Bankruptcy is a great method to get relief from overbearing debt. Whether its credit card, taxes, mortgages, vehicle loans, or personal loans, bankruptcy will help you make your debt manageable and give you the freedom from debt collectors and the stress on losing your home or having your wages garnished. Bankruptcy isn’t always the right solution for everyone, but in many cases it’s the only solution. Talk to a Los Angeles Bankruptcy Lawyer today to see if bankruptcy is right for you. Our Los Angeles Bankruptcy Attorneys can help you with the following situations:
- Stop Bill Collectors
- Stop Pay Day Loans
- Stop Lawsuits
- Stop Repos
- Stop Foreclosures
- Stop Tax Garnishment
- Avoid Bad Credit
- Get help with Student Loan Debt
- Get help with Judgments
- Get Help with Back Taxes
How do the new Bankruptcy Laws Affect you?
New Bankruptcy Laws went into effect on October 17, 2005 which made bankruptcy less attractive to many. The old bankruptcy laws allowed many to get some of their debt discharged completely and in many cases giving debtors the ability to walk away from all their debt. The new laws have changed, in particular that they require in most cases payment plans of the debt without complete discharge.
However, bankruptcy is still a very attractive method to get relief from debt and collection agencies. The new laws do make eligibility requirements stricter and the amounts of debt that is discharged less, however there is still plenty of relief that is only available by filing bankruptcy under Chapter 7, Chapter 13 and Chapter 11. Protection from creditors and the discharge of certain debts are still available and only so through Bankruptcy.
If you still have questions about whether bankruptcy under the new laws is right for you, call today and consult with one of our Los Angeles Bankruptcy Lawyers.
Different Types of Bankruptcy available:
Chapter 7 Bankruptcy is one of the most common forms of bankruptcy that is sought by individuals and small companies not incorporated or given special business formations. Chapter 7 is a liquidation bankruptcy, where the debtor who files for Chapter 7 offers his assets for liquidation in an effort to satisfy any debts with the creditors. Certain debts are fond dischargeable and many find this bankruptcy to be very helpful. A Los Angeles Bankruptcy Lawyer would provide you with more information about Chapter 7 Bankruptcy, and whether it would be your best option.
Chapter 13 Bankruptcy is a debt repayment plan monitored by the United States Bankruptcy Courts. It allows individuals and small companies relief from creditors by allowing the debtor to get protection for their assets and form an agreement to pay the creditors under this agreement that helps the debtor due to their economic circumstances. Chapter 13 Bankruptcy is an ideal mechanism for individuals and small companies that need relief from debt to protect their assets and work out a payment plan with their creditors. To determine whether Chapter 13 Bankruptcy is right for you, talk to our Los Angeles Bankruptcy Attorney.
Chapter 11 Bankruptcy is known as the “reorganization” bankruptcy. Chapter 11 bankruptcy is mainly used by companies (small or large) including corporations and partnerships. It is used by smaller companies and individuals when they do not met the requirements of Chapter 7 Bankruptcy and Chapter 11. The main factors in Chapter 7 Bankruptcy is that the debtor may remain in possession of the property and assets, the debtor remains as the trustee of the assets while bankruptcy lawyer creates a reorganization plan that is left to be approved by the bankruptcy courts. If you feel that filing Chapter 11 Bankruptcy is in your best interest, or would like to know more about Chapter 11 Bankruptcy, talk to one of our Los Angeles Bankruptcy Lawyers.
If you are in Los Angeles and Southern California area and would like to know more about Bankruptcy, contact the Los Angeles Bankruptcy Attorneys of LACountyLawyer.com. Our Los Angeles Bankruptcy Lawyers will schedule a free consultation with you to determine whether bankruptcy is right for you.