Filing for bankruptcy is an excellent way of taking charge of your financial life. When you have so many debts and cannot pay them off, seeking the court’s help to manage your debts could give you a new beginning in life. However, all of this could be confusing and difficult to do alone. You need the assistance of a knowledgeable bankruptcy lawyer. At Los Angeles Bankruptcy Attorney, our highly-skilled and experienced lawyers will be willing to walk you through the process if you’re about to file for insolvency in Northridge, San Fernando Valley. With the right attorney by your side, you‘ll be back on your financial standing sooner than later.
Reasons to Hire a Bankruptcy Attorney
Bankruptcy laws in California are not exactly easy to understand. It takes lots of legal skills and experiences to effectively navigate the legal system, particularly the California bankruptcy process. Additionally, managing debts requires expert advice and guidance. That is why it is advisable to work with a knowledgeable bankruptcy attorney. If you’re filing for bankruptcy in San Fernando Valley, you should find the right Northridge Bankruptcy attorney to walk you through the process. Here are other reasons you may need legal help:
Protection From Creditors and Debt Collectors
When you owe an individual or company money, your creditor will do everything possible to have you clear the debt. Most creditors result in sending endless messages and calls to their debtors, hoping that some form of harassment will make their debtors pay up. Others engage the services of debt collecting agencies. These agencies only get paid when the debtor makes some payment. For that reason, they will use any means possible to have you clear your debts.
If you have received many calls and messages from your creditors or collecting agencies, hiring an attorney and filing for bankruptcy can make them stop. Your lawyer could contact your creditors, informing them of your decision to file for bankruptcy. Once the process begins, the court will order your creditors to stop any effort to recover their debts until your case concludes.
When the calls and messages stop coming through, you will have more time and less stress to focus on the right steps you should take to recover your economic independence.
Stay Top On Your Paperwork
As mentioned above, California legal processes can be complicated for someone who has not walked the same path before. Again, the procedure of applying for bankruptcy involves filling and filing a large volume of paperwork. Documents must be filled correctly and filed in court on time for them to be accepted in court. You might not know how to do this, but a bankruptcy attorney who has gone through the process several times before will know best how it is done. The attorney will also be aware of the supporting documents you may need to strengthen your case for the court to accept your petition.
A knowledgeable bankruptcy attorney knows the timelines, the required documents, and how bankruptcy applications are made. The attorney can help you keep track of your application to know whether the court will consider your request. An attorney will also offer timely legal advice that can help you at that moment and in the future.
Great Understanding and Experience
Anyone that goes through bankruptcy in California must have a thorough understanding and knowledge of bankruptcy laws. It is the only way you can successfully benefit from the law and start afresh in life. An ordinary person may lack these necessary skills and experience, but an experienced bankruptcy lawyer has all it takes to take you through the processes successfully.
To start with, your attorney knows the documents you should bring before a judge for your bankruptcy request to be granted. He will guide you on the right evidence to gather in readiness for your hearing. Your attorney knows the commonly asked questions in a bankruptcy court. Therefore, you will have someone to coach you in readiness for the court proceeding.
You have to get everything right for the judge to grant your petition, which is a great challenge if you work independently. An experienced lawyer knows the common mistakes many applicants make, which you should avoid to have your debts managed by the coach. One of these mistakes is failing to disclose all your assets.
Protection from Uncertainties
It is impossible to tell how a bankruptcy case will end. Not everyone who applies for bankruptcy goes through the process successfully. Some people’s requests are not granted. Other people lose more than they anticipated at the beginning of the process. Experienced bankruptcy lawyers have experienced both the good and the bad of this process.
When you talk to the right attorney, he/she will take time to understand your situation, weigh your situation, and advise you accordingly. If your attorney also feels that your case can only be remedied by filing for bankruptcy, he/she will agree to walk you through the process. However, your lawyer could ensure that you understand what you stand to gain and lose once the court grants your request. Nothing that will happen in the end should come as a surprise to you.
The most important bit is that your lawyer could be there to give you the support you need during the most challenging time of your life. The peace of mind you get will energize you to accept your case’s outcome and ready you to start afresh in life.
What Can a Northridge Bankruptcy Attorney Do for You?
Engaging the services of a competent and experienced bankruptcy attorney to manage your case could save you a headache, time, and money. Bankruptcy attorneys do a lot for their clients, including helping you avoid some costly mistakes that could leave you regretting your decision for a long time in life. Generally, there is a lot at stake when filing for bankruptcy. That is why it’s not a good idea to go through the process alone. Here are some of the issues an experienced Northridge bankruptcy lawyer can help you with:
Understanding the Basics of Bankruptcy Law
As mentioned above, you should understand the California bankruptcy law basics to make an informed decision. Therefore, hiring an attorney beforehand is an excellent idea.
