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The Significant Benefits of Bankruptcy

You may have finally decided it is time to dig yourself out from an overwhelming pile of debt and start over. You realize bankruptcy is the best option for you to accomplish this, but for years may have heard that bankruptcy can leave a permanent negative mark on your life and wonder if it is more trouble than it is worth. But, bankruptcy is designed to give people a fresh financial start in life, not ruin their lives. After bankruptcy has been declared, there is much about your life that may change—for the better.

The first thing you will notice is that the phone calls will stop. Creditors are quick to jump on your via telephone, snail mail and email the second you have missed a payment. No matter what you to say to them, they will not stop. But, a bankruptcy declaration done with the help of an experienced Los Angeles bankruptcy attorney will force them to stop. You can start breathing easier when the phone rings and when you go to the mailbox.

However, you still have work to do. The harassment might stop and you won’t need to worry about how to pay your bills anymore, but now you are left with the task of rebuilding your credit. It may seem like a daunting task, but it can be done and is not as hard as you might think. Your Los Angeles bankruptcy lawyer may even offer you advice on establishing credit again when he guides you through the bankruptcy process.  The easiest way to do this is to accept a credit card offer, even if it is subpar. Make one small purchase on this card a month and make sure to pay your bill in full and you will see your credit begin to slowly rise. The better your credit score, the less chance future creditors like a mortgage lender will allow a bankruptcy on your record to affect your chances of getting a home loan.

And remember, you have been given a fresh start with the help of a bankruptcy attorney in Los Angeles, so change your habits with this new start. If your life was in financial chaos before, organize things. Set up a budget for yourself and stick to it. Pay all bills on time and do not let them pile up as you had in the past. Bankruptcy is meant to be a positive experience in the long run, so if you are overwhelmed with mounting bills, call a bankruptcy lawyer in Los Angeles today to change your financial life.

 

The Filing Process for Bankruptcy

Filing for bankruptcy is not as easy a task as one might think and there are various stages involved that can become as overwhelming as the debt you are under. You have made this decision so you no longer have to be overwhelmed and eventually may realize this is not something you can do on your own and choose to use a Los Angeles bankruptcy attorney to help you. This lawyer will work for you and walk you through the various bankruptcy stages so this stressful time can be a little less stressful.

The first stage of bankruptcy is the filing stage. This is when you, with the help of your Los Angeles bankruptcy lawyer, will gather all documents needs. This will include your own income information in the form of pay stubs, necessary bills, tax records and any secured and unsecured debts you owe. You will also file your petition during this stage. The legalese may be difficult to understand, but an experienced lawyer will be able to help you through it.

After the filing stage, you will then be required to attend what is called a 341 meeting if you are indeed eligible to declare bankruptcy. This is also known as a meeting of creditors and will be overseen by a trustee appointed by the court to administer the day to day workings of your case. The trustee is the person who decides what you need to liquidate and also how the portions of your debt that need to be paid back through this liquidation will be paid back. The basics of this will be decided in this meeting, which you will attend with your bankruptcy lawyer in Los Angeles.

The final stage of the bankruptcy process is the discharge stage. Depending on the type of bankruptcy you file, this will occur at different times. If you file Chapter 7 bankruptcy, the discharge can take place within a matter of months, as you have already liquidated certain possessions and had the trustee pay back a portion of your debt. If you file Chapter 13 bankruptcy, your discharge will take place once the payment plan arranged has been satisfied, usually within 3-5 years.

Do not let the various stages of bankruptcy you need to go through discourage you from the process. A good bankruptcy attorney in Los Angeles will be able to guide you through it all and make your fresh financial start easier than you imagined.

Bankruptcy: Digging Out From Medical Debt

Sometimes credit cards and possibly foolish purchases are not what has gotten you in over your head with debt. There are situations that are often out of your control and you then find yourself overwhelmed in bills you are unable to pay. Perhaps you lost your job and had to pick and choose what your unemployment check would pay for and you chose food, a roof over your head and gas in your car so you could find work. Or, maybe you or a family member got sick and you find yourself buried in medical bills. At this point, it may be time to call a Los Angeles bankruptcy attorney.

