Understanding the Elements Involved with Bankruptcy
Bankruptcy or insolvency occurs when an individual or business is unable to repay necessary debts owed to creditors. Generally imposed as a court order, bankruptcy is often the result of financial distress on the part of a debtor. Nobody wants to file for bankruptcy. It is a giant decision that requires the skilled council of an experienced attorney who specializes in bankruptcy litigation.
The experienced Los Angeles Bankruptcy Attorneys at the Law Offices of I Los Angeles Bankruptcy Attorneys will support you through the process of bankruptcy and will guide you back to the brink of financial stability. For a free consultation with one of our bilingual staff members, please call us today at (213) 699-3055.
The process for undergoing bankruptcy can be convoluted and stressful, added to the additional financial distress you may already be experiencing. Our attorneys will carefully analyze your financial situation, taking into account all aspects of your finances, including what is past due and what assets you possess. It will be necessary to understand your full income history, credit reports and any lawsuits you may have faced that could affect your ability to seek bankruptcy as a viable option for future financial stability.
Filing for Chapter 7 Bankruptcy
Following the process of filing a bankruptcy petition you will receive a legal hearing where a trustee will review all pertinent documents to determine whether you are eligible for filing Chapter 7 bankruptcy. A necessary “Means Test” will follow where all financial factors are considered to determine whether or not you are officially eligible to enter the Chapter 7 bankruptcy process. If approved, debt becomes entirely dissolved and your financial slate is wiped clean. – Read More About Chapter 7 Bankruptcy Here
Filing for Chapter 13 Bankruptcy
Based on your ability to pay up to 10 percent of your total debt, or your ineligibility to pass the “Means Test,” you will be directed to file for Chapter 13 bankruptcy. This variety of bankruptcy supports you in creating a comprehensive financial plan that will allow you to pay back a portion of your debt over a certain period of time. When you have paid back as much debt as possible, your remaining debt will be entirely dissolved and your financial slate will be wiped clean. – Read More About Chapter 13 Bankruptcy Here
The Home Savers of Southern California
The Los Angeles bankruptcy attorneys at the Law Offices of I Los Angeles Bankruptcy Attorneys have developed a solid reputation across Southern California for keeping our clients in their homes. We have extensive experience in avoiding home foreclosures and assisting our clients with the bankruptcy process. – Read More About Loan Modifications Here
Contact a Los Angeles Bankruptcy Attorney Today
We are proud of the rock-solid reputation we have earned among our former clients and colleagues and look forward to providing you with high quality legal assistance as you deal with the possibility of Chapter 11 or 13 bankruptcy or foreclosure on your home. Please contact our offices located in Sherman Oaks and Los Angeles today to speak with one of our bilingual staff members and to start the process of financial recovery. As a Southern California debt relief agency, we are standing by to assist you. Call us at (213) 699-3055 today for a free consultation.