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Los Angeles Bankruptcy. Go on With your Life

March 17, 2010 By admin Leave a Comment


Not many things can be as hard as having to declare yourself bankrupt, whether in a personal capacity or a business capacity. The Los Angeles bankruptcy system offers several ways of improving your situation after surviving bank.

As a person or a business, filing bankruptcy is a big step in your financial life, in either circumstance it seems to demonstrate that you have no control over your financial state and by extension over your life. This is however something that is becoming a fact of life for a far greater number of people than most people would ever guess or even care to admit. The causes vary greatly from case to case, but the end result is always the same.

- According to The Los Angeles Bankruptcy system, what to do after filing bankruptcy -

Thanks to the Los Angeles bankruptcy system, refinancing is possible, although can seem like an especially difficult challenge, but it does not have to be like that. Six months after your bankruptcy has been finalized, you can find lenders willing to refinance your mortgage. As a matter of fact, refinancing your mortgage can help rebuild your credit to good standing in more or less two year

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Bankruptcy in Los Angeles, Avoid Unethical Attorneys and Lawyers

February 9, 2010 By admin Leave a Comment

To find a Pre-Screened Lawyer in your area, please call our 24Hr Unbiased Lawyer Referral Hotline at 661-310-7999.

The bankruptcy laws in earlier times used to affect the debtor harshly as the creditors used legal and physical methods to get back their credits. But as time changed, new bankruptcy laws evolved as well as older ones were amended to make the laws more permanent and beneficial for both the debtors and creditors.

If you are facing a financial crisis then you should get the help of a bankruptcy lawyer that can help you understand the complexities of chapter 7 and chapter 13 and other procedures related to it.

About Chapter 7 Bankruptcy:
Chapter 7 bankruptcy: otherwise known as liquidation is most common and is proposed for the discharging of the unsecured debts such as medical bills, credit card debt, and unsecured personal loans. These types of bankruptcy can be completed within a period of months. It gives trustees, the ability to pay creditors by liquidating the non-exempt assets, although due to problem of absence of non-exempt assets among people who are filing the chapter 7 bankruptcy, the trustees are able to keep their property and can easily eliminate the debts which are unsecured.

Eligibility

The qualification for being eligible to file a chapter 7 bankruptcy is the debtor must be an individual, a corporation, a partnership or any other business entity. The first thing that will be done to check your eligibility is that your average income for 6 months earlier to the filling date and comparing it with the median earnings of the state in which you reside if your average income is below that median income then you are eligible to apply.

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Raise your score after filing Bankruptcy: Tips for Los Angeles residents from a Bankruptcy Attorney

February 9, 2010 By admin Leave a Comment

Having a Bankruptcy is one of the most devastating things that you can experience. You may ask after I have this Bankruptcy will I be able to raise my credit score. There are things that you can do after you have a Bankruptcy that can help your credit score and financial situation. You need to get a copy of your credit report so that you know exactly what your credit score is. Next you want to look through the report to see if you have any items that should not be on your report.

When you are trying to get rid of negative items on your credit report you need to dispute all those items because it is up to the credit agency to verify if the item in question is accurate or not. If they can not verify it within a 30 day period then they must delete it. Remember that you have the advantage when it comes to your credit score and improving it.

Also it is very important that with any credit cards that you currently have pay them on time and do not be late. this will help improve your credit score very quickly. The benefits of paying your bills on time are that you will have a lower interest rate as well as higher credit score.

You also want to make sure that your credit cards are not maxed out and you make an effort to pay down the balances on your credit cards. The higher the balances the lower your credit score will be.

Remember that even if you have had a Bankruptcy you still can overcome it and raise your credit score if you follow the steps necessary to do so.

To find a Pre-Screened Lawyer in your area, please call our 24Hr Unbiased Lawyer Referral Hotline at 661-310-7999.

To find pre-screened and monitored attorneys in the Los Angeles Metro area please call 661-310-7999.

Certified by the California Bar Association (Certification # 0128), 1000Attorneys.com is a single point of contact to find pre-screened attorneys in Los Angeles, California. The lawyer referral program complies with rules and regulations set forth by the Bar and the Supreme Court to provide unbiased lawyer referrals to Los Angeles residents

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Bankruptcy is not the only option for Los Angeles Residents

February 9, 2010 By admin Leave a Comment

If you, like thousands of other North Americans, find yourself swimming in debt month after month with no end in sight, you are probably weighing your alternatives. Bankruptcy may be one of the options you've been looking at, but it should certainly be the last one you consider. A bankruptcy will stay on your record for a minimum of 6 years. This means you may be required to sell some of your assets, and it will be extremely difficult to get credit cards or loans for at least the next 6 years after you file for bankruptcy.

