Los Angeles Bankruptcy Attorney

In this economy, many consumers are finding themselves deeply in debt. Perhaps you are paying steep medical bills or have lost your job, or maybe you are considering bankruptcy to stop foreclosure on your house. Whatever the reason, a Los Angeles bankruptcy lawyer can help ensure that your bankruptcy is filed correctly and with your specific priorities in mind. Most individuals and families file under two different chapters:

• Chapter 7: This is also known as the “Liquidation” chapter. Filing under chapter 7 eliminates your legal obligation to pay most of your unsecured debts (such as medical bills, credit card debt, loans, certain lawsuit judgments, and certain taxes). Most consumers who own a home and file for chapter 7 get to keep their property, but there is a risk of liquidation if your property is considered “non-exempt”. Technicalities like this are one of the reasons why it’s important to have legal professional help when filing for bankruptcy. Also, you must be deemed eligible to apply for chapter 7 based upon your income, assets, and other factors. Please read more on our chapter 7 bankruptcy page for more information.
• Chapter 13:  This is also known as the “Reorganization” chapter. If you are facing foreclosure, or if you do not qualify for chapter 7 it is common to file for chapter 13. During this filing the debtor reviews their financial situation and proposes a plan for restructuring their debt, and then proposes a payment plan that will be in effect for about 3-5 years. Usually this enables you to keep your home and your monthly payments can be much lower than before. Then, after you fulfill your payment plan, the rest of your unsecured debts could be discharged! Please read more on our chapter 13 bankruptcy page for more information.

Filing Bankruptcy in Los Angeles

The purpose of bankruptcy is to provide an opportunity for a “fresh start” for individuals who are strapped with debt. Filing for bankruptcy could stop the creditors and debt collectors from hounding you, and potentially enable you to keep your home and much of your other property. However, bankruptcy laws are constantly evolving and the sheer amount of paperwork can be overwhelming for those not experienced in Los Angeles bankruptcy law. It’s important that your bankruptcy filing is thorough and accurate, or else you could wind up costing yourself thousands of dollars, or possibly even your home! Trust your filing to J. Arthur Roberts. After over 15 years serving clients in the Los Angeles area, he has the experience necessary to make sure your bankruptcy filing is thorough and in your best interest.

If you are considering filing for bankruptcy, please contact the Law Offices of J. Arthur Roberts to consult with a Los Angeles bankruptcy lawyer today!