Encino, CA Bankruptcy Lawyer

Encino, CA Bankruptcy Lawyer

Those who are struggling with personal debts should not be embarrassed if they are considering filing for bankruptcy with help from an Encino, CA bankruptcy lawyer. Even though bankruptcy can seem like a stigmatized topic, it never should have been. There are so many people out there who are drowning in consumer debt and could benefit from filing for bankruptcy, but they are too shy to seek financial relief through this resource. Perhaps more than ever before, with the rising costs of living and other factors, it can be difficult for people to sustain themselves. Most people will go through a dire financial situation at some point in their lifetime. Knowing that there are resources available that can put you back on the right track can provide relief when it is needed the most. If you have questions about filing for bankruptcy, please call our legal team at Resolve Law Group as soon as you can.
bankruptcy lawyer Encino, CA

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Avoiding Foreclosure And Repossession

If you file for bankruptcy under Chapter 13 or Chapter 7, then the bankruptcy court is going to issue an automatic stay. What this does is put a stop to any and all collection efforts against you. This can include auto repossession, mortgage foreclosure, and other property repossession. By filing for bankruptcy, you can take the time you need to get current with your mortgage, utility payments, and other outstanding debts. When someone is struggling to meet their financial obligations, they may fear that their car and other possessions may be taken away. But the unfortunate fact is that if these things do get removed, then a person may not be able to get to work everyday and their lives may continue to be negatively affected.

Halting Wage Garnishment And Other Efforts

Another concern many people have who have gotten behind on their debts is whether their wages will start to get garnished. A creditor can submit a request to the court to have a portion of your earnings taken out of your paycheck before it has even been given to you. When you file for bankruptcy, these collection efforts halt. Wage garnishments and bank levies will be stopped, and debt collectors won’t be able to contact or send you letters. As your Encino bankruptcy lawyer explains, many debtors find immense relief in having creditors stop contacting them. This period of relief allows someone to reassess their finances without the constant pestering of relentless debt collectors.

Contact Resolve Law Group

If you are considering filing for bankruptcy, there's no need to be embarrassed or ashamed. In fact, thinking about what your resources are shows that you want more for yourself and are ready to get back to financial stability. Our team at Resolve Law Group has assisted so many people just like you, who want to feel confident about their financial situation. If you have questions about filing for bankruptcy, don’t hesitate to call an Encino bankruptcy lawyer at your next convenience. We are ready to help you.

Navigating Bankruptcy Law With Help From A Legal Professional

Facing financial difficulties is incredibly challenging for anyone and while seeking bankruptcy may be a way to receive relief, the legal process can be both complex and emotionally challenging. At Resolve Law Group, we are dedicated to guiding our clients through these challenging times. As experienced Encino bankruptcy lawyers, we blend comprehensive legal knowledge with a compassionate approach, ensuring that our clients receive the best possible support and advice.

Understanding Bankruptcy Basics

Bankruptcy is a legal process designed to help individuals and businesses overcome unmanageable debt. It's a solution that, although sometimes difficult, can offer a fresh start and a pathway to a more stable financial future. We believe it's essential to approach bankruptcy with a clear and informed perspective.

Types Of Bankruptcy

Bankruptcy is a legal process designed to help individuals and businesses eliminate or repay their debts under the protection of the federal bankruptcy court. As bankruptcy lawyers in Encino, CA, at Resolve Law Group, we understand the complexities and stress that come with financial distress. Our goal is to guide our clients through the various types of bankruptcy, helping them choose the path that best suits their financial situation.

Chapter 7 Bankruptcy: Liquidation

Chapter 7 bankruptcy, often referred to as liquidation or straight bankruptcy, is the most common form. It allows individuals to eliminate most types of unsecured debt, such as credit card debt, medical bills, and personal loans. In a Chapter 7 case, a trustee is appointed to liquidate the debtor's non-exempt assets to pay creditors. However, many of our clients are relieved to learn that most personal assets, including home equity and retirement accounts, may be protected under exemption laws. We can help determine which of your assets would be considered exempt and guide you through the liquidation process if necessary.