Your lawyer can explain to you your right to file for bankruptcy under federal law. It is essential to understand that bankruptcy law covers all kinds of people, and everyone has an equal chance of benefiting from it. Even though bankruptcy is under federal law, certain aspects of the law vary from one state to another. An experienced lawyer will know every part of this law and how it can impact your life based on your location and needs.
Secondly, there are several bankruptcy options available for different kinds of people. Standard options are Chapters 7 and 13. If you plan to apply for bankruptcy, it is essential to understand the various options available for easier decision making.
Lastly, your Northridge bankruptcy lawyer will help you understand the purpose of bankruptcy and why it should be your last resort. People have varying reasons for filing for bankruptcy. It is advisable to only proceed with the right reasons in mind. This is the only way the process will benefit you.
Determining the Right Type of Bankruptcy for You
After understanding the basics of bankruptcy, you should be ready to decide on the type of bankruptcy you should be filing for. As mentioned above, several options are available for people facing financial difficulties and cannot repay their loans. The most common options are Chapters 7 and 13. Understanding what each entails will help you make the right choice for your needs.
The type of bankruptcy that will benefit you the most will be determined by the type and amount of debts you have and your current income. Again, it depends on your assets and the types of exemptions you can qualify for in both Chapters. Bankruptcy Chapter 7 entails liquidation of all the assets you cannot claim as exempt. The money obtained after liquidation is used to repay your creditors. Bankruptcy Chapter 13, on the other hand, involves reorganizing your debts and coming up with a detailed plan on how each debt will be repaid for a specified period.
However, choosing between Chapter 7 and 13 is not as straightforward as it seems. You need an experienced Northridge bankruptcy attorney to determine the types of debts you have, the types of assets you have, which of your assets can be exempted, and the right way you could free yourself from debts. Applicants who wish to protect some of their valued assets like a home or car are better off applying for bankruptcy Chapter 13. Those whose only wish is to get out of debt and start a financial-recovery journey may be better off filing for bankruptcy Chapter 7.
Most individual applicants for bankruptcy opt for either Chapter 13 or 7. If you choose Chapter 7, you can exempt most or all of your valuable properties. However, if you have a valuable asset that cannot be exempted, like a car or home, Chapter 13 bankruptcy might give you a chance to keep it. Your lawyer could negotiate for a better repayment plan with your creditor.
Help in Filing for Bankruptcy
Your attorney’s most important role is in ensuring that you get it right while applying for bankruptcy in court. The advantage of working with a skilled attorney is that the attorney will have quick and easy access to all the necessary forms you should fill and file in court. Your lawyer could also guide you in filling them with the correct information. Note that submitting false information could bring forth perjury charges. The court can even throw out your petition.
An experienced Northridge bankruptcy lawyer will certify that you understand all the processes that come after the filing. For example, the court will immediately issue an automatic stay. It means that your creditors, or their collecting agencies, will not contact you again in an attempt to recover their money. If you receive a message or call from any of your creditors, you should report it to your attorney. Your attorney can compel the court to either order them to stop contacting you or hold them in contempt.
Your lawyer can help you meet court deadlines. Filing documents past the provided timelines may cause the court to throw your petition out. If you have filed for bankruptcy before, the law provides time limits, after which you could file again. For example, if you’re filing for Chapter 7 bankruptcy, you may have to wait until eight years after the previous filing.
Additionally, you might not know much about court fees for the particular bankruptcy option you have chosen, but your attorney does. He will ensure that all court fees are paid in full and on time to avoid penalties. If you cannot pay the fee in full, your attorney can petition the court to allow you to pay in installments.
Lastly, your legal representative will be with you even after the legal processes. Your attorney will be your anchor and guide when you start building your credit again. With the right attorney by your side, meeting all your financial obligations after bankruptcy and rebuilding your credit will be easier.
Find a Los Angeles Bankruptcy Attorney Near Me
If you’re struggling to repay your debts, filing for bankruptcy might help you manage them and give you a fresh start in your financial life. However, you need an experienced bankruptcy lawyer to advise, guide, and support you through and after the legal process. If you want to file for bankruptcy in Northridge, CA, contact us at 424-285-5525. At Los Angeles Bankruptcy Attorney, we have many years of experience, understand each bankruptcy option in detail, and can help you navigate the legal process. Talk to us today, and let us simplify the bankruptcy process for you.