The Law offices of Chirnese L Liverpool specializes in helping individuals and families in the Los Angeles Area with filing for Bankruptcy and debt relief. Their area of practice focuses on Chapter 7 bankruptcies. If you are burdened by debt and want to explore filing bankruptcy as an option for relief, they can help you very well.
Filing for bankruptcy is not a reflection on you as a person. Perhaps you owe more on your home than what it is worth and you are struggling to make the payments, you are going through a life changing experience such as a serious illness, loss of employment, divorce or death in the family. You do not have to go on living with the constant calls from the creditors or mounting debts. Bankruptcy laws allow people who are overwhelmed by debt to get a fresh start easily.
According to the American Bankruptcy Institute “household debt is at a record high relative to disposable income.” The Administrative Office of the U.S. Courts reported that the number of filings for the year ended March 31, 2003 “exceeded 1.6 million for the first time in any 12 month period,” a 15.1 percent increase from the previous year.
There are two types of personal bankruptcy: Chapter 7 and Chapter 13. Chapter 7 Bankruptcy and Chapter 13 are legal proceedings that are available to a person to cope with the financial crisis. Personal bankruptcy must be filed in a federal bankruptcy court. You will have to pay about $306.00 in court fees. Attorney fees will be additional.
Chapter 7 of bankruptcy involves the liquidation of all your assets that are not exempt from the bankruptcy settlement. Exempt property can include automobiles, some household furnishings, and property needed for work-related use; for example if you were a mechanic the tools you use to perform your work would be exempt from the bankruptcy settlement. Exemption amounts vary from state to state.
Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, utility shut-offs, and debt collection activities. Both provide exemptions that allow people to keep certain assets, although exemption amounts vary.
Consider this when contemplating bankruptcy. If you have $40,000 in unsecured debt at about 20 percent interest, the cost of the interest alone is $8,000 per year. Divided by 12 that is about $667 per month. For less than the cost of 2 months of interest payments, you can pay for a Chapter 7 bankruptcy and be done with it once and for all.
For more information on Bankruptcy in Los Angeles Call us at 818-714-2200 to schedule a free consultation with a Los Angeles bankruptcy lawyer.
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