| Personal Bankruptcy |
 Times are hard, and even those who have kept a diligent grasp on their finances may be finding themselves stacked against a compounding amount of debt. This will lead to many tough decisions for Americans, including the possibility of a personal bankruptcy. This is a viable option for anyone unable to climb out of debt due to credit cards, student loans, car loans, and even medical bills. There is also no need to take on this task alone as our experienced Los Angeles bankruptcy attorney is there to save his clients time and money.One of the most common forms of personal bankruptcy, with over 1 million Americans filing for it every single year, is a Chapter 7. This is an option available to any individual, couple, partnership, or corporation that passes the 'means test'. This is a simple test done to weigh whether a debtor meets the criteria to file for a Chapter 7 based on variables such as debt amount, assets, family size, and income. This is where the process becomes slightly more complicated, making our experienced Los Angeles bankruptcy lawyer invaluable to their clients. The original petitions must be filed, court schedules will be made, and other bankruptcy forms must be filled out. Much like the 'means test', this will all be done to give the courts an accurate assessment of whether bankruptcy is appropriate for a particular debtor. There is also one very important aspect of filing for personal bankruptcy that allows debtors a breathe of fresh air from debt collection agencies. As soon as an individual, couple, or company files for bankruptcy, creditors are legally bound to stop attempting to collect debts with what is known as an 'automatic stay'. This allows debtors the freedom from stress to take a comprehensive look at the present state and future of their finances. With the help of our bankruptcy lawyer, the unpredictable world of living in debt can be a thing of the past. A personal bankruptcy is not a failure on the behalf of a debtor. Instead, it is a chance for those who have come on hard times to start their financial life fresh. |