Being overwhelmed by medical bills they just cannot pay is one of the most common reasons that people declare bankruptcy in the United States. A variety of circumstances can lead you to need a Los Angeles bankruptcy lawyer for mountains of doctor and hospital bills that seem never ending. If you lost your job, odds are you lost your health insurance. Or maybe you thought you had good health insurance, but the insurance then refused to cover an accident or ailment, or only paid a percentage of the bills. You are then left with doctor and hospital bills that end up with collection agencies and damage your credit. You or your family member could not help getting sick, and because of that you have ended up in debt you never expected, despite being conscientious about your finances your entire life.

There is not a separate chapter classification for medical bankruptcy and you will still file as if you would if your problem was credit card debt. Your bankruptcy attorney in Los Angeles will explain that your options still would be Chapter 7 bankruptcy or Chapter 13 bankruptcy. With Chapter 7, your debts will be completely discharged and the slate will be wiped clean. With Chapter 13 bankruptcy, you will work out an arrangement to pay back what you can reasonably afford of your medical debt within 3-5 years.

No shame should be felt when having to file for bankruptcy for any reason. You are doing it to give yourself a fresh start and also improve your emotional well-being. Bill collectors calling you and sending letter constantly can be stressful for anyone. If they are medical bill collectors, that can be more stressful and also make you angry because you know the bills are only there because health and life were a concern. If medical bills are wreaking havoc on your life, call a bankruptcy lawyer in Los Angeles today to talk about starting over.

Choosing the Right Bankruptcy Lawyer For You

Once you have made the decision to file for bankruptcy, you may find yourself as overwhelmed with laws and technicalities as you are with credit card debt. One of the points of bankruptcy is to make your life less stressful by giving you a fresh financial start. Filing for bankruptcy should not add to your stress; it should only alleviate it. That is why choosing the right bankruptcy attorney in Los Angeles that can work with you own individual needs are of the utmost importance.

The first thing you need to do is find a Los Angeles bankruptcy lawyer, but do not just choose one out of the Yellow Pages and go with it. Ask around. Bankruptcy is more common than you realize and you may have a friend of acquaintance who has been through the same thing. You can also check with the California bar association for Los Angeles bankruptcy lawyers and their credentials. Once you have made a short list, call these lawyers and briefly explain your situation. A good attorney will offer you a free consultation to learn more and help guide you. If you feel a rapport with one or more of the lawyers you talk to, set up an appointment to meet with them.

Remember to look for experience first and foremost. You want an attorney who knows the ins and outs of bankruptcy law, and that includes the new federal laws that were put in place with 2005 legislation. A bankruptcy expert will be able to get the job done right and alleviate much of the stress that goes along with filing and closing your case. Look for up front honesty as well. An attorney who promises the moon may not be what you are looking for. An attorney who will explain that this is not always an easy process and is realistic with you is.

Of course, the fee a bankruptcy lawyer in Los Angeles will charge needs to also be considered. You are doing this because you are in financial trouble. A lawyer who understands this will not charge you outrageous prices, but instead try to charge something reasonable and affordable.  An attorney who is not in practice by himself is also something you should look for. A practice with several lawyers will help ensure that when you need advice or paperwork done, someone will be on hand to meet your needs. Most of all, you want a lawyer you can feel confident with so that the fresh start you are aiming for is as smooth and stress-free as possible.

Why Bankruptcy May Be The Right Choice

Bankruptcy is not the fearsome thing people many people believe it is. It will not ruin your life forever, either financially or personally. In fact, in many cases it improves your life enormously. It allows you to make a fresh start and get back on track without constraints of heavy debt that could take the rest of your life to pay off. If you are buried under a mountain of bills, let a Los Angeles bankruptcy attorney help dig you out.

When behind on credit card payments by only a few days, your phone may begin ringing off the hook. You may get harassed by bill collectors who give you worst case scenarios unless you make a payment right then and there. Often, you don’t have the money to make a payment with, which is why you are late to begin with. Your balances will begin to increase with every late fee that can then bring you over the limit, which in turn increases your balances with over the limit fees. It is a vicious cycle and a catch-22 at the same time. You do not have the money to pay credit card debt, and therefore you end up in more credit card debt without even making any purchases.

