Without a doubt, applying for bankruptcy can prove extremely stressful for those who are ill prepared for it. Courts can be intimidating places, and the procedures and legalese can be obscure and confusing. Experienced bankruptcy attorneys in Los Angeles County are able to aid their clients in navigating the legal system and help them get the best possible outcome.
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.
However, it's important to point out that insolvency isn't always the best option for everyone. For some individuals, a debt settlement plan can be a better solution. Also, there are two main types of insolvency, chapter seven and chapter thirteen, both with their own particular advantages and disadvantages.
Chapter 7 bankruptcy is also known as straight or liquidation bankruptcy. In essence, this involves the sale of the debtor's assets with the proceeds being split among the creditors. Under this provision, certain assets (such as a home and car) are protected.
Chapter 13 bankruptcy is also known as debt adjustment bankruptcy. This is basically a debt consolidation arrangement under which the debtor agrees to pay a monthly amount. Whichever option a debtor is thinking of pursuing, an attorney can provide guidance on the best choices available.
Under the direction of an experienced attorney, the stress of insolvency need not be unbearable. Costly mistakes can be avoided, and both time and money can be saved. Debtors with an experienced professional behind them can be sure they are doing the best for both their finances, and their sanity.
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.
However, it's important to point out that insolvency isn't always the best option for everyone. For some individuals, a debt settlement plan can be a better solution. Also, there are two main types of insolvency, chapter seven and chapter thirteen, both with their own particular advantages and disadvantages.
Chapter 7 bankruptcy is also known as straight or liquidation bankruptcy. In essence, this involves the sale of the debtor's assets with the proceeds being split among the creditors. Under this provision, certain assets (such as a home and car) are protected.
Chapter 13 bankruptcy is also known as debt adjustment bankruptcy. This is basically a debt consolidation arrangement under which the debtor agrees to pay a monthly amount. Whichever option a debtor is thinking of pursuing, an attorney can provide guidance on the best choices available.
Under the direction of an experienced attorney, the stress of insolvency need not be unbearable. Costly mistakes can be avoided, and both time and money can be saved. Debtors with an experienced professional behind them can be sure they are doing the best for both their finances, and their sanity.
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Find a summary of the benefits you get when you consult bankruptcy attorneys in Los Angeles County and more information about a reputable lawyer at http://www.goldbachlaw.com/ now.
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