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If you are drowning in debt, behind on payments and facing foreclosure, bankruptcy may be an option to help regain control of your finances.
A local bankruptcy attorney can be your ally as you explore the legal options available to you. By filing bankruptcy, you may be able to defy your debt and put an end to threatening phone calls, lawsuits and other forms of harassment by creditors.
Take the first step today. Simply fill out the form below to connect with one of our sponsoring Los Angeles bankruptcy attorneys for a free bankruptcy case evaluation.
Bankruptcy laws provide two primary options for individuals saddled with debt: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Each bankruptcy chapter has unique advantages designed to help in given situations.
Chapter 7 bankruptcy is designed to eliminate credit card debt, medical bills, and other types of unsecured debt.
In order to file Chapter 7 bankruptcy, individuals must pass the Chapter 7 means test, which compares the filer's income to the state median income. Ask a Los Angeles bankruptcy attorney if Chapter 7 is available to you.
Chapter 7 bankruptcy is often chosen by those who have mostly unsecured debts, who own little property and have little regular income.
Chapter 7 is sometimes called liquidation, but in reality, most Chapter 7 cases involve no liquidation of assets. Each state provides certain exemptions that are protected from creditors by law.
In California, there are two separate sets of exemptions that provide different options. You must choose one or the other, and cannot combine aspects from each. A bankruptcy attorney can help you determine which set of exemptions will provide the most protection in your case.
In general, California bankruptcy exemptions allow filers to keep certain amounts of:
The other primary options for individuals seeking debt relief is Chapter 13 bankruptcy, also known as a debt reorganization. Chapter 13 bankruptcy is designed to help homeowners facing foreclosure catch up on debt and stay in their homes.
Chapter 13 bankruptcy involves creating a repayment plan that lasts between three and five years. Debts are prioritized by the bankruptcy court, and many debts are often only partially repaid.
Chapter 13 is often an option chosen by those looking to protect property, who have a steady income, or who do not pass the Chapter 7 means test.
Many filers who have temporarily fallen on hard times but feel committed to repaying their debts choose Chapter 13 bankruptcy.
You may be facing hard times, but you don't have to face them alone. You can connect with a local bankruptcy attorney and explore your options to secure your finances.
Filing bankruptcy gives you options that you may not have today. Don't spend another day worrying about the future—connect with a local bankruptcy attorney.
Simply fill out our free form below or call toll-free 877-349-1309 to connect with a Los Angeles bankruptcy lawyer today.
See our complete list of sponsoring Los Angeles bankruptcy lawyer locations.
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