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Bankruptcy Attorneys in Whittier, CA

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Bankruptcy laws in Whittier, California can be very complicated, that’s why we’ve created tons of articles that simplify and explain them to you.

Learn more about bankruptcy laws in Whittier, California below!

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What is the Fresh Start Program?

How are your finances? They’re probably a mess these days. Don’t worry, you’re not alone. All Americans have been affected by the economic crisis the world is going through. We know of people who have had to go into excessive debt in order to cope with their daily expenses. No one should have to do that, it’s unfair!

Fortunately, the law provides options for you to get rid of the debt you took on during these difficult times. We’re talking about bankruptcy. A process by which you get rid of your unsecured debts to enjoy a fresh financial start.

The word “Bankruptcy” fills many people’s hearts with fear, but don’t worry, that’s because of the public’s misconception of this process. The truth is that this is your chance to start over.

Below, you will learn how bankruptcy can help you!

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 Whittier CA

If you live in California, if you’re planning to file for bankruptcy, you have the benefit of having a choice on which assets you want to exempt – you will be given two lists containing sets of your assets that can be exempted (meaning, you can secure them throughout the bankruptcy process)

But, you cannot mix assets on different lists, so you must carefully choose 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 Whittier, Beverly Hills or Compton – You’ll have access to the best bankruptcy lawyers in the country!

What Are The Different Types of Bankruptcy in Norwalk, California?

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is a great choice for those who seek to clear their debts and fix their bankruptcy problems as quickly as possible.

In Chapter 7 Bankruptcy, your non-exempt assets (meaning, assets which you can lose because they’ll be sold and used as payment to your creditors) will be sold by your bankruptcy trustee, and the proceeds will go to your creditors.

This is often uncomfortable to many, but if you want to clear your debts fast and/or you have no choice, this can be the best option for you.

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. Also, assets you use for basic living won’t be liquidated as well – hence, your primary house and car, for example, are usually considered “exempt” assets as well.

If you don’t want to lose your assets, there are two available choices for you: Chapter 13 and Chapter 11 Bankruptcy. You will learn more about them below.

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is a great choice for those who seek to clear their debts and fix their bankruptcy problems as quickly as possible.

In Chapter 7 Bankruptcy, your non-exempt assets (meaning, assets which you can lose because they’ll be sold and used as payment to your creditors) will be sold by your bankruptcy trustee, and the proceeds will go to your creditors.

This is often uncomfortable to many, but if you want to clear your debts fast and/or you have no choice, this can be the best option for you.

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. Also, assets you use for basic living won’t be liquidated as well – hence, your primary house and car, for example, are usually considered “exempt” assets as well.

If you don’t want to lose your assets, there are two available choices for you: Chapter 13 and Chapter 11 Bankruptcy. You will learn more about them below.

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

Hiring the best Chapter 7 bankruptcy lawyer in Whittier is your first step in filing for your bankruptcy case.

Once you found and hired the best Whittier bankruptcy attorney, it’s time to file the necessary papers and forms and submit them to a bankruptcy court.

The court may then appoint a trustee to handle the sale of your non-exempt assets. Sometimes you and your lawyer will have to find one to do this.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy exists as an alternative for those who do not wish to sell their assets to pay their debts. You will be required to restructure your finances, and the court will create a payment plan with you to settle your debts with your creditors. You will not have to sell your assets during this process. But keep in mind that, if for some reason you do not comply with the payment plan, your assets will be sold to pay off your remaining debt.

This Chapter is ideal for individuals and small businesses. However, before you can apply for it, you must demonstrate to the court that you have the financial ability to meet the payment schedule.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy exists as an alternative for those who do not wish to sell their assets to pay their debts. You will be required to restructure your finances, and the court will create a payment plan with you to settle your debts with your creditors. You will not have to sell your assets during this process. But keep in mind that, if for some reason you do not comply with the payment plan, your assets will be sold to pay off your remaining debt.

This Chapter is ideal for individuals and small businesses. However, before you can apply for it, you must demonstrate to the court that you have the financial ability to meet the payment schedule.

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

If you wish to file for Chapter 13 bankruptcy, it would be wise to have an experienced Whittier attorney assist you with the process. He or she will do everything possible to preserve your assets. 

Also, you should keep in mind that the most complicated thing in this Chapter is undoubtedly qualifying for it. Don’t risk wasting your time on an unsuccessful statement, let a professional take care of the process.

Chapter 11 Bankruptcy

If you represent a large business, or if you are the owner or co-owner of one, and you wish to file for bankruptcy, Chapter 11 is tailored to your situation. It has certain differences from Chapter 13, but in essence, it works in a very similar way.

You will not have to sell your assets in this case either. In addition, you will still be able to manage your business during the bankruptcy process. And like Chapter 13, you will pay your debts through a reorganization plan developed by the court, your attorney, and yourself. If you do NOT make your payments on the agreed upon dates, then your assets will be liquidated to pay off your remaining debt.

Chapter 11 Bankruptcy

If you represent a large business, or if you are the owner or co-owner of one, and you wish to file for bankruptcy, Chapter 11 is tailored to your situation. It has certain differences from Chapter 13, but in essence, it works in a very similar way.

You will not have to sell your assets in this case either. In addition, you will still be able to manage your business during the bankruptcy process. And like Chapter 13, you will pay your debts through a reorganization plan developed by the court, your attorney, and yourself. If you do NOT make your payments on the agreed upon dates, then your assets will be liquidated to pay off your remaining debt.

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

Knowing every detail of the business bankruptcy law is important when developing a plan of action that fits the specific needs of your business. Therefore, one of the first things you should do before you begin your bankruptcy process is to get a Whittier bankruptcy attorney to help you every step of the way.

The best way to ensure that your company can recover from this difficult time is for your bankruptcy to go smoothly. Contact our lawyers now!