Granada Hills Bankruptcy Attorney
Serving Throughout Mission Hills and Los Angeles County
If you are struggling with overwhelming debt, you may be wondering what your options are. Many people think that bankruptcy is the last resort, but it does not have to be. Bankruptcy is a powerful tool that can be used to help you regain control of your financial life.
At Financial Recovery Law, we can help you determine whether bankruptcy is the right option for you. We will evaluate your individual situation and help you determine if bankruptcy is the best option. Our goal is to help you find the best solution to your financial problems.
Schedule a free initial consultation with our experienced bankruptcy attorney in Granada Hills by calling (888) 256-8581or contacting us online. We serve clients all throughout Northridge, Mission Hills, and beyond.
What Is Bankruptcy?
Bankruptcy is a legal process that individuals and businesses can use to relieve their debts. Bankruptcy is a powerful legal tool that can be used to help people regain control of their financial lives. There are several different types of bankruptcy. Each type was designed to help a specific type of person or business.
Filing for bankruptcy can be a difficult and stressful experience. Fortunately, our bankruptcy lawyer in Granada Hills can help you navigate the process.
Our experienced bankruptcy attorney in Granada Hills can help you file for bankruptcy. We can help you determine which type of bankruptcy is best for you.
Types of Bankruptcy
There are several different types of bankruptcy. Each type was designed to help a specific type of person or business.
Below are the most common types of bankruptcy:
- Chapter 7: This type of bankruptcy is used by individuals. It involves a court-appointed trustee liquidating non-exempt assets to repay creditors. It can be difficult to rebuild your credit after a Chapter 7 bankruptcy. However, a Chapter 7 bankruptcy can help you eliminate your debt and discharge your remaining debts.
- Chapter 13: This type of bankruptcy is used by individuals. It involves a repayment plan that lasts between three and five years. You will make monthly payments to a court-appointed trustee who will distribute the funds to your creditors. At the end of the plan, many unsecured debts and late fees are discharged.
- Business bankruptcy: Businesses can file for bankruptcy. The process is similar to Chapter 7, but involves additional considerations. Our bankruptcy lawyer in Granada Hills can help you file for bankruptcy as a business.
There are several other types of bankruptcy. If you are interested in learning more about the specific type of bankruptcy that is right for you, contact our bankruptcy attorney in Mission Hills.
How Does Bankruptcy Work?
Bankruptcy begins when you file a petition with the bankruptcy court. You must include a list of your assets, a list of your creditors, and a proposed repayment plan. The court will then appoint an attorney to represent the interests of your creditors.
After the court receives your bankruptcy petition, it will:
- Send notice of your bankruptcy filing to your creditors
- Allow your creditors to file an objection to your bankruptcy
- Allow you to file a reaffirmation agreement
- Allow you to file a repayment plan
- Set a hearing for the court to approve or reject your repayment plan
After the court approves your repayment plan, your creditors will be notified of the plan and will have 30 days to accept or object to it. If your creditors do not object to the repayment plan, it will be approved.
If your creditors do object to the repayment plan, the court will hold a hearing to determine whether the plan is feasible. If the court finds that the repayment plan is feasible, it will be approved. If the court finds that the repayment plan is not feasible, you will be allowed to file a different repayment plan.
Bankruptcy will not automatically solve your financial problems. However, it can help you eliminate your debt and discharge your remaining debts. It can help you regain control of your financial life.
What Is a Reaffirmation Agreement?
Reaffirmation agreements are a unique part of the bankruptcy process. They allow you to voluntarily reaffirm your debts after you have filed for bankruptcy. Reaffirmation agreements are most often used for personal loans and credit cards.
Reaffirmation agreements are used to reaffirm debt that is not discharged by your bankruptcy. This means that reaffirming a debt does not eliminate it.
Contact Our Granada Hills Bankruptcy Lawyers
Overwhelmed by debt in Granada Hills? Financial Recovery Law is your partner for a fresh financial start. Our bankruptcy experts are here to guide you toward relief. Contact us today.
Schedule a free initial consultation with our experienced bankruptcy attorney in Granada Hills by calling (888) 256-8581or contacting us online. We help those throughout Northridge, North Hills, and the surrounding areas.
