March 31, 2020
Since we assist a significant amount of bankruptcy clients, we often get calls from individuals who are good candidates for bankruptcy in Los Angeles or anywhere in California, but they are too nervous of the process of filing a bankruptcy. Bankruptcy laws were created with one main goal: provide a fresh start to individuals who are financially struggling. Bankruptcy is often the cheapest and fastest way of dealing with debts. Filing for bankruptcy is nothing more than exercising a legal right that one has when falling into a tough situation.
Filing a Bankruptcy in Los Angeles is a Quick Process
Depending on which type of bankruptcy one qualifies for, bankruptcy can be as short as 4 months and as long as 3-5 years. A Chapter 7 case, intended to wipe-out debt (or discharge them) will ONLY take approximately 4 months from the time the bankruptcy is filed through the discharge of the case.
You Generally Do Not Have to Appear in Court When Filing a Bankruptcy in Los Angeles
Most bankruptcy cases in Los Angeles, especially chapter 7 bankruptcy cases do not require the appearance at Court. One is required to appear before a Chapter 7 Trustee, but said meeting takes place outside of Court. For Chapter 13 cases, the process can be longer because the goal is to pay debt over time. However, the client is not required to do much work in the period of time that the bankruptcy is active.
The Impact on Your Credit Will Not Last Forever
Some clients are often worried that once they file for bankruptcy, their credit score will be affected forever. While it is true that credit can be affected due to the filing of a bankruptcy, bankruptcy will likely only show on a credit report for approximately 8 years. There are also ways to increase your credit score.
You Will Not Lose Your Home If You File for Bankruptcy
While a Chapter 7 case is often intended for low-income earners and individuals who do not own a home, a Chapter 13 is an alternative wherein you will be able to pay your debts over a certain period of time. In a Chapter 13, the individual filing for bankruptcy will not lose his/her home (so long as mortgage payments continue to be paid).
Consult With A Qualified Attorney Now!
If you or your loved one is considering bankruptcy and are nervous about the process, give us a call now. We would be happy to talk to you. Also note that in light of social-distancing, we are willing to conduct our free consultations by phone or by video. Just call us to set up an appointment.
Call us now at (310) 444-9444 for a FREE CONSULTATION!
