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 there's no legal restriction on debtors filing for bankruptcy themselves, for the majority of people, hiring a competent attorney is by far the wisest option. The procedure is complex and technical, and even minor mistakes can lead to loss of assets. An attorney can ensure that no errors are made, and that his or her clients' assets are protected to the full extent of the law.
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, 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 there's no legal restriction on debtors filing for bankruptcy themselves, for the majority of people, hiring a competent attorney is by far the wisest option. The procedure is complex and technical, and even minor mistakes can lead to loss of assets. An attorney can ensure that no errors are made, and that his or her clients' assets are protected to the full extent of the law.
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, 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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