In these troubled times, where jobs are hard to find and sometimes hard to hold onto, we hear quite a bit about people filing for bankruptcy. Now, I know it is possible to do your own paperwork and filing, but in a situation like this, it is best to have an expert on your side. If you live in CA you might want to consider a Los Angeles bankruptcy attorney.
Now, realize, that a bankruptcy attorney does not guarantee receiving the results that you would like to see, but it sure makes sense to use an attorney who knows all the ins and outs of the law. Someone who can knowledgeably guide you throughout the process.
First off, most bankruptcy attorneys have an evaluation or first consultation that they will do for free. When you go, you will need to be able to tell them about the debts you owe. This would include; credit cards, medical bills, any loans you have out, tax debts, any judgements made against you, overdue bills, and any other bills. You will also need to let them know about mortgage or rent payments, car payments, and any other bills you may have. Are you up to date on your bills, or are many of them past due. They will need to know if you are employed and how much you make. Once he/she has all this information in hand, your attorney will then be able to advise you as to whether you should apply for bankruptcy, or to try and work out a feasible plan for working at paying off your debts.
A bankruptcy attorney will be able to help you decide between a Chapter 7, where they sell all your assets, including property to pay off your debts. Or they may decide to go with a Chapter 13 where they work out a plan for you to pay off your debts within a certain time period, but you don't lose your personal property. Only an attorney with experience in bankruptcy court will be able to help and guide you in making these decisions. Be sure to seek experienced counsel before making any decisions.
Have any of my neighbors worked their way out of debt? What do you think about filing for bankruptcy?
Disclosure:This is a sponsored post for Borowitz and Clark, however, all thoughts and opinions are my own.