Van Nuys, California
Van Nuys Bankruptcy
Debt problems can arise from a number of reasons, both in your control and out of it. Whether you have medical bills you cannot pay, credit card debt that is out-of-control, or other loans that you are behind on, bankruptcy may provide you with a way of dealing with your debt once-and-for-all. Bankruptcy is the best solution in many cases to stop debt collection and to start fresh financially. To find out if bankruptcy is right for you, contact a Van Nuys bankruptcy lawyer today.
The Bankruptcy Process
When you schedule a consultation with a Van Nuys bankruptcy attorney, you will begin by determining if bankruptcy is the best choice or not. Bankruptcy is a last resort for most people and is the right option only when there is no other way to reasonably deal with debt. It is a far better option, however, than continuing to try to send money to debts that aren't likely to ever be paid back. It's also a far better solution than liquidating your 401K or other retirement accounts, or selling your home to pay your bills.
Once you have made the decision that you need bankruptcy to deal with your debts, your next step is to work with your Van Nuys bankruptcy attorney to determine what chapter of bankruptcy is the correct one to file. Most individuals have three different choices for personal bankruptcy: chapter 7, 11 and 13. Your Van Nuys bankruptcy lawyer will provide you with detailed information on the pros and cons of each of these chapters and help you to decide which is the best option given your income and level of debt owed.
Your Van Nuys bankruptcy attorney will submit the bankruptcy filing paperwork after you have made the choice as to which chapter to file under. At this point, an automatic stay will go into effect and all collections efforts against you will stop. This is a major relief for most people who may have been hounded by debt collectors or who might have been in danger of losing their vehicle to repossession.
After the filing, the process differs depending on whether you declared chapter 7, 11 or 13. Your Van Nuys bankruptcy attorney will explain the process in detail so you know exactly what to expected, and will be there for you to handle the legal technicalities every step of the way. This may include helping you to prepare a repayment plan to restructure your debt if you have filed under either chapter 11 or chapter 13.
The process of filing bankruptcy can be a confusing and stressful one, but it doesn't have to be. Our experienced Van Nuys bankruptcy attorneys will put their expert knowledge of the law to work for you so you can focus on getting through the bankruptcy and setting financial goals for the future. We can also assist those looking for a Canoga Park bankruptcy lawyer, or those looking for a bankruptcy attorney in San Pedro, Canoga Park, Simi Valley, Palos Verdes or the Hollywood area.