If you’re having trouble with your debt in Los Angeles, you have several choices available to you. Chapter Seven involves negotiations with creditors and is the standard bankruptcy law for most areas. Chapter Seven is voluntary, meaning that you decide to declare bankruptcy and do nothing else. The purpose of Chapter Seven is to give you time to reorganize yourself financially and pay your creditors according to their agreement. Chapter Seven will allow you to liquidate some or all of your personal belongings and pay them off using a lump sum payment or monthly installments. Chapter Seven won’t affect your credit rating and is usually the fastest route to financial recovery.
A bankruptcy lawyer who has experience working with businesses and individuals can help you navigate the bankruptcy process. He or she will help you work out a repayment plan with your creditors that satisfies your needs and ensures that you don’t fall into debt again. The bankruptcy lawyer can also represent you before the bankruptcy court. In that capacity, he or she will argue your case before the court and act as your advocate before the judge. If you have other debts, this person will also be useful in negotiating repayment terms with your other creditors.
Filing for Chapter Seven is not an easy process, but it can be quicker. It requires meeting with the court, providing documentation, and paying your creditors a certain amount of money to get started. The bankruptcy lawyer will use these documents to show that you are no longer able to pay your debts, that you are likely to default on any new agreements, and that a Chapter Seven bankruptcy is the best option for your circumstances. In addition to having the knowledge of bankruptcy law, the lawyer will help you find the right chapter for your circumstances and file it.
There are some cases in which a bankruptcy lawyer cannot get you through the process. If a creditor is pressuring you to file, you may not have much choice. In this case, the lawyer may be able to help persuade the creditor not to pursue you. He or she will also be able to make sure that all the other debtors are included in the bankruptcy filing so that creditors won’t be pressured.
The offices of Tenina Law have studied bankruptcy law for years and knows the judges and processes that can speed up the process and make it easier for you to get through the process. But the best thing is that he or she does not charge for the initial consultation. This is something you should look for if you cannot afford to hire a lawyer for the initial consultation; in fact, lawyers often give a free initial consultation for their services.
Another advantage of using the services of a bankruptcy lawyer is that he or she will have experience dealing with the financial institutions and lenders that are involved in your bankruptcy. It may seem that the process will be easy to handle when you have just one lender to deal with, but the truth is that each lender is different and can have very different requirements. If you use the services of a lawyer with extensive experience in these areas, you can rest assured that you will get the best deal possible on your bankruptcy. A good bankruptcy lawyer will have a good grasp of the tax laws as well since many people file bankruptcy based on debts that accrued while they were still employed. A knowledgeable lawyer will be able to explain the implications for tax liabilities and accountabilities. So regardless of what is happening in your particular situation, it is important to consult a qualified bankruptcy lawyer right away.
This article was written by Alla Tenina. Alla is the best bankruptcy attorney in Los Angeles California, and the founder of Tenina law. She has experience in bankruptcies, real estate planning, and complex tax matters. The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.