Common Questions about Bankruptcy

Filing for Bankruptcy in Los Angeles: Questions and Answers

Will I lose my home if I file for bankruptcy?

One advantage of filing for bankruptcy is that it includes a court injunction or automatic "stay" of all collections actions while the case is in process. This can allow our attorney to address the issue of your home and how to best resolve it, based upon your personal situation. If you want continue to pay your mortgage, it may be possible to arrange a loan modification to make it more possible to keep up with your payments, and when bankruptcy is in process, it can be a real advantage when dealing with a bank on this subject. No matter what you hope to achieve with regard to your home, you can have confidence that our Los Angeles bankruptcy lawyer will be focused on achieving your personal goals, including those regarding your home.

How do I know if I will qualify to file bankruptcy?

The means test is the first step in determining whether you qualify for chapter 7 or chapter 13. We can assist you in this process, which requires a much more thorough documentation of your current financial scene than prior to 2005. Many people will qualify for discharge of debt through chapter 7, but it is important that the entire process is done correctly to avoid being denied, a delay in the process or even the possibility of legal trouble. We can assist you through every step of the process.

How do I choose a bankruptcy lawyer?

When you are looking for an attorney, it is important that you seek representation from a firm with extensive experience. There are many firms that have recently begun serving in this area of practice due to high demand, but there is no substitute for experience. Our firm has over 20 years in service in the L.A. area, and always serves the client's best interests in bankruptcy, including identifying any alternative that would help them to avoid filing at all.

Is it true that you will not owe your credit card debt?

Although it is accurate that your unsecured debt will be discharged, many believe that this allows them to run up their cards prior to filing bankruptcy and this is one of the myths out there. Charges for certain items that were made prior to filing will not be included in the discharge of your debt. Never run up your cards further if you are considering filing for bankruptcy if it can be avoided, and if you are in serious financial trouble, it is best to consult with our attorney as early as possible before matters get worse.

Contact a Los Angeles bankruptcy attorney from our firm for answers and information about your individual case.