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Where are we located?
At LG LAW firm, we don’t want to be far from you, so we have law offices all over California.
Our Los Angeles office is situated at:
340 E 2nd Street, Suite 302, Los Angeles, California 90012.
What Bankruptcy services we do?
Our LG law bankruptcy Attorney in Los Angeles can handle:
They are the three main types of bankruptcy.
Chapter 7 and Chapter 13 are popularly referred to as consumer bankruptcy cases.
Call Us Now to know the one that is perfect for you.
Once we filed for bankruptcy, a trustee will be appointed by the committee to your case, to ensure fairness between you and your creditors.
To make sure your creditor is paid their deserved amount and that you do not pay more than is required.
The trustee will review all the paper works thoroughly, evaluate the assets true worth and the exempted properties to make sure they meet the requirement for exemption.
If you think your problem with debt has gotten out of hand, don’t lose hope. Take action and have a look at the opportunities you can take to achieving financial stability.
One of the first things you need to consider is to get an assessment from a seasoned bankruptcy attorney in Los Angeles.
Are unable to pay off your debt? Is the money you are earning just not cutting it? Then filing for bankruptcy could be the solution to your problem.
Bankruptcy can also stop foreclosure proceedings on your home, help you catch up on mortgage payments, and let you stay in charge of your business.
The automatic stay provision that takes effect the moment you file for bankruptcy can even prevent creditors from taking action against you!
Despite that, bankruptcy is not fail-safe. The entire procedure is complicated and demands ample knowledge and expertise of the pertinent federal and state laws.
The most appropriate course of action would be to sit down and consult with an experienced bankruptcy attorney in Los Angeles.
Do you have an idea which type of bankruptcy might be right for you?
Let our bankruptcy attorney in Los Angeles qualify you over the phone! Call 1(888) 901-5240 now.
LG Law is situated in the middle of Downtown Los Angeles.
The nearby major thoroughfares include San Bernardino Freeway, Golden State Freeway, and Arroyo Seco Parkway. From these passages, you can get to our office from the cities of Glendale, Pasadena, and Alhambra.
Conveniently, the United States Bankruptcy Court is located not even a mile away from our spot.
If you plan on staying in the area for a few days, you can choose from affordable hotels in the vicinity, including the Residence Inn, Ramada, and American Hotel. Top-rated restaurants like Otium, Patina, and Tamon Sushi area also within proximity.
You can ask for help with directions from one of our friendly representatives. Just call 1(888) 901-5240.
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LG Law has been providing valued legal assistance to the debtors of California for more than two decades.
With a team of over 30 qualified bankruptcy attorneys and legal professionals, we guarantee that your case will be given the attention it deserves.
We’ve helped countless individuals and businesses get rid of stubborn debt. Have confidence that we can help you with yours.
Consult with a top-rated bankruptcy attorney in Los Angeles today.
Chapter 7 is the most popular form of bankruptcy, otherwise refers to as Liquidation.
In a liquidation, a trustee is appointed by the Federal Court to oversee the liquidation process. The trustee will see to the sales of the non-exempted assets, and use the returns to pay off the creditors.
Once the returns have been paid to the creditors, you get a new start, free from all outstanding debts.
Chapter 7 bankruptcy is mostly used when the debtors do not have much non-exempt property, combine with big unsecured debts.
You can have your debt wipe out quickly in a chapter 7 bankruptcy, and any income received after that is yours to keep.
If you are not careful, you might lose your properties during bankruptcy. Especially, when you have an asset that is not exempted by the California bankruptcy exemptions, you may have to sell it and give the money to your creditors.
One of the merits of Chapter 7 is that it allows you to get rid of creditors fast by selling your non exempted properties, and it is the most popular of the types of bankruptcy.
In Los Angeles, chapter 7 bankruptcy can be used to protect assets like; your home, Personal property, Business property, retirement, vehicles, Insurance benefits, wages, and so on.
The Bankruptcy Code determines how is qualified to apply for chapter 7 based on their income.
For you to be qualified to apply for chapter 7 bankruptcy, your income must be below the California median, for the appropriate family size.
If your income is more than the California state median, you will need to take the means test, but those that earn less than the state median don’t have.
The Means test is complicated in nature, to get the best and accurate information, talk to a bankruptcy lawyer today.
At LG LAW Los Angeles, our professional chapter 7 bankruptcy attorney can offer you the following benefits:
Applying for chapter 7 bankruptcy will help get rid of excessive credit card debt.
Credit card debts are discharged because they fall under the unsecured debts.
Your non exempted assets will be sold and the money realized will be used to pay the credit card company.
