There's no getting away from the fact that filing for bankruptcy can be a stressful experience. Dealing with the court system can be intimidating, and the jargon and legal technicalities can cause confusion and further stress. Bankruptcy Attorneys in Los Angeles County can help their clients navigate the terrain of the legal system, and emerge from the process in the best position possible.
Although debtors are not legally barred from filing for insolvency themselves, it is far better to engage the services of a knowledgeable attorney. The process is complex and full of technical details that must be strictly adhered to. Even minor irregularities in paperwork can result in a case being dismissed, or a loss of valuable assets. An attorney can ensure that an error-free application is made and that their client's assets are fully protected.
It should be pointed out that insolvency is not always the best course of action for debtors. Debt management is often a better option for many people. Also, there are two distinct types of insolvency, each having certain advantages and disadvantages.
Chapter 7 bankruptcy, also known as liquidation bankruptcy or straight bankruptcy, is the most common type that is undertaken. This involves the debtor's assets being sold and the proceeds being distributed to the creditors. Certain assets, however, are protected (main residence and personal transport, for example).
Chapter 13 bankruptcy (or debt adjustment bankruptcy) is really a kind of debt consolidation. Under this process, the debtor's liabilities are consolidated and he or she is then required to adhere to a regular payment schedule. An attorney can advise a debtor on the best of these options given their particular circumstances.
The whole insolvency process can be a hugely stressful experience. Getting good advice from an experienced attorney can make all the difference in navigating the process in as hassle-free a way as possible. Those who choose this route are making the best decision possible for their health, both mental and financial.
Although debtors are not legally barred from filing for insolvency themselves, it is far better to engage the services of a knowledgeable attorney. The process is complex and full of technical details that must be strictly adhered to. Even minor irregularities in paperwork can result in a case being dismissed, or a loss of valuable assets. An attorney can ensure that an error-free application is made and that their client's assets are fully protected.
It should be pointed out that insolvency is not always the best course of action for debtors. Debt management is often a better option for many people. Also, there are two distinct types of insolvency, each having certain advantages and disadvantages.
Chapter 7 bankruptcy, also known as liquidation bankruptcy or straight bankruptcy, is the most common type that is undertaken. This involves the debtor's assets being sold and the proceeds being distributed to the creditors. Certain assets, however, are protected (main residence and personal transport, for example).
Chapter 13 bankruptcy (or debt adjustment bankruptcy) is really a kind of debt consolidation. Under this process, the debtor's liabilities are consolidated and he or she is then required to adhere to a regular payment schedule. An attorney can advise a debtor on the best of these options given their particular circumstances.
The whole insolvency process can be a hugely stressful experience. Getting good advice from an experienced attorney can make all the difference in navigating the process in as hassle-free a way as possible. Those who choose this route are making the best decision possible for their health, both mental and financial.
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