Los Angeles Bankruptcy Lawyers
Representing Individuals & Small Business Owners
If you want to file for bankruptcy in Los Angeles, then please don’t hesitate to reach out to our qualified legal team at SM Law Group, APC to get the advice you need to make informed decisions that will protect your best interests.
Is Bankruptcy Right for Me?
While different types of bankruptcies can provide a person with debt relief and an opportunity to get their finances back in order, determining whether or not to file for can be confusing without guidance from an experienced lawyer. We can help you decide whether bankruptcy is the right choice.
In general, bankruptcy might be a good option for you if:
- You are eligible to file either Chapter 7 or Chapter 13
- You are having trouble paying off unsecured debt such as medical bills, credit card debt, etc.
- You are facing numerous collection actions, including repossessions, wage garnishment, and lawsuits
- You can benefit from certain bankruptcy exceptions which allows you to keep certain assets like your car, home, and other necessities
If you are feeling stressed about your finances and are struggling to keep up with credit card debt, medical bills, or loans, then please talk to our lawyers today to discuss whether you are eligible for bankruptcy.
Dependable & Trustworthy Bankruptcy Representation
We understand that you want an attorney you can rely on who’s going to be there when you need them most during your bankruptcy case. Our boutique law firm has the extensive resources and capabilities of larger firms, and we pride ourselves on the personalized attention and customized legal strategies we provide to each of our clients. We have a proven track record of successful cases and have discharged millions of dollars of debt for clients who were able to file for bankruptcy. Not only have we been able to save small businesses and homes, but we’ve also helped the clients we serve to get their finances back on track.
Small Business Bankruptcy Services
If your business is struggling to stay afloat in this volatile economy, then you should consider filing for Chapter 7 or Chapter 11 bankruptcy. Although you may dread the thought of going out of business and the impact it will have on your employees, you still need to protect yourself from personal liability. Depending on the bankruptcy option you file for, you may be relieved of the responsibility of dealing with creditors or given additional time to get your business operation on a stable footing. Consult with us today to determine which bankruptcy option is right for your business formation. Our knowledgeable advocates will fiercely represent your best interests both in and out of bankruptcy court.
Chapter 7 Bankruptcy
In a Chapter 7 bankruptcy, all your debts will be discharged. This means you will not owe anyone any money, and new creditors will be very willing to extend credit. You will also begin receiving new credit cards within a matter of months. These new credit cards are a stepping stone to a bright new future. If they are used responsibly and paid on time every month, then this will be reflected in your credit report.
With each month of on-time payments, your credit score will increase, thus giving you the opportunity to grow. As your credit score and credit history begin to look better, other creditors will also be willing to extend credit. Our clients have been approved for major credit cards within months of filing a bankruptcy, and for new car loans within one year of filing bankruptcy. They have also been approved for home loans within 2 years of filing bankruptcy!
Chapter 13 Bankruptcy
A Chapter 13 Bankruptcy is for those that have some money left over after paying all their necessary expenses, or who have assets of significant value. People in these situations can reorganize on their debt and pay back only what they can afford to pay over a period of three to five years. Chapter 13′s can also allow a person to strip their second and junior mortgages if the value of the home is less than the balance owed on the first mortgage.
Chapter 13 lets you set up an affordable monthly payment plan to get caught up on major debts like your mortgage, car loan, and/or taxes, while significantly reducing or even eliminating minor debts like credit cards, medical bills, or personal loans. A Chapter 13 bankruptcy will essentially cut the fat so that you only pay for the important things while keeping all your assets and income.
Common Bankruptcy Questions
- What debts are covered by Bankruptcy?
Very few debts are not covered by bankruptcy. However, child support and alimony, student loans, and debts incurred by having caused injury or death cannot be absolved through this process.
- Will Bankruptcy Stop the Constant Credit Agency Calls?
Since the act of filing for bankruptcy stops all actions against you by those you owe money, creditors must end the non-stop harassment once you file your documents. Creditors can’t take you to court, garnish wages, or make telephone calls. If creditors continue calling you after your bankruptcy, you can report their behavior to the Federal Trade Commission.
- Who Will Know if You Declare Bankruptcy?
In a slowly recovering economy, declaring bankruptcy is a common fact of life for those attempting to move past bad points in their lives. While bankruptcy filings are public records, few people will know. Credit Bureaus will record the bankruptcy, and it remains on your record for 10 years.
- Will I Lose All My Credit Cards?
Whether you lose all your cards depends largely on the creditor’s response to your filing bankruptcy. If you are listing this line of credit as part of the bankruptcy, they will cancel the card. If you make arrangements to reaffirm the debt, you should understand that the amount you owed before the bankruptcy filing will still remain. Not all credit card agencies will accept reaffirming your debt. After the filing it’s possible they will cancel your card even if you have kept the card paid up, and owe them nothing.
- Will Bankruptcy Ruin My Credit?
There is a common misconception that bankruptcy will ruin your credit for life. But nothing can be further from the truth. It is actually the quickest way to start over and rebuild your credit. Because so many people are now filing bankruptcies, those that review your credit report will not focus on the fact that you filed bankruptcy. Instead, the focus is on how responsible you have been with the new credit you are given. This is what we mean when we say a bankruptcy will give you a second chance and a fresh start.
- Will I Spend Years Without Credit?
Not having a credit card isn’t a problem for most who declare bankruptcy. Many banks offer secured credit cards. This is a good way to begin building your credit back. A creditor will let you put up a certain amount of money, such as $200 or $500 in a bank account to secure the money you spend through the card. As you reestablish your credit history, it can be possible to get a mortgage loan, or get a loan for a car. While the bankruptcy stays on your record even before the 10 years is up you will see more and more creditors interested in your business.
Speak to Our Experienced Legal Team at SM Law Group
If you are considering bankruptcy to get out of debt, then please visit our law firm at your earliest convenience so we can assess your case to determine which bankruptcy option suits your situation. Our lawyers have a great deal of experience, and we will provide you with the personalized service you need to get through these troubling financial times.
To set up your free case consultation with a lawyer at our firm, call us today at (818) 805-1758.
Individual v. Credit Card Company (harassing phone calls) $280K Settlement
Individual v. Credit Card Company (harassing phone calls) $300K Settlement
Individual v. Credit Card Company (harassing phone calls) $175K settlement
Small Business Chapter 7 Over $750,000 Debt Discharged
Individual Chapter 13 $100,000 of Unsecured Debt Discharged
Individual v. Credit Card Company (harassing phone calls) $150K Settlement
Individual Chapter 7 Over $1 Million Debt Discharged
Individual v. Credit Card Company (harassing phone calls) $250K Settlement
Hard working- Former Client
I would recommend them to anyone.- Joshua N.
Great working with you guys!!- Hermes P.
They were awesome and spent time with me over the phone and answered my questions.- Shawn M.
I was extremely happy and satisfied with my settlement and outcome of my case.- Dan N.
Thank you, Kian, for your professionalism and expertise!- Nathan N.
The absolute best when it comes to handling bankruptcy!- Anna G.
John and the representative who met me at the courthouse were very thorough and guided me every step of the process.- Evitha B.
They made a very stressful situation much easier for me.- Lenny DcComics
I have never experienced more professional care. My phone calls and emails were answered within 5 minutes!- Lenka Wallace