When the other alternatives have been exhausted, bankruptcy can offer a fresh start. Part of our service is to determine whether bankruptcy is right for you, and if so, what type of bankruptcy to file.

Although credit card companies and collection agencies would like you believe otherwise, bankruptcy is an excellent option for many consumers. It’s a process that’s designed help you to eliminate the legal duty to pay most or all of your debts. This is called a “discharge” and it allows consumers to get a fresh financial start.

In most cases, filing bankruptcy immediately stops creditors from seeking to collect debts from you, at least until they’re sorted out by the bankruptcy court. Bankruptcy may make it possible to:

* Stop foreclosure or repossession of property so you can catch up on missed payments.
* Stop wage garnishments, debt collection harassment, and similar creditor actions to collect a debt; and
* Allow you to challenge creditors who have committed fraud or are trying to collect more money than you really owe.

Of course, bankruptcy can’t cure every financial problem, and not every kind of debt can be eliminated. For instance, in bankruptcy, it is usually not possible to:

* Certain types of debts cannot be discharged: such as child support, alimony, certain other debts related to divorce, most student loans, criminal fines, and some taxes.
* Eliminate debts that are secured by collateral, like car loans and home mortgages.
* Filing for bankruptcy will not protect co-signers on your debts. If a relative or friend has co-signed a loan, and you discharge the loan in bankruptcy, the co-signer may still have to repay all or part of the loan.

Regardless of the path you choose to take in addressing your debt issues, the most important thing to keep in mind is that they won’t go away by themselves. Retaining an attorney is the right first step. Using appropriate strategies, credit may be rebuilt within a couple of years enabling the purchase of cars, homes and other large ticket items.

Feel free to visit our Bankruptcy Website for additional information at www.BankruptcyLALaw.com.  You will find a Los Angeles Bankruptcy Attorney that truly cares about your situation.