A Los Angeles bankruptcy lawyer can help you out of this mess by advising you on what type of bankruptcy will work for you best, and then use their professional knowledge to file bankruptcy for you, without you having to worry about making mistakes if you were to file on your own. If you file Chapter 7 bankruptcy, your debts will be wiped clean and you can re-start your financial life with a clean slate. The bankruptcy will be a smudge on your credit for 10 years, but that will not stop your credit score from rising. The debt that kept your score low will be wiped away, so with no more late payments or defaults, you can begin rebuilding credit by opening up secured high interest credit cards. As long as you do not build up a high balance and can make the monthly payment in full, interest rates do not even need to be a concern.

Most of all, when you make the decision to start over with the help of a bankruptcy attorney in Los Angeles, you can breathe a sigh of relief. The phone calls and threatening letters will stop and you no longer need to worry how to pay your debt back. If you are ready to start living life again free of debt stress, call a bankruptcy lawyer in Los Angeles today.

Bankruptcy: Myth Vs. Reality

Many people who can be helped by bankruptcy fear filing for it because of all the horror stories they may have heard from others through the years. You wonder how this will affect the rest of your life in terms of major purchases and credit lines. Will your financial life be ruined? Or, will it be the promise of a new beginning and a chance to get things right?

A Los Angeles bankruptcy attorney can educate you on the types of bankruptcies that exist, as well as dispel many of the myths you may have heard that have discouraged you from filing bankruptcy for years. Contrary to popular belief, bankruptcy will not be a stigma on your financial record forever and you can obtain credit again, and a lot quicker than you may have imagined. Credit card offers may actually begin pouring in before your case has even closed. They may not be the best offers in the world and will most likely come with high interest rates and could also require a security deposit. But, if you choose to open one and stay current with all payments, you can begin to rebuild your credit fairly quickly and see a substantial raise in your credit score within a year.

You will also one day be able to get a mortgage if you rebuild your credit and also file bankruptcy without any hassle by using a Los Angeles bankruptcy lawyer. Your attorney will advise you on how to start a new financial life, but sometimes that can take patience. A bankruptcy will stay on your credit report for 10 years, but as long as your credit score rises, your chances for large purchases like a home or vehicle will rise with it.

You also do not have to surrender all your property when declaring bankruptcy. For personal bankruptcy, major possessions like a home and a car are exempt from liquidations, according to federal law. Your bankruptcy attorney in Los Angeles will explain to you what items you may need to liquidate if you choose to file Chapter 7 bankruptcy. If you go the Chapter 13 route, you will eventually pay back your debts and not be forced to liquidate anything. In that case, there is really nothing to lose.

Bankruptcy is not as fearsome as you may have previously thought. It has saved countless people from financial ruin, rather than creating it. If you feel ready to take that step and start over, contact a bankruptcy lawyer in Los Angeles today.

 

Chapter 7 and Chapter 13 Bankruptcy in Los Angeles

The decision to file bankruptcy can be a daunting one. It may be something you have avoided for years, feeling bankruptcy would destroy your credit past the point of repair. Perhaps the different types of bankruptcies available have left you feeling utterly confused and not sure of what to do. That is when a Los Angeles bankruptcy attorney comes into play. He or she will use their knowledge and experience to guide you through this often-complicated process and make sure you understand what bankruptcy option is best for you.

The most common bankruptcy types filed in the United States are Chapter 7 and Chapter 13 bankruptcies. A good Los Angeles bankruptcy lawyer will go over your personal financial data and situation and will explain to you what these two options entail and also which one he thinks will suit your needs. Chapter 7 bankruptcy is extremely basic and is also known in legal circles as “straight bankruptcy.” In general, all non-exempt property is liquidated by a trustee and the trustee then disperses the proceeds from this liquidation to creditors. Some of the money the debtor owes will be discharged in exchange for a portion of the debt being paid off through the liquidation. While exemption laws differ from state to state, federal law prohibits what are considered necessity items like homes and vehicles from being liquidated. This means you can get the fresh start that bankruptcy is designed for, but at the same time be able to keep what may be the two most important pieces of property in your life.

