An LA Bankruptcy Overview

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.

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