If you are beyond debt consolidation, but you have a regular income and are able to pay a portion of your bills every month, then you have an alternative of which many financially strapped individuals are not aware: a consumer proposal. A consumer proposal is basically a debt negotiation with your creditors. You propose paying a lesser amount instead of filing for bankruptcy.

Often when people can't make payments on their loans, they think their only option is to file for bankruptcy. What they don't know, or don't consider is that many creditors would negotiate a lower payment if it would avoid the customer filing for bankruptcy. If a customer does file for bankruptcy, very often the creditors end up with little or nothing to show, so they will usually be quite willing to negotiate a settlement."

Some of the benefits of a consumer proposal are:

Less damage to your credit rating. Interest stops accruing at the time of filing. You only pay a portion of the total amount you owe (sometimes as little as 20%). You won't lose your assets. Wage garnishment and any other collection activities are stopped at the time of filing.

If you have decided that a consumer proposal is the best course of action for you, your next steps should be to seek the help of a licensed trustee, who will prepare your proposal and send it out to your creditors. Your creditors will then vote on whether or not to accept your proposal. If 75% or more of your creditors vote in favour of your proposal, it will be approved, if not, the trustee will call a meeting of creditors to negotiate new terms.

Bankruptcy should certainly be a very last resort, especially when this option is available and has so many benefits. A consumer proposal is not only better than bankruptcy for you, it is also better for your creditors.

To find a Pre-Screened Attorney in your area, please call our 24Hr Unbiased Law Firm Referral Hotline at 661-310-7999.

To find pre-screened attorneys in the Los Angeles area call 661-310-7999.

Certified by the California Bar Association (Certification # 0128), 1000Attorneys.com is a single point of contact to find pre-screened attorneys in Los Angeles, California. The lawyer referral program complies with rules and regulations set forth by the Bar and the Supreme Court to provide unbiased lawyer referrals to Los Angeles residents

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Myths about filing bankruptcy in Los Angeles

February 9, 2010 By admin Leave a Comment

If you are considering bankruptcy, but have serious misgivings that are preventing you from making a decision to proceed, prepare to be enlightened. Here is a list of the top five big bankruptcy myths.

Myth #1 - Everyone will know I've filed for bankruptcy.

Don't be offended, but almost nobody will know (or care) that you have filed for bankruptcy. Unless you're a big shot in your town or someone the media likes to highlight from time to time, it is very unlikely that anyone other than your creditors and perhaps a few close friends and family members will know you have filed.

Yes it is true that bankruptcy is a public legal proceeding, but the fact is there is no single place that you can find an up-to-date list of people who have recently filed for bankruptcy. The number of people filing for bankruptcy is so high that very few publications have the manpower or motivation to assemble and update this information.

Myth #2 - When you file a Chapter 7 bankruptcy all your debts are wiped out.

This is simply not true. Certain types of debts such as child support, alimony, government-issued or government-guaranteed student loans, and debts incurred as the result of fraud will not be forgiven. Also most judges will not discharge legal judgement amounts you've been assessed as the result of someone suing you.

Myth #3 - Everything I own will be taken away from me.

This is a major misconception that frightens many people from filing bankruptcy. They assume they will be thrown out on the street with no house, no car and no money in the bank. But this is not the case. If it was, almost nobody would file for bankruptcy.

Actual bankruptcy laws vary from state to state, but every state has exemptions that protect certain kinds of assets. These include your house, your car (up to a certain value), household goods and clothing and money in qualified retirement plans. In many cases a person will pass right through bankruptcy and essentially keep everything they have. That includes their mortgage and car loans as long as they keep on making the regular payments.

Myth #4 - I'll never get credit again.

Believe it or not, it won't be long before those eager beaver credit card companies will be sending you offers again. In fact there are companies that target high risk borrowers and people who've had credit problems. They charge exorbitant interest rates but that is the price you pay for needing credit in such circumstances.

For this very reason most people are advised not to start running up bills again, and should most certainly stay away from acquiring a number of high interest rate credit cards. While it is true that most people who need a car loan will be able to find someone prepared to give them one, the rate will be very high. That is why it is best if you are thinking of buying a house or car to get these set up before you file and while your credit score still looks presentable.

After bankruptcy, those loans will be tough to get and the higher interest rate will have a significant effect on your payments. Also, if you have a credit card with a zero balance on the day you file for bankruptcy

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