East Los Angeles, California
When you begin to fall behind on payments or your debt balance starts to climb to an unmanageable level, your financial situation can quickly go from bad to worse. Late payments and penalty interest charges can get out of control and make it impossible for you to ever repay what you owe. You may also find yourself coping with repossession, foreclosure, wage garnishment, threats of lawsuits and other types of aggressive collections activity. If you are in this situation, an East Los Angeles bankruptcy attorney can help you to file for bankruptcy in order to resolve your debt problems once and for all.
East Los Angeles Bankruptcy Filings
Many people put off filing for bankruptcy because they are concerned about what impact a bankruptcy on their credit report will have. Others wait because they believe they can fix their debt problems on their own by doing things such as cashing out retirement accounts or borrowing against their house. In many of these situations, the inevitable result ends up being bankruptcy anyway, although it is not filed until after a lot of undue stress.
Contacting an East Los Angeles bankruptcy attorney to review your situation can help you to avoid this stress, as your attorney can help you to make a more informed choice about whether bankruptcy is the right option for you. For instance, your attorney can help you to understand the true impact that bankruptcy may have on your credit. For some, the filing will actually raise their score because it puts an end to many different creditors continual reporting of late payments. For others, there may be a temporary hit to your score, but you'll be able to fix it within just a few years by applying for a secured card and exhibiting responsible borrowing behavior.
Filing for East Los Angeles Bankruptcy
Once you and your East Los Angeles bankruptcy attorney have reviewed your financial situation and you have a better understanding of what bankruptcy actually will do for you and to your finances, your East Los Angeles bankruptcy lawyer can help you to decide what chapter of bankruptcy is best for you. There are several different options available for most people declaring personal bankruptcy, including chapter 7, 11 and 13. Each of these has a different process and different qualification requirements, with chapter 7 usually appropriate for lower income individuals without a lot of assets and chapter 11 and 13 best for those with higher incomes, more assets and more debts.
Your East Los Angeles bankruptcy attorney will then continue to work with you throughout all of the legal proceedings associated with bankruptcy. This may include helping you to create a plan to restructure debt in chapter 11 or 13, attending creditor meetings with you, or going to bankruptcy court with you. Through it all, your East Los Angeles bankruptcy attorney will help you to make sure you follow all procedural requirements and that you understand your rights.
Getting Legal Help
When you are ready to put a stop to the debt problems you are facing, contact our East Los Angeles bankruptcy attorneys to get started. Those looking for a Culver City bankruptcy attorney or for bankruptcy help in Hollywood, Van Nuys, Torrance or Palos Verdes can also contact us for advice and assistance.