Is Filing for Bankruptcy Necessary?

The decision to file for bankruptcy depends on you. It is definitely a personal resolution. In order to make the right choice, be sure that you know enough about this option. Since your decision could affect your life significantly, make sure that you are knowledgeable enough with your decision. This is why most people ask the advice of a professional bankruptcy attorney prior to making their decision. If you decide to go for it, they could also help you go through the whole process.

Have tried negotiation?

Do not try to run away from your creditors for it will not do you any good. A negotiation for a better payment scheme would be a more appropriate alternative. In time, you still have to face your creditors when legal means are applied so there is really no escaping them aside from paying. You could offer them a payment method that is just.

Expect that on your first try you would be denied, but at least you show persistency. Try to talk to another person until you find one that would somehow agree with you. When you are persistent enough, you surely would find a person who is eager enough to discuss your plea.

Often times, when the debtor and creditor would find time to think about the problem and its possible solution, a simple negotiation deal could be implemented. You have to remember, that these creditors simply want their money back. In simple terms they wanted payment. They certainly would be willing to agree to any good terms that you propose especially when your account is long due.

How is your liabilities compared to asset?

You need to know how to compute your non-exempt assets. If you have more assets compared to your accumulated debts, most likely you don’t have to file for bankruptcy.

In a chapter 7 bankruptcy, the court will assign a trustee. The role of this person is to check the debtor’s non-exempt assets and have it liquidated. The money that will be collected from these assets would be paid to the creditors.

Determine the nature of your debts

It is necessary that you have an idea on the nature of your debt to act appropriately. This is one of the reasons why you need the help of a bankruptcy attorney since most likely you don’t have enough knowledge regarding this matter.

If you seek the service of an attorney that is an expert in bankruptcy, call Riverside Bankruptcy. We have been in the business for a long time. Our experience in the field could help you a lot in making sure that you are properly guided when you decide to file for bankruptcy.


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Is Chapter 13 Bankruptcy Right for You?

If you are a debtor and you don’t know anymore how to pay for your debts, it would be a good idea to think about Chapter 13 bankruptcy. In order to make the right decision and to be certain that this option would be advantageous for you, see to it that you seek the advice of a bankruptcy attorney. It is true that Chapter 7 bankruptcy could wipe out all your debts, but there are still instances that Chapter 13 would be a better choice.

Why go for Chapter 13?

One of the reasons why people go for Chapter 13 bankruptcy is simply because they do not quality for chapter 7. Though anyone could file for this type of bankruptcy, not all of them are qualified. For example, if your income for the last six months is greater than the median income in your state, you could not file for chapter 7.

Another thing that could hinder you from filing for chapter 7 is if you have a disposable income that is higher than what is required by the law for those who wanted to file for chapter 7.

Always keep in mind that the law governing bankruptcy is something that a layperson could never easily understand. This is why you should never go for a bankruptcy filing without the aid of a professional bankruptcy attorney. Doing so will just make your experience very much frustrating.

Your definition of income, expenses and disposable might not be the same as how the federal government defines it. There are times that the federal government could make your income look higher due to their different definition.

Chapter 13 bankruptcy: A preferable option

This type of bankruptcy filing is best for people who still have plans to pay for their debt but simply wanted to make up for the missed payment. It could only be possible with this option. With this, other debts such as tax obligations and student loans could also be paid over time

This is definitely the best option for people who are sincere when it comes to repaying their debts. You need to be able to let the court see that you are truthful and it capable of paying. With this option, you do not have to give non-exempt property to a trustee. It is possible to simply get the payment of the debts from your income.

Also, this type of filing is best for your co-debtor. He or she will not be asked to pay for your debt provided that you ensure that payment of your debts would be made on time and would be according to plan.

There are certainly a lot of advantages when you go for chapter 13 bankruptcy. To understand it more, call Riverside Bankruptcy. We are always ready to answer all your questions. It is our goal to provide you with the assistance you need if ever you need to file for bankruptcy.

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Bankruptcy Filing for troubled Business Owners

In the life of a business, there will always come a time that it would experience some financial problems.  There are businesses that are doing well but there are also some that are really having problems in taking care of their expenses including their debts. When you think that your business could not anymore pay its debt, you could always file for Chapter 11 Bankruptcy. However, you have to make sure that you make this as your last option.

Financial problems in your business is quite normal, a lot of businesses also experience the same problem. Keep in mind that there are a lot of things that you could do when you are now finding it hard to pay for your debts. It is necessary that you know something about these options.

Tools to deal with Debt:

  • Asset protection
  • Debt negotiation
  • Debt consolidation
  • Bankruptcy

Filing for Bankruptcy

The good thing about bankruptcy is it helps you erase all your debts and have a fresh start with your business. This is why it’s very tempting to file for bankruptcy especially when you do not know anymore how to pay all the debts of your business. However, be reminded that there are also disadvantages when you file for bankruptcy. Try other options first before you resort to declaration of bankruptcy.

Business owners usually file for bankruptcy since they are afraid that all their assets would be taken from them by the company which they are owed. The good thing with bankruptcy filing is it could help you protect some of your properties that are very important to you and your business. With this, you could start again after the case. However, this does not come in easy term.

Professional Law Firm

For a better bankruptcy filing experience, you need to be aided by a professional bankruptcy lawyer. Some might say that doing so could be handled on your own, but it is still very different when you are with a lawyer. The service of a professional law firm could ensure that you will get good results from the filing you made.

When you file for bankruptcy, it is not an assurance that it will automatically be granted. There are a lot of things that needs to be considered and most definitely your bankruptcy lawyer would know everything about this so he could help you with the smooth sailing of the case. You do not have to worry anymore regarding the outcome of your filing.

If you think that your business is not doing really good and you plan to file for bankruptcy, call Los Angeles Bankruptcy first. We are ready to examine your case and give you the appropriate suggestion or approach regarding your problem. We will be with you in the process of filing for bankruptcy if it is needed.

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