Palos Verdes, California
Economic struggles exist throughout the country, but those in California have been among the hardest hit by falling property values and economic downturn. Coping with financial struggles is always stressful, but for some people, paying back their debts is literally impossible. If you find yourself in this situation with debt you have no hope of repaying, a Palos Verdes bankruptcy attorney can help you to take the steps you need to resolve the financial mess you are in.
Palos Verdes Bankruptcy Filing
Filing bankruptcy with the help of a Palos Verdes bankruptcy attorney can be the best option for people who cannot make monthly minimum payments, or who are in danger of losing their house, vehicle or other possessions. The bankruptcy code was designed to help people in just such a position, and can allow you to stop collection calls and get some breathing room in your budget so you can stop feeling stressed and start feeling optimistic about your financial future.
A Palos Verdes bankruptcy attorney will help you to determine if bankruptcy is the best choice for you, given the income you have and the amount of debt you are carrying. Your bankruptcy lawyer will also give you advise on what chapter you should file under, as the bankruptcy code provides several alternatives for debt relief. For instance, chapter 7, 11 and 13 are all commonly used by consumers who need to declare bankruptcy. There are different advantages and disadvantages associated with each different option, such as discharging more of your debt under chapter 7 and getting to keep your assets under chapter 11 and chapter 13. Your bankruptcy attorney will explain each to you and help you to make the right choice.
Understanding the Implications of Bankruptcy
If you are hesitant to declare bankruptcy, contacting a Palos Verdes bankruptcy lawyer can help you to understand what the true implications of the filing are so you can better understand what the bankruptcy filing will do to your credit and finances. For instance, most people are surprised to find that bankruptcy can sometimes help your credit score since it can be preferable to month-after-month of derogatory marks that come with repeated late payments. Some are also surprised to learn that getting a credit card and mortgage are both possible shortly after a bankruptcy filing occurs.
A Palos Verdes bankruptcy attorney will provide you with the true and correct facts about bankruptcy so you can make an informed choice instead of operating on speculation, myth and rumor. This information can save you months of worry and wasted money as you try to pay debts when bankruptcy is likely to be the inevitable result despite your best efforts.
Getting Legal Help
When you are ready to stop the collections calls and start taking control of your financial problems, our Palos Verdes bankruptcy attorneys are here for you. We also assist those looking for a Van Nuys bankruptcy attorney, or individuals in Van Nuys, North Hollywood, Culver City, Los Angeles and Beverly Hills who need a bankruptcy lawyer.