The credit card debts that can be removed under chapter 7 bankruptcy are those that fall into the category of non-priority debts. Debts like child support, alimony, and some tax debts are categorized as priority debts.
In cases where there are fraudulent activities, misleading information or false pretense the credit card debts will be not be discharged.
Wage garnishment is used by creditors to collect money from defaulters by obtaining a court order that allows them to collect a portion of your earning from your employers directly until you finished paying it off.
When you wage is garnished by court order, a portion of your earned income will be deducted by your employers and send to your creditors, this will continue until the whole debt is paid off.
Filing for chapter 7 bankruptcy can help stop wage garnishment. The court will prohibit the creditors from collecting any payment from you during the process of bankruptcy.
Filing for bankruptcy can help you stop creditor harassment.
A creditor can go extra miles to make sure they get their money back. Sometimes they employ uncivilized and embarrassing methods; calling at odd hours, calling loved ones they happen to have their number and so. You can stop all this embarrassment by filing for bankruptcy.
A chapter 7 bankruptcy (and also chapter 13) impose an automatic stay on the debtor that will prevent creditors from requesting and collecting money during the process of the bankruptcy case.
Chapter 7 bankruptcy allows you to temporarily stop foreclosure on your home that is scheduled for sale.
In chapter 7 bankruptcy you lose little or no property when you apply, it allows you to wipe out your dischargeable debts.
Chapter 7 will clear out the amount owed on your mortgage note. However, it won’t wipe out the mortgage lien.
The best chapter 7 bankruptcy can do for you, during foreclosure is to temporarily stop foreclosure proceeding because of the automatic stay provided by chapter 7 bankruptcy.
The automatic stay forbids your creditors from making any form of contact with you during the process of bankruptcy.
If your house has been scheduled for foreclosure, your creditors will have to wait for the case to be resolved before they can proceed with the foreclosure, which can take up to 5 months, providing enough time to work out another alternative with your lender.
Chapter 13 bankruptcy, popularly refers to as wage earner’s plan because it allows debtors with regular income to restructure their debts and pay back over a period of 3 to 5 years period.
Chapter 13 bankruptcy is very different from liquidation (Chapter 7) because it allows debtors to keep all their assets while paying back their loan.
It is a form of debt reorganization where they give you a period of time to pay off your debts, ranging from 3 to 5 years.
You will be required to continuously pay a portion of your debts over time, till the debts are all wiped out.
Apart from chapter 13 bankruptcy not putting any of your properties in danger of its being seized, it also allows you to get rid of a second mortgage on your home.
The advantage of chapter 7 bankruptcy gives the right to keep your properties during the bankruptcy process.
It also offers debtors the chance to stop foreclosure on their home, in as much as they comply with the terms and conditions of the repayment plan. Also, there is a chance to cure delinquent mortgage payments with time.
Filing a bankruptcy case under chapter 13 takes longer time, and the procedures are more complex than Chapter 7 bankruptcy.
Therefore, chapter 13 bankruptcy is not suitable for debtors that want to get rid of their debts fast. It will take up to three to five years to get rid of debts. It is advisable to get a professional chapter 13 bankruptcy attorney to recommend the most appropriate bankruptcy option for you based on your financial capacity and unique situation.
In chapter 13, the debtor is saddled with the task of producing a repayment plan which they will use for paying back the debts within a three to five years.
Debtors with secured debts can enjoy lower payments when their debts are rescheduled over its lifespan
There are numerous benefits associated with chapter 13 bankruptcy.
Below are few of the benefits, to get more detail and personalized information about chapter 13 bankruptcy.
Wage garnishment is the most popular form of garnishment. It is recognized by the federal court as the legal means of collecting outstanding debts from defaulters.
During wage garnishment, a part of the debtors’ earn income is directly deducted by the employer and appropriated to the creditors until the debt is fully paid.
Filing for a chapter 13 bankruptcy can help you stop your wage from being garnished by your creditors.
For your wage to be garnished, the creditors must obtain a legal order from a court or federal agency.
With chapter 13 bankruptcy you can wipe out your debts because you are paying what you can afford (based on your earn income).
You will only be required to pay what you can afford during the period of three to five years, after which your dis-chargeable debts will be wiped out.
When you file for chapter 13 bankruptcy, your debts will stop accruing interest, and the repayment plan will be structure base on how much you owed.
Once you pay back the amount as of the first day you file for bankruptcy, as you are compelled to pay according to the repayment plan, you are free from every dis-chargeable debts, and you get a fresh start.
