There's no getting away from the fact that filing for bankruptcy can be a stressful experience. Dealing with the court system can be intimidating, and the jargon and legal technicalities can cause confusion and further stress. Bankruptcy Attorneys in Los Angeles County can help their clients navigate the terrain of the legal system, and emerge from the process in the best position possible.
While there are no barriers to debtors filing their own cases, hiring an attorney is by far the smartest option. The legal process is challenging and full of technicalities that must be followed to the letter. Failure to follow procedures can lead to a case being thrown out, or the loss of assets. An insolvency attorney can make sure that a case is properly prepared and that mistakes are avoided.
However, it's important to point out that insolvency isn't always the best option for everyone. For some individuals, a debt settlement plan can be a better solution. Also, there are two main types of insolvency, chapter seven and chapter thirteen, both with their own particular advantages and disadvantages.
Chapter 7 bankruptcy is also known as straight or liquidation bankruptcy. In essence, this involves the sale of the debtor's assets with the proceeds being split among the creditors. Under this provision, certain assets (such as a home and car) are protected.
Chapter 13 bankruptcy (or debt adjustment bankruptcy) is really a kind of debt consolidation. Under this process, the debtor's liabilities are consolidated and he or she is then required to adhere to a regular payment schedule. An attorney can advise a debtor on the best of these options given their particular circumstances.
As mentioned above, the process of insolvency can be a tremendous source of stress, even at the best of times. Seeking the guidance of an experienced attorney can help immensely in getting through the process as quickly and cleanly as possible. An attorney can also help when the process is finalized and the debtor is ready to rebuild their credit and get on with life.
While there are no barriers to debtors filing their own cases, hiring an attorney is by far the smartest option. The legal process is challenging and full of technicalities that must be followed to the letter. Failure to follow procedures can lead to a case being thrown out, or the loss of assets. An insolvency attorney can make sure that a case is properly prepared and that mistakes are avoided.
However, it's important to point out that insolvency isn't always the best option for everyone. For some individuals, a debt settlement plan can be a better solution. Also, there are two main types of insolvency, chapter seven and chapter thirteen, both with their own particular advantages and disadvantages.
Chapter 7 bankruptcy is also known as straight or liquidation bankruptcy. In essence, this involves the sale of the debtor's assets with the proceeds being split among the creditors. Under this provision, certain assets (such as a home and car) are protected.
Chapter 13 bankruptcy (or debt adjustment bankruptcy) is really a kind of debt consolidation. Under this process, the debtor's liabilities are consolidated and he or she is then required to adhere to a regular payment schedule. An attorney can advise a debtor on the best of these options given their particular circumstances.
As mentioned above, the process of insolvency can be a tremendous source of stress, even at the best of times. Seeking the guidance of an experienced attorney can help immensely in getting through the process as quickly and cleanly as possible. An attorney can also help when the process is finalized and the debtor is ready to rebuild their credit and get on with life.
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