Antelope Valley, California
Debt can be a major burden for anyone to carry, but even more so when your debt becomes out of control and you are dealing with debt collectors or legal actions such as wage garnishment or repossession. Fortunately, the law does provide you with the opportunity to seek permanent debt relief in the form of a bankruptcy filing. When your debt has gotten to a point where you cannot pay it back, it is time to speak with an Antelope Valley bankruptcy attorney to explore your bankruptcy options.
Antelope Valley Bankruptcy Options
There are a variety of different options available for individuals or businesses considering filing for bankruptcy, and your Antelope Valley bankruptcy lawyer can help you to explore the advantages and disadvantages of each. The right option will depend upon how much debt you have, what your income is and whether you are filing for business bankruptcy or personal bankruptcy.
For most consumers, the choice of which bankruptcy chapter to file is between chapter 7 and chapter 13. Chapter 7 is available only to those who have a low income, and it requires you to have non-exempt assets sold to repay creditors. However, it also allows you to have debts discharged with a repayment plan or program. Chapter 13 is for those with higher incomes and does not require any liquidation of assets, but does require a 3-5 year repayment agreement wit your creditors.
Chapter 11 is another option available either to consumers or businesses. Like chapter 13, chapter 11 involves restructuring the debt that is owed and paying some portion of it back. However, chapter 11 is typically intended for people or businesses with higher levels of debt.
The Antelope Valley Bankruptcy Process
When you believe you need to file for bankruptcy, an Antelope Valley bankruptcy lawyer will help you to review your financial situation and make the decision about whether bankruptcy is indeed the best option. If so, your attorney will then help you to make the choice about what chapter to file under and will assist you in submitting all required paperwork.
After your paperwork has been submitted, your Antelope Valley lawyer will guide you through all of the remaining steps required for your chapter of bankruptcy, such as attending bankruptcy court or meetings with the creditors. Any creditor objections or petitions for relief from the automatic stay that stops collections activities when you file bankruptcy will also be handled by your Antelope Valley bankruptcy attorney.
Your bankruptcy attorney can also assist you in developing a better understanding of what happens after bankruptcy. For instance, while it is commonly believed that bankruptcy always ruins your credit, in some cases your FICO score may actually be improved by a filing that stops the reporting of adverse information by multiple creditors.
To learn more about how an Antelope Valley bankruptcy attorney can help you to resolve your debt, contact our experienced bankruptcy lawyers today. If you are looking for a Los Angeles bankruptcy lawyer or for a bankruptcy attorney in San Fernando Valley, Pomona, Culver City or Hollywood, our attorneys can also provide you with advice and legal help.