Once you apply for bankruptcy, you are granted an automatic stay which prevents your creditors from collecting any funds from you.
The automatic stay seizes every form of communication between you and the creditors, till the bankruptcy case is resolved.
Filing a chapter 13 bankruptcy can help you stop foreclosure on your property, contact a professional bankruptcy attorney (like ours!) to get more information.
Call 1(888)901-5240 now, to get a free consultation.
Benefits 4: Keep all properties
The biggest advantage chapter 13 bankruptcy has over all other forms of bankruptcy is that it allows you to keep all your properties without losing none of it.
In chapter 13 bankruptcy, your properties will not be sold. You will only be given more time (three to five years) to repay it.
Chapter 11 bankruptcy gives you the perfect opportunity to restructure your debt, make up for overdue debts while you keep running your business.
Individuals rarely file for chapter 11 bankruptcy. It is mostly used by businesses, partnerships and corporations.
When your company is neck-deep in debt, and the company doesn’t qualify for chapter 13 bankruptcy, then chapter 11 bankruptcy is the perfect option for them.
In chapter 11, the creditors are classified into a different category based on the nature of their debts, and a reorganization plan is presented to them ( your creditor) to be approved by the court.
Most times, the creditors and debtor may disagree on the nature of the restructuring, but the best strategy is to negotiate with them to approve it.
If you are not able to come to a consensus, the court can approve the plan, if it is considered fair to both parties.
Chapter 11 bankruptcy gives companies the pleasure of servicing their debts and also continuing their business.
During chapter 11, the business management continues to operate the business as usual, except if the chapter 11 bankruptcy is filed as a because of fraud, gross incompetence and dishonesty.
A trustee will be appointed to be in charge, on behalf of both parties. The trustee will have to consult the court before taking certain decisions concerning the business.
There are things that can make filling a chapter 11 bankruptcy case in Los Angeles hard.
You will need the experience and guidance of a professional Los Angeles chapter 11 attorney.
There are many benefits associated with chapter 11 bankruptcy.
Below are few of the benefits, to get more detail and personalized information about chapter 11 bankruptcy.
Once a debtor file for bankruptcy, be it chapter 7 bankruptcy, chapter 11 bankruptcy or chapter 13 bankruptcy.
It is required by the US bankruptcy law for creditors to stop all attempts to collect funds from the debtors.
The US laws protect debtors from creditors’ harassment and any form of inappropriate practices.
Once you file for chapter 11 bankruptcy, the court will impose an automatic stay. The automatic stay is to stop all collections activities and any form of contact with you either through a phone call, text messages, mail and so on.
Your chapter 11 bankruptcy attorney is to make sure that all your creditors know that you are currently filing for bankruptcy.
Henceforth, any attempts they ( your creditors) made to contact you or collect fund from you will be considered as illegal.
In a situation where they do not desist from contacting you after you have made it clear you filed for bankruptcy, what you are to do is to inform your chapter 11 bankruptcy lawyer with evidence (letter they sent, time and date they called you and so on).
It is now the duty of your chapter 11 bankruptcy attorney to forward the matter to the bankruptcy court, where they will start a proceeding against it.
When a business is in dire financial trouble, apply for a chapter 11 bankruptcy through a professional chapter 11 bankruptcy attorney can be their saving grace.
Cashflow is very important to the survival of any business.
When in debts turbulent, Cashflow is very important. You have to pay back your creditors leaving meagre for you to run your business.
The good news is, you can file for chapter 11 bankruptcy that will allow you to run your business and at the same time while paying back your debts.
You only pay the amount that won’t affect your cash flow.
Loans that the interest rates don’t change for the entire duration of the loan are called fixed interest rate. These type of loans doesn’t change no matter what the interest market is doing; either increasing or decreasing.
What this means is that you will be required to pay the same amount for the entire duration of your term.
While variable interest rate loan changes based on the market interest rate, and it is charged on the outstanding balanced.
This implies that the amount you will have to pay for the duration of your loan will vary as the market interest rate varies. If the market interest rate increase then you pay more, and when it decreases you pay less.
When you file for chapter 11 bankruptcy in Los Angeles through a professional chapter 11 bankruptcy attorney, all your debts that are variable interest rate will turn to the fixed interest rate.
Chapter 11 bankruptcy offers you the chance of a long-term repayment plan.
The repayment plan is structured in a way that the creditors allows the business to keep doing business while still servicing their debts.
With this, many debtors will take more time to repay their debts, and this offers them more opportunities to make the money needed, to repay their debts.
The repayment plan, therefore, offers them a long-term repayment plan.