Bankruptcy may seem to be such a dangerous situation when you first hear it. But for many it can be a great savior and quite helpful. If you are fighting to pay off your debts, then declaring a timely bankruptcy can save you from much unwanted harassment, tension, collection calls, notices and lawsuits. Mortgage foreclosures can be stopped, and you may stop creditors from garnishing your wage in case of credit card debts and medical debts.
However the law has much twists and turns when you want to declare bankruptcy to eliminate debt and whether you can file bankruptcy will be best to be evaluated by a bankruptcy attorney. The two ways you may declare a bankruptcy are by filing chapter 13 and chapter 7.
The chapter 7 bankruptcy declaration
If you are struggling with your personal loan debt, medical debt, credit card debt or mortgage debt, then chapter 7 bankruptcy can save you from losing your wage to the creditors, getting your belongings auction for collection and also from foreclosure. The chapter 7 bankruptcy can buy you some time and temporarily stop the foreclosure.
The chapter 13 bankruptcy declaration
The chapter 13 bankruptcy will do all of the above while stopping the foreclosure for substantial amount of time, and will also stop your creditors from attempting any collection from you. No more collection calls will come to you, once the bankruptcy is announced to the creditors. If you have a second or third mortgage, then you may also stop that with the chapter 13 bankruptcy.
How to decide the next step
Whether you should file the bankruptcy, Chapter 7 or Chapter 13 will be best decided by your bankruptcy attorney Los Angeles. And you can contact reputed law firms like the Consumer Action Law Groupto get hold of the best attorneys to solve your case.
Deciding any step in a bankruptcy cases needs expert thinking and expertise which a common man would not have. But a Los Angeles bankruptcy attorney will definitely have the knowledge to save you in such situation. Any kindof debt, relating to real estate, personal loan, medical or credit card etc can be solved with the timely declaration of bankruptcy and announcing it to the creditors. The best form of help can be obtained from bankruptcy lawyers of a reputed law firm.
Among many best firm is Los Angeles, Consumer Action Law Group is an excellent law firm for those that need help with discharging debts. If you are living in the state of California, you can call Consumer Action Law Group for free bankruptcy advice.