Long Beach, California
Being in debt can be a stressful experience and those who have high levels of debt may be facing collection calls, threats of legal action, or even imminent repossession and foreclosure. If you are a Long Beach resident and you find yourself burdened with debt that you cannot repay, a Long Beach bankruptcy attorney can offer you a solution to your problem.
Declaring Bankruptcy in Long Beach
The federal bankruptcy code provides for a number of different types of bankruptcy protection, and each different type of bankruptcy is organized under a different chapter. The majority of consumers declaring bankruptcy choose chapter 7, chapter 11 or chapter 13.
Each of these different chapters of bankruptcy works differently and it is important to choose the one best suited to your situation. Those with minimal assets and low incomes, for example, may benefit from chapter 7 because they can have all eligible debts forgiven after a sale of non-exempt assets. Those whose incomes are too high for chapter 7, on the other hand, may wish to file for chapter 13 protection while those who have very high levels of debt will need to consider chapter 11. Typically, it is best to make the decision regarding which chapter to file with the help of an experienced Long Beach bankruptcy attorney who will help you to weigh all relevant factors in making an informed choice.
Should You Declare Long Beach Bankruptcy?
Bankruptcy is not the best choice in every situation, but in many situations, it ultimately ends up being the only choice. Some people delay bankruptcy, fighting an uphill battle to try to eliminate debts that they truly are not able to pay. Liquidating retirement accounts, taking home equity loans or otherwise taking desperate steps to try to repay your debt is usually the wrong thing to do as bankruptcy can often help you to keep these important assets.
What drives many people to take these wrong steps is fear that bankruptcy will have significant repercussions on their lives. In reality, in most cases, the only significant effect a bankruptcy will have is improving your life by eliminating debt stress.
Of course it is true that in some cases, bankruptcy has a short term negative impact on your credit, but this is not true in all situations and sometimes bankruptcy can actually help. Even when your credit score does decline because of bankruptcy, you should be able to begin rebuilding it right away with secured credit cards and within a period as short as two years, you will likely even be able to buy a home again if you choose to do so.
To better understand the actual impact of bankruptcy and how it will affect your finances, speak with a Long Beach bankruptcy attorney for advice.
Choosing a Long Beach Bankruptcy Attorney
When you are ready to be proactive about dealing with your debt, you will want to choose a Long Beach bankruptcy attorney who has experience with the chapters of bankruptcy you are considering and who has an extensive past history of handling bankruptcy claims successfully.
Our experienced Long Beach bankruptcy lawyers have handled countless bankruptcy cases, helping people to move on with their lives and improve their long-term financial picture. Our attorneys can also assist those looking for a Los Angeles Bankruptcy attorney, or a bankruptcy lawyer in Beverly Hills, Culver City, Venice, West Hollywood and the Hollywood areas.