Filing for bankruptcy is never an ideal situation and it is never anything someone wants to do. However, in many cases, filing for bankruptcy protection is far superior to the alternative. If you are being hounded by debt collectors, in danger of repossession on your vehicle or foreclosure on your home, or struggling each month to try to make your minimum payments, it is time to take control and speak with a Torrance bankruptcy attorney to learn whether bankruptcy is right for you.
Declaring Torrance Bankruptcy
A Torrance bankruptcy attorney will assist you by conducting a thorough review of your financial situation in order to determine if bankruptcy is the best option or whether you should consider other alternatives such as debt settlement or debt negotiation. In some cases, bankruptcy truly is the right choice, especially if it lets you keep your home or car or avoid liquidating retirement savings you need for the future. Your Torrance bankruptcy attorney will help you to determine if you are in one of those situations.
Once you and your Torrance bankruptcy lawyer have made the determination that bankruptcy is right for you, you will decide together which chapter of bankruptcy is best. The bankruptcy code provides several different options designed for people in different financial situations and there are some significant differences between these options. For instance, chapter 7 involves liquidation of assets but also discharge of almost all eligible debt. Chapter 13, on the other hand, lets you keep your assets but requires you to make debt payments over time. A Torrance bankruptcy attorney will explain in detail what the implications are of choosing a particular bankruptcy chapter and will help you to make the most advantageous choice given your situation.
The Effects of Bankruptcy
A Torrance bankruptcy attorney will also help you to develop a better understanding of the actual impact of bankruptcy on your finances and on your life. Many people are scared of filing bankruptcy but their fear is based on common myths and misconceptions that exist.
For instance, you might fear that you will never be able to get a credit card again. In reality, this fear is unfounded and you should be eligible for a secured card almost immediately after filing. You can then use this secured card to rebuild your credit score and qualify for standard credit, or even for a home mortgage, within just two years.
Getting Legal Help
By speaking with a Torrance bankruptcy attorney, you will be armed with the information necessary to decide what is best for you and you will be given the proper advice and assistance to take the right steps. With this professional and expert advice, you can start to turn the corner on your finances and come out better off in the end.
Our experienced Torrance bankruptcy attorneys are ready to meet with you today and help you get started on your journey to fixing your finances. We also assist those looking for a Los Angeles bankruptcy lawyer, or for a bankruptcy attorney in Van Nuys, Beverly Hills, Culver City, Hollywood, and San Pedro.