If you are facing significant financial debt and are in danger of losing your home, car, and other assets, you should know that there are laws to protect you.
Los Angeles bankruptcy attorney Charles M. Green can help you:
When you file for bankruptcy under chapter 7 of the bankruptcy code, you receive a discharge, or a court order that states that you do not have to pay some or all of your debts. Choosing to file bankruptcy can have significant consequences—most notably, your credit will be affected for several years—but it may be the right decision if you are unlikely to afford your financial obligations.
Once you petition the court for bankruptcy, the bankruptcy court will grant an automatic stay that stops foreclosure sales, lawsuits, wage garnishments, bank levies, and evictions. Chapter 7 bankruptcy in California allows you to keep much of your property.
Generally, bankruptcy exempts a debtor’s home, furniture, furnishings, motor vehicles, and up to as much as $23,000 in additional personal property. Certain debts cannot be discharged, such as alimony and child support.
If you are unlikely to be able to afford your financial debt, bankruptcy can stop creditors from harassing you for repayment. It can prevent wage garnishment, prevent repossession, and clear medical and credit card debt. Choosing bankruptcy may allow you to eliminate insurmountable financial challenges and begin to rebuild your credit. The Law Offices of Charles M. Green can advise you about whether bankruptcy is the right decision for you.
If you have been a resident of California for the majority of the 180 days before you file, you can petition for bankruptcy in the state. You can claim asset exemptions if you have resided in California for at least the previous two years.
A chapter 7 bankruptcy typically takes three-to-four months from the date you file the petition. An effective legal representative can ensure a smooth process and help you achieve a successful outcome.
Generally after bankruptcy, we advise that you stay current with payments for secured debt, such as your house or car. If you continue to make regular payments and the property is insured, the law allows you to keep it. If you fall behind on payments, creditors may repossess or foreclose.
You should stop using your credit cards immediately and not incur any additional debt once you know you are going to file for bankruptcy.
If you reside near Los Angeles, CA and are considering bankruptcy, contact the Law Offices of Charles M. Green.
Mr. Green is an experienced attorney with a background in business, accounting, and bankruptcy law. As a JD and MBA, he has worked with many clients to pursue the most efficient and cost-effective path through bankruptcy, allowing them to preserve assets and to create a fresh financial start.