Bankruptcy is one of the most common issues these days in the United Sates. But the real problem is that not everyone is aware of it. Hiring a Bankruptcy Attorney Los Angeles might be one of the solutions but it is also important to understand the various types of cases that you can file in order to declare bankruptcy. There are two types of cases where you can file in bankruptcy one is chapter 7 and the other is chapter 13. Not everyone might qualify for chapter 7 but generally anyone can surely qualify for chapter 13 bankruptcy. This chapter does not take your income into consideration.
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After many months you find that your balance has not decreased considerably. It might still be the same, or worse, greater than it was the previous month.
5) Finally, try to find a bankruptcy attorney who will explain to you all of your options. Sometimes bankruptcy is not the right solution. Other times it might be better for a client to go through a Chapter 7 bankruptcy process instead of meekly trying to pay off their debts in a Chapter 13 process. A good bankruptcy bankruptcy attorney phoenix will explain all your options to you so that you can make an informed decision about what to do. If the lawyer can’t or won’t explain all of your options, consider going elsewhere for legal help. You deserve to know all your options and not feel pressured to do something that you may not wish to do.
Chapter 13 – this form of bankruptcy attorney is also referred to as a “reorganization plan.” When you enter this type of bankruptcy you are allowed to keep certain assets. People mainly file this chapter if they want to keep their home. From there the court will evaluate your outstanding debt and setup a monthly payment schedule for the next five years. Once the five years has ended, and you have fulfilled your obligation to the court, any outstanding balances on your debt will be discharged.
1) Experience. The first crucial item you should look for is how long has the attorney been in practice and how many specific Chapter 7 cases has he or she has handled. They will know when is the best time to file, what is the best way to file, and many other precise procedures that will need to be adhered to in the federal court process. This sort of experience can only be gained through years of practicing the law.
At the end of the day, you’ll need to make a decision you can feel comfortable with. Choosing an attorney is never fun, but when it’s necessary, it’s important that you’re confident in your end decision. Don’t settle, and remember to always trust your gut feeling.