Bankruptcy Attorneys Encino
One of the best solutions to a personal or business debt problem is receiving legal protection by filing for bankruptcy. Bankruptcy is basically a process where consumers and business that are faced with debts which they are unable to repay can receive protection from the bankruptcy courts.
The best way to go about filing for bankruptcy is by consulting a bankruptcy attorney. There are plenty of good bankruptcy attorney who can provide their services to residents of their city. For example, resident of Los Angeles, California can consult lawyers in their city for advice regarding filing for bankruptcy. Attorneys are best placed to provide bankruptcy advice due to their vast knowledge and years of experience working for and representing individuals and businesses.
There are plenty of intricate details contained in bankruptcy laws that most people are unaware of. Many others may file for the wrong bankruptcy chapter. There are certain costs involved as well as processes and procedures. A good bankruptcy attorney who understands the processes, procedures and requirements will be best placed to provide the advice.
One of the bankruptcy chapters that many individuals and businesses apply for is chapter seven bankruptcy. This chapter of bankruptcy is also referred to as liquidation bankruptcy. This is because this chapter provides that some assets of the applicant be sold off and proceeds of the sale be used to repay debts owed to creditors. This chapter also provides that most unsecured debts be written off. Major assets are protected by state la and cannot be sold off to repay a debt.
Another prominent bankruptcy chapter is chapter thirteen. This is a provision in law that allows individuals and businesses with a regular source of income to have part of this income be directed towards repaying a consolidated debt. Chapter thirteen protects the applicant from having their assets seized by creditors. It also protects them from harassing phone calls from creditors demanding payment.