San Fernando Valley Bankruptcy Lawyers
A San Fernando Valley bankruptcy lawyer will help you restructure your debt in California.
Bankruptcy is a process by which you can repay or eliminate your debt.
Hiring a San Fernando Valley bankruptcy lawyer will help ensure you are financially protected as you reorganize your finances.
This process requires you to file paperwork and proceed through the legal process accordingly, so enlisting the help of a bankruptcy lawyer is recommended. Finding the right lawyer for your needs can be a process in and of itself …
So, where can you find a qualified attorney near you?
The SFVBA Attorney Referral Service will connect you with qualified bankruptcy lawyer so you can get through the process and back on your feet as fast as possible.
Here’s what you need to know about bankruptcy, the benefit of working with an attorney, and how we can help connect you.
What Is Bankruptcy?
Bankruptcy is a process by which individuals and businesses can repay or eliminate some or all of their debt under the protection of the federal bankruptcy court.
There are two types of bankruptcy – liquidation and reorganization.
Chapter 7 bankruptcy is considered a liquidation bankruptcy because trustee may take and sell (“liquidate”) some of your property in order to pay back some of your debt. Your unsecured debt, including medical debt and most credit card debt, will be erased. You will keep any property classified as exempt under the state or federal laws available to you, including clothing, your car, and household furnishings.
If you have secured debt (for example, a car loan for which the car is pledged as a guarantee of payment), you will have three choices:
- Allow the creditor to repossess the property
- Continue making your payments under the contract (if the lender agrees)
- Pay the creditor a lump sum amount equal to the replacement value of the property
This process may last anywhere from three to six months.
Chapter 13 bankruptcy is considered a “wage earner” bankruptcy because you must have a reliable source of income to repay some portion of your debt. A repayment plan must be proposed detailing how debt will be paid over the next three to five years. An individual or business can also make up missed payments on secured debt to avoid foreclosure on or repossession of property.
Chapter 11 bankruptcy is and option for businesses experiencing financial difficulties.
How A Bankruptcy Lawyer Can Help You
Filing for bankruptcy can be a complicated process, and a bankruptcy attorney is an invaluable asset in ensuring that the steps are followed correctly.
San Fernando Valley bankruptcy lawyers will help explain the bankruptcy process. This includes the options, consequences of those options, and potential outcomes. An attorney who is experienced in this field will advise his or her client what the best option is for their particular situation.
Bankruptcy lawyers in San Fernando Valley will ensure the client files the right forms, provides the correct information, and assists with meeting with creditors. Occasionally, creditors will object to the discharge of a debtor’s debt and the attorney can help defend his or client against the objection.
Finally, there is always a process of rebuilding credit and one’s financial security after filing for bankruptcy and completing the process. A bankruptcy attorney can help advise his or her client on the steps to take to rebuild his or her credit, maintain financial soundness, and ensure that the client does not end up in bankruptcy again.
What Is The Legal Process?
The legal process is different depending on what type of bankruptcy is involved in a case.
For a Chapter 7 bankruptcy case, an attorney will help analyze debt that a client has. This includes which debt is not dischargeable under a Chapter 7 bankruptcy. Next, the bankruptcy attorney will make sure that the client is eligible for a Chapter 7 bankruptcy.
If the client is eligible, then the client must decide whether he or she wants to redeem property pledged as collateral for a loan, agree to new contract terms with the creditor, or let the creditor take the property, which is not always an option.
Finally, the client must fill out and file bankruptcy forms, go to court to meet with creditors or a trustee, and file any objections against creditors’ claims. The client must also handle all secured debts. When all of these steps are complete, the debt can be discharged.
For a Chapter 13 bankruptcy, the client first files for that bankruptcy.
After the filing, the following happens:
- Creditors are barred from taking action on what the client owes.
- The court appoints a trustee to oversee the case.
- The court sends a notice of the bankruptcy to the client and his or her creditors.
- Creditors may file objections.
- Payments are made under the Chapter 13 repayment plan.
- Any objections are heard by the court.
- The client must complete a course in personal financial management.
- After completion of all the steps, the court grants a discharge of the debt.
How to Find A San Fernando Valley Bankruptcy Lawyer
Thinking about starting the search?
Finding the right bankruptcy attorney in the San Fernando Valley will take time and energy. You need to make sure your attorney has the experience you need to successfully file bankruptcy and has a good track record.
So, where do you get started?
We can connect you with a large group of highly experienced bankruptcy lawyers in Los Angeles so you don’t have to spend months searching for the best fit.
Give us a call to get started.
A Little More
The San Fernando Valley Bar Association sponsors the Attorney Referral Service (ARS), a public service program designed to refer individuals and/or business owners to reputable and local attorneys in the San Fernando Valley, Santa Clarita Valley, Antelope Valley and surrounding areas, including Glendale, Burbank, Calabasas Hidden Hills, and San Fernando. The purpose of the ARS is to promote meaningful access to legal representation for all persons. This means that if you want to talk to a lawyer and don’t know one, the ARS is a smart place to start.
If you are considering bankruptcy and require legal help, it is important that you, not a friend or a family member initiate the call for help to resolve your legal matters. When you contact the ARS, a trained staff member will conduct a brief and confidential interview to gather information about your situation. Our staff member helps coordinate a free initial consultation with a local, experienced, and reputable bankruptcy attorney that suits your legal needs. The first consultation is key to help potential clients understand their options, the process, costs and legal fees. After the initial free consultation, clients determine whether that was the right attorney. Keep in mind that during the consultation, the lawyer is also evaluating whether you are the right client for them and whether they can represent you in the bankruptcy proceeding. If necessary, the ARS will coordinate a second or third referral and will work hard to ensure we help you find the right attorney.
Additionally, if your financial matters and concerns can be resolved without bankruptcy lawyers in San Fernando Valley or if you cannot afford legal fees, the ARS staff will try to provide information or names of other organizations or agencies better suited to help you.