If you are not careful with your finances now, you might need to visit a bankruptcy attorney office in Los Angeles soon. For many, filing for bankruptcy is a great tool in getting a financial start. Bankruptcy is meant to offer individuals a fresh beginning from their excessive debt. Not all people get into this situation because of poor decisions. Some of them suffer from financial woes because of a tragedy, like they have been laid off or diagnosed with a serious illness. However, most individuals who get into overwhelming debt are not conscious about their finances. They just spend their money on anything not minding the consequences.
What Bankruptcy to File with the Help of Bankruptcy Attorney Office in Los Angeles?
There are several types of bankruptcy. The most common one is Chapter 7. It eliminates all debts, including credit card bills, medical bills, and various loans. The type of bankruptcy to file will depend on your situation. That’s why it is vital that you work with a bankruptcy attorney. Attorney Karine Karadjian is committed to the success of her client’s case. You will receive personalized attention when you file for bankruptcy and ask for our assistance.
When you seek assistance from our office, we will let you understand the implication of filing. Indeed, bankruptcy is an opportunity for you to start over. However, you must remember that the filing will affect your credit. It also impacts how you use your money in the future. There is a price that you need to pay after the filing prevents foreclosure on your home or repossession of your car.
When is the Right Time to File
At Karine Karadjian law office, we do not recommend our clients to wait for the right time to file as there is no such thing. But the most important thing to ask is whether or not to file. Before we recommend filing for bankruptcy, we first assess your situation. If it takes over five years to pay off your debts, you should consider declaring bankruptcy. The code of this option is to provide you a second chance but not to punish you.
If a combination of mortgage debt and medical bills negatively affected your finances, then bankruptcy could be the answer. Then again, not all people are qualified for it. For that reason, it is vital that you work with an attorney who specializes in this field. In that way, you can find the right solution for your circumstances.
On the other hand, if you are not qualified for it, there are other debt-relief options. You can go with a debt settlement or debt management program. But these solutions do not guarantee that all of your debts will be paid. Although bankruptcy is associated with long-term penalties as it remains in your record for a decade, it still gives you hope and offers you a fresh start. If you are not sure how to declare bankruptcy, make sure to talk or visit our bankruptcy attorney office in Los Angeles. Book an appointment today by calling (949)565-4707, (323)524-2123 or (818)960-6460.