After discussions with a bankruptcy attorney in Los Angeles, he or she may feel that Chapter 13 bankruptcy is the right choice for you. Also known as wage earner bankruptcy, when you decide to go this route you will be put on a payment plan to pay off your debts. It is designed for people who have a regular income, but who may have gotten themselves in over their head with creditors and just can’t make the monthly payments asked for. There is no liquidation of assets involved in Chapter 13 bankruptcy, so you get to keep all the property that is yours. Debts are arranged to be paid off in about 3-5 years and although this will go on your credit report, many people who file Chapter 13 bankruptcy find their credit score will begin to improve after one year.

If you finally feel it is time to get yourself out from under overwhelming debt, call a bankruptcy lawyer in Los Angeles today to make a fresh start.

Bankruptcy Vs. Debt Consolidation

When you get overwhelmed in debt and feel there is no way out, it is usually time to look into a legal solution that can help you keep your assets and also stop the credit collectors from calling you. Many people believe paying off their debts through debt consolidation is the option that will eventually leave you in the best financial shape, but this is not always the case. Sometimes filing for bankruptcy is much more beneficial in both the long and short term and a Los Angeles bankruptcy attorney can guide you in the direction that suits your needs best.

With debt consolidation, you will still be paying out money each month you may not be able to afford. A debt consolidation agency will work out a settlement with you creditors that can often lower the principle on the debt, eliminate late fees and also lower interest rates. You will usually send your payment directly to your debt consolidator each month and the company will pay your creditors for you. The phone calls may stop, but the headaches may not. A bankruptcy lawyer in Los Angeles can let you know that a debt consolidation can do just as much damage to your credit as bankruptcy will. However, with bankruptcy you can start fresh without paying out money each month and debt consolidation will cost you money, while still lowering your credit score.

One very important thing that most people considering debt consolidation do not know is that they may owe more in taxes going this route. If your agency settles your debts for less than half of what is actually owed, the difference will be considered income and you will need to pay taxes on that income. A bankruptcy attorney in Los Angeles will help you make a tax-free decision if you choose the clean slate that bankruptcy can offer you.

Debt consolidation may seem like the option with fewer stigmas and you may feel you are doing the right thing by paying at least some of what you owe each month, but it can be more of a hassle, as well as take more of a toll on your pocketbook than bankruptcy. Of course, every individual situation is different and debt consolidation can suit your needs well. But, if you are waffling on which way to go, calls a Los Angeles bankruptcy lawyer today to learn which option may be best for you.

An LA Bankruptcy Overview

Bankruptcy is designed to give you a new lease on your financial life. Few people like filing for bankruptcy because of the stigma it leaves on them and their credit. They may avoid it for years, finding themselves in deeper and deeper debt without the income to pay down that debt. Finally, they realize it is time to file personal bankruptcy, but should they go it on their own or contact a Los Angeles bankruptcy attorney.

Of course, people are free to file bankruptcy on their own, but each bankruptcy case is different and sometimes negotiations of terms need to be worked out. Also, there are a host of forms that need to be filled out, as well as lists of assets and expenses that have to be made. You want to make sure you protect your property when filing for bankruptcy so you still have a home and vehicle, as well as other possessions, once the court has made its decision in your case. A Los Angeles bankruptcy lawyer can help you make sure all this paperwork is filed correctly, bettering your chances for a favorable bankruptcy outcome.

There are also different types of bankruptcy one can file and a bankruptcy attorney in Los Angeles can advise you on what type of bankruptcy is best for your own situation. The two most common bankruptcies filed in the United States are Chapter 7 and Chapter 13. These are both designed for individuals and are the simplest types of bankruptcies to file. Simple does not mean a bankruptcy lawyer in Los Angleses is not necessary, as this is a legal matter after all and professional advice usually earns someone the best outcome where the law and courts are involved. Chapter 12, Chapter 9 and Chapter 13 bankruptcies are much less common, while Chapter 11 bankruptcy is reserved for large corporations and usually involves reorganizing debts to eventually pay them off.

A bankruptcy attorney can also help alleviate your mind about the myths and stigmas that are often associated with bankruptcy. Perhaps he or she can make you feel less guilty for getting yourself in this financial situation and take the heavy feeling off your mind and heart. Bankruptcy is a federal program that is designed to help people and not harm people. If debt is keeping you up at night and creditors are contacting you throughout the day, now may be the time to take that step and start over by calling a Los Angeles bankruptcy attorney today.