Do You Need a Chapter 7 Bankruptcy Attorney?
It’s time to consider bankruptcy in Los Angeles CA, if your life has been taken over by looming foreclosure, constant badgering phone calls from creditors, lawsuits or garnishments of your wages or property. Or maybe your debt has you trapped due to the amount of each payment and the extent of the debt. There are many kinds of debt that can get you into these situations, including medical bills, credit card balances, falling behind on your mortgage, loans and back taxes owed to the government and even car repossessions.
Chapter 7 Bankruptcy Lawyers Near Me in Los Angeles CA
Experienced, professional bankruptcy attorneys understand the difficulties and worries you face. We know your best options. We are here to help and will work with you to alleviate your financial uncertainty. Even before your bankruptcy petition is filed, an attorney can help shield you from creditor harassment. In a non-judgmental and supportive way, we can help you understand your options, the process of filing for bankruptcy, and help lift the burden of financial uncertainty.
Free Bankruptcy Consultation – Call Now (855) 997-4655
Los Angeles Bankruptcy Attorney, The Bankruptcy Experts, are dedicated BK Lawyers with over 10 years experience in dealing with the complex issues concerning bankruptcy. We have the skills and expertise to handle any type of bankruptcy problems you might be experiencing. We proudly offer our services to businesses and individuals throughout Los Angeles and the surrounding areas.
You may feel hopeless, and at the mercy of a faltering economy, but don’t despair. Relief is available, and there is no shame in using the law to protect yourself when you are buried under a pile of debt. You aren’t responsible for the economy, and you didn’t create the mortgage crisis. So use the law to protect yourself and your family.
A Second Chance
Bankruptcy laws are in place to help Americans get a second chance when they are snowed under by economic pressures. You have rights, including the right to be free from harassment by creditors. If your creditors are hounding you, you can make them pay. And if your debt has become more than you can manage, you may be able to file for bankruptcy.
The Chapter 7 Bankruptcy Laws are the most typical alternative for people who want to state them bankrupt. In fact, when individuals talk about this topic, it is the bankruptcy as explained under chapter 7 of the code of the United States of America. Filing for bankruptcy as per Chapter 7 of Bankruptcy Laws is a systematic treatment. Specifically, after the introduction of the new laws in October 2005, now, it has actually become mandatory for you to pas a Means test and go through a credit therapy process from a government authorized credit-counseling company.
Finding an excellent and knowledgeable bankruptcy attorney especially if you live in Los Angeles or in a nearby city.
Initially, you need to pass a Means test, where all your earnings and necessary expenses are examined. The means test involves deducting the everyday necessary expenditure (the costs that you can not live without) from the total income on a regular monthly basis. It is only if the output is less than the typical income of the state, you can apply for bankruptcy under the Chapter 7 of US Bankruptcy Laws. However, in case, the output is more than the median earnings of the state, the bankruptcy court will ask you to file under chapter 13 of the code.
Before you go ahead and file under Chapter 7 Bankruptcy Laws, it is necessary for you to go through a credit counseling procedure. The function of introducing this step is to evaluate the real monetary scenario of the debtor.
The credit therapy firm will look into the financial details of the debtor and will try to assist the debtor manage their finances and get it back on track, together with paying the financial obligations that the debtor owe to different financial institutions. If there is any possibility to obtain the financial resources of the debtor managed, the debtor will not have the ability to declare bankruptcy under Chapter 7. In such case, the court will ask the debtor to file under chapter 13 bankruptcy.
When To File Bankruptcy Under The Chapter 7 Bankruptcy Laws
The debtor must declare bankruptcy under chapter 7 in the location where she or he is permanent citizen. If the debtor is running a service in a specific area, she or he need to apply for bankruptcy in its primary workplace or primary assets. Overall, the main purpose of the chapter 7 bankruptcy laws is to assist the debtor to get relief from all the debts that he or she presently owes. In this process, the bankruptcy court selects a trustee, who further proceeds with the treatment of liquidating all the assets and homes of the debtor.
The money therefore gathered is then used to settle the claims of the different lenders on concern basis, if any. The of chapter 7 bankruptcy laws use a chance for the debtors to obtain a fresh start for their monetary life, as the bankruptcy code concerning the very same, liquidates all the possessions and properties of the debtors after permitting the exemptions, in order to settle the claims of the lenders in a nearby region.
By doing this, the court brings the preferred debt relief for the debtor.
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