experienced business bankruptcy attorneys in the city who can help your business get a fresh financial start.