Chapter 13 Bankruptcy: Reorganization

Chapter 13 bankruptcy is designed for individuals with regular income who wish to keep their property but need to restructure their debts. It allows them to propose a repayment plan to make installments to creditors over three to five years. Our team at Resolve Law Group specializes in crafting feasible repayment plans that respect our clients' financial limitations while complying with legal requirements. Chapter 13 can be a powerful tool for saving a home from foreclosure, rescheduling secured debts (other than a mortgage for a primary residence), and consolidating obligations under more manageable terms.

Chapter 11 Bankruptcy: Business Reorganization

Primarily aimed at businesses, Chapter 11 bankruptcy facilitates the reorganization of a debtor's business affairs, debts, and assets. It's also available to individuals whose debts exceed the limits of Chapter 13. Chapter 11 allows the debtor to propose a plan for profitability post-bankruptcy, which might include downsizing operations or restructuring debts. Our expertise at Resolve Law Group includes assisting businesses in navigating the complexities of Chapter 11, ensuring that they can make informed decisions about their future.

Bankruptcy Infographic

The Role Of A Bankruptcy Lawyer

The role we play as your Encino bankruptcy lawyer is multifaceted. We not only provide legal representation but also offer strategic advice tailored to your unique situation. Our team helps in preparing and filing bankruptcy documents, representing clients in court, and negotiating with creditors. Our goal is to make the bankruptcy process as smooth and stress-free as possible.

The Impact Of Bankruptcy

Bankruptcy can significantly impact your financial status and credit score. However, it's also a step towards regaining financial control. Many of our clients find that the relief from overwhelming debt is a transformative experience, allowing them to rebuild their financial health with a clean slate.

Long-term Financial Planning

Post-bankruptcy, we assist our clients in developing long-term financial strategies. This planning is crucial to avoid future financial pitfalls and to ensure a sustainable and secure financial future. We encourage our clients to view bankruptcy not as an end, but as a new beginning.

Choose Our Firm For Your Bankruptcy Needs

If you're considering bankruptcy, choosing the right legal team is crucial. At our firm, we pride ourselves on our approachable, professional, and sincere commitment to our clients. As your Encino bankruptcy lawyer, we promise to work tirelessly to provide you with the best possible outcome.

A Future Free From Financial Burden

While bankruptcy might seem daunting, it's a viable option for many facing financial hardship. With the right guidance and support, it can be a stepping stone to a more secure financial future. If you're looking for assistance in navigating these complex waters, our team is here to help. Reach out to us, and let's work together to turn over a new leaf in your financial journey.

6 Ways To Finding Relief Through Financial Reorganization

In the face of overwhelming debt, it may feel like options are limited. However, financial reorganization presents a viable path to regain control of one's finances. This approach can provide a fresh start to those struggling under the weight of their financial obligations. You may want to speak with an Encino, CA bankruptcy lawyer to see what your options are. Below is a detailed guide to understanding how this process can offer relief and a step towards financial stability. Resolve Law Group would be happy to go over your individual financial situation to determine what the best option – or options – is for you.

Understanding Your Options

Before considering any significant financial decision, it's crucial to understand the options available. Financial reorganization isn't a one-size-fits-all solution; it varies depending on individual circumstances. This process can involve restructuring debts to make them more manageable, negotiating with creditors, or even discharging certain types of debt. The first step is to gain a comprehensive understanding of what each option entails and how it applies to your specific situation.

Assessing Your Financial Situation

A thorough assessment of your financial situation is essential. This includes taking stock of all debts, assets, income, and expenses. A clear picture of your finances will not only help in determining the most appropriate path forward but also in creating a realistic plan that addresses your financial challenges. It's about finding a balance that allows you to meet your living expenses while reducing your debt load.

Seeking Professional Guidance

Navigating the complexities of financial reorganization can be daunting. Seeking the advice of a skilled Encino bankruptcy lawyer can make a significant difference. These experts can provide valuable insights, help you understand your legal rights, and guide you through the process. Their experience and knowledge can be instrumental in developing a strategy tailored to your unique situation.

Developing A Strategic Plan

With professional advice and a clear understanding of your financial situation, the next step is to develop a strategic plan. This plan should outline how you will tackle your debt, including which debts to prioritize, how to negotiate with creditors, and what lifestyle adjustments may be necessary. The goal is to create a sustainable path forward that not only addresses your current financial challenges but also helps prevent future ones.

