Potential Benefits of Bankruptcy

Are there benefits to filing for bankruptcy?

Filing for bankruptcy is a serious matter, and is reserved for individuals who are no longer able to meet their financial obligations in terms of credit card debt, failure to pay mortgage in a timely fashion and personal loans among many others. While there are many different types of debt resolution that can serve to help debtors who are looking for a way out, bankruptcy continues to be the most well-known, and traditionally the most effective means of resolving insurmountable debts. A skilled Los Angeles bankruptcy lawyer can advise you on the best means of facing your debt, and may suggest bankruptcy filings.

Although bankruptcy had a negative stigma in the past, so many businesses and individuals have filed bankruptcy in recent years that this is truly no longer the case. There are a number of potential benefits of bankruptcy that should be understood, as well as any risks that should be evaluated. First and foremost, debtors who undergo the bankruptcy process are traditionally released from personal liability for many debts previously owed. Discharging your debt means that creditors can no longer legally pursue the debt because it no longer exists in the eyes of the law. Moreover, filing for bankruptcy results in an injunction, or automatic stay that prohibits many debt collection efforts from lawsuits, foreclosures and wage garnishments to name a few.

Getting the Most Out of Bankruptcy Filings in Los Angeles

Perhaps the most important potential benefit of bankruptcy is the opportunity to make a fresh start. For 22 years, Matthews Law Firm has proudly met the needs of clients throughout the Los Angeles area who are seeking relief from debt they simply cannot overcome. Our lead attorney, Art Matthews, is a law graduate from the University of Southern California with an undergraduate degree in Business Administration. This unique combination of knowledge and skill has allowed our firm to give both individual and corporate clients the support they need when facing the possibility of chapter 7 and chapter 13 bankruptcy. We are dedicated to achieving the highest level of success in every case, and we will not rest until every possible option has been explored to give you the best second chance available.

Contact a Los Angeles bankruptcy attorney with Matthews Law Firm if you are in debt and considering all debt resolution options available to you.