Implementing Your Plan

With a plan in place, the focus shifts to implementation. This step requires discipline and commitment as it involves managing your budget, making regular payments, and potentially adjusting your lifestyle. It's also a time to monitor progress and make adjustments as needed. Success hinges on staying the course and remaining focused on your financial goals.

Rebuilding Your Financial Foundation

As you begin to see progress, it's important to think about the future. Rebuilding your financial foundation involves more than just getting out of debt; it's about establishing healthy financial habits that can sustain you long term. This includes budgeting, saving, and investing wisely. It's an opportunity to learn from past financial mistakes and build a more secure financial future.

6 Ways To Finding Relief Through Financial Reorganization Infographic

Contact A Lawyer Today

If you're feeling overwhelmed by debt, know that you're not alone—and there are steps you can take to find relief. While the journey towards financial stability may seem challenging, it's a path worth exploring. Seeking professional guidance from an Encino bankruptcy lawyer can provide the support and direction needed to navigate this process successfully. Remember, the goal is not just to overcome financial hurdles but to lay the groundwork for a secure and prosperous future. If you're ready to take the first step towards financial freedom, consider reaching out to a specialist who can help you understand your options and develop a plan that's right for you. Resolve Law Group is here to help and can set up a consultation to go over everything with you in detail.

Common Questions About Bankruptcy Law

Our Encino, CA bankruptcy lawyer understands that those considering bankruptcy will not only be facing financial challenges but also an overwhelming legal process that can be both complex and intimidating. As your trusted legal team, we're here to provide clear and concise answers to some of the most common questions about bankruptcy law. Whether you're considering filing for bankruptcy or exploring your options, our team from Resolve Law Group is here to help you resolve this journey with confidence.

What Debts Can Be Discharged In Bankruptcy?

In bankruptcy, certain types of debts can be discharged, meaning you're no longer legally obligated to pay them. These typically include unsecured debts such as credit card bills, medical expenses, personal loans, and utility bills. However, it's essential to note that not all debts are dischargeable. Debts like child support, alimony, student loans (in most cases), and recent tax debts may not be eligible for discharge.

How Does Bankruptcy Affect My Credit Score?

Bankruptcy can have a significant impact on your credit score initially. It may cause your credit score to drop, making it challenging to obtain credit or loans in the short term. However, the impact is not permanent. With responsible financial management and time, you can begin rebuilding your credit. While bankruptcy can remain on your credit report for several years, its impact lessens over time, especially with positive credit behavior.

Can I Keep Any Assets If I File For Bankruptcy?

Depending on the type of bankruptcy you file, the state you live in, and the available exemptions, you may be able to keep certain assets when filing for bankruptcy. Commonly exempt assets may include your primary residence, vehicle, clothing, household goods, and tools of your trade. Understanding which assets you can retain is crucial, and our legal team can assist you in navigating this aspect of the bankruptcy process.

What Is The Difference Between Chapter 7 And Chapter 13 Bankruptcy?

Our Encino bankruptcy lawyer will share that Chapter 7 and Chapter 13 bankruptcy are the two primary types of bankruptcy filed by individuals. Chapter 7, often referred to as liquidation bankruptcy, involves the sale of non-exempt assets to pay off creditors, after which remaining eligible debts are discharged. In contrast, Chapter 13 bankruptcy allows individuals to restructure their debts and create a repayment plan over three to five years, typically retaining their assets in the process. The choice between Chapter 7 and Chapter 13 depends on various factors, including income, assets, and debt.

How Long Does Bankruptcy Stay On My Credit Report?

The duration that bankruptcy stays on your credit report depends on the type of bankruptcy filed. Chapter 7 bankruptcies typically remain on your credit report for ten years, while Chapter 13 bankruptcies may be removed after seven years. While bankruptcy's presence on your credit report can impact your credit score, its significance diminishes over time. By practicing responsible financial habits and rebuilding credit, you can mitigate its long-term effects.

Exploring Your Options

Resolve Law Group is here to help those who may be considering bankruptcy or have questions about their financial situation. As experienced Encino bankruptcy lawyers, we provide personalized assistance and guidance to clients facing financial challenges. Schedule a consultation with us today to discuss your options and take proactive steps toward a brighter financial future.

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