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Los Angeles, CA Bankruptcy lawyers (967 attorneys, 2658 reviews)

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  • Lloyd Legal, APC
    601 South Figueroa Street, #4050, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    Stop garnishments, levies, lawsuits. Keep your property & erase your debt. Call us at 855-663-6086.
  • Bereliani Law Firm
    12100 Wilshire Blvd, 8th Floor, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    Sanaz Bereliani strives to provide her clients with high quality bankruptcy representation and alternatives to bankruptcy including foreclosure defense, debt settlement, and creditor violations litigation, amongst other services at reasonable pric...
  • Eliza Ghanooni, Attorney at Law
    1901 Ave of the Stars, Suite 450, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    I take pride in my practice and I really enjoy helping my clients through an unfamiliar road. I consider myself a tourguide or a counselor, guiding them and keeping them on the safe path, keeping their assets safe,  keeping the assets of their fam...
  • Shaev & Fleischman P.C.
    8605 Santa Monica Blvd #47620, Los Angeles, CA
    Avvo Rating: 9.0  
    Licensed
    I’m a student loan lawyer who has helped thousands of federal and private student loan borrowers lower their payments, negotiate settlements, get out of default, and qualify for loan forgiveness programs. My practice includes defending student loa...
  • Sternberg Law Group
    5757 Wilshire Boulevard, Suite 345, Los Angeles, CA
    Avvo Rating: 8.8  
    Licensed
    Top Loan Agreement Lawyer. Sternberg Law Group has been solving clients financial matters since 2008.
  • Roquemore, Pringle & Moore, Inc.
    6055 E. Washington Blvd., Suite 500, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    Wesley H. Avery, Esq. received his B.A., with highest honors in Economics from the University of California, Davis in 1980, where he was elected to Phi Beta Kappa and Phi Kappa Phi. He received his M.B.A. from Harvard Business School in 1984 and h...
  • Royzman Law Firm
    10940 Wilshire Blvd 18th Fl, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    Attorney Natella Royzman has worked with clients in the many different areas and industries, including professional services, entertainment, real estate, advertising, retail, beauty, health and wellness, medical, veterinary, art, fashion, hospital...
  • Law Office of David Dastrup
    Serving Metropolitan Courthouse, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    Top-Ranked DUI Defense, Criminal Traffic Defense, Suspended License, & Consumer Debt Bankruptcy Law.
  • Resnik Hayes Moradi LLP
    510 W. 6th Street, Suite 1220, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    Jonathan Hayes concentrates focuses his efforts on assisting clients with bankruptcy and corporate business litigation. Mr. Hayes is a Certified Bankruptcy Specialist who represented many Chapter 11 debtors, businesses, and individuals. Mr. Hayes ...
  • Resnik Hayes Moradi LLP
    510 W. 6th Street, Suite 1220, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    Matt Resnik is the managing partner at Resnik Hayes Moradi LLP. Mr. Resnik has dedicated his legal career to representing financially distressed individuals and businesses against their creditors. He has garnered a stellar reputation and an excell...
  • Bayer Wishman & Leotta
    1055 Wilshire Blvd, Suite 1900, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    Biography   Megan Craig is an associate attorney with Bayer, Wishman & Leotta, admitted to practice in 2015.  An alumna of Southwestern Law School, Megan has a true passion for bankruptcy law that is reflected in her scholarly achievements and h...
  • Law Offices of Laily Boutaleb
    1999 Avenue of the Stars, Suite 1100, Los Angeles, CA
    Avvo Rating: 8.8  
    Licensed
    At LBE Law we welcome clients from all over the world looking to immigrate to the United States and clients from every corner of the country with financial, family, or other personal legal concerns. You deserve honest, reassuring professional advi...
  • Bayer, Wishman & Leotta
    www.bayerwishmanbankruptcylaw.com, 1055 Wilshire Blvd, Suite 1900, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    My law firm of BAYER, WISHMAN & LEOTTA has handled 15,000 Los Angeles bankruptcy cases since 1989. I am a Los Angeles Bankruptcy lawyer with almost 40 years of experience. The Los Angeles Bankruptcy Attorneys in my firm are ready to help you. Plea...
  • Gipson Hoffman & Pancione
    1901 Avenue of the Stars, Suite 1100, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    Review: “I contacted Mr. Wallach multiple times regarding a two debtors I have in litigation regarding a breach of contract matter. Mr. Wallach was exceedingly polite, highly knowledgeable, patient, and he gave me his time when mo...
  • Woolf & Nachimson, LLP
    1100 Glendon Avenue, Suite 1500, Los Angeles, CA
    Avvo Rating: 9.8  
    Licensed
    A partner at Woolf & Nachimson, LLP, Ben’s practice focuses on representing individuals and small businesses in Chapter 11 and Chapter 7 cases. Prior to joining Woolf & Nachimson, LLP, Ben represented Bank of America’s Dealer Financial Services, H...

BANKRUPTCY IN LOS ANGELES

How Bankruptcy Works

Bankruptcy provides a safety net for people struggling to pay debt. Once filed, debt collectors and other creditors must stop sending harassing letters, making calls, and pursuing collection lawsuits. The bankruptcy process involves a review of the debtor’s financial situation, including income and property value, to determine whether creditors will receive some portion of what’s owed. Most bankruptcy cases end with the court issuing a debt discharge wiping out qualifying debt.

Types of Bankruptcies

Chapter 7

A Chapter 7 bankruptcy provides a fresh start by erasing credit card balances, medical bills, personal loans, and other qualifying debt. It’s quick—taking about four months to complete—and the filer doesn’t repay creditors through a repayment plan. Chapter 7 filers keep property needed to work and live, such as a modest car and household furnishings. The bankruptcy trustee sells nonessential property for the benefit of creditors.

Chapter 13

Wage earners with enough steady income to repay creditors some portion of what they owe file for Chapter 13. This chapter offers valuable benefits not available in Chapter 7, such as allowing filers to keep all of their property. Filers can also save a home from foreclosure or a car from repossession by catching up on missed payments through the repayment plan. Once complete, the debt discharge erases remaining balances on qualifying debt.

Chapter 11

Chapter 11 helps income-generating companies stay in business, as well as high-earning individuals whose debts are too high to qualify for Chapter 13. In Chapter 11, the filer and creditors create a restructured debt plan the company can afford by agreeing to new terms or reducing amounts owed. Many small businesses and individuals can take advantage of the relaxed, cost-saving Chapter 11, sub-V procedures created especially for them.

Cost of Bankruptcy

A Chapter 7 bankruptcy in California tends to cost $1,650, but it might be more in large metro areas like Los Angeles. The average Chapter 13 case costs $3,500.

Bankruptcy Pros and Cons

  • Wiping out qualifying debt can help filers live within their means.
  • Filers start rebuilding credit immediately after receiving a bankruptcy discharge.
  • Filers can save a home from foreclosure or a car from repossession, and in some cases, wipe out an underwater residential junior mortgage or reduce secured debt to the value of the collateral.
  • A business owner can restructure debt and save a failing business or, after a business closure, wipe out personal liability for business debt.

  • A bankruptcy discharge doesn’t wipe out recently incurred tax balances, domestic support obligations, student loans, and other nondischargeable debts.

  • The bankruptcy filing will impact the filer’s credit score temporarily and will remain on a credit report for up to ten years.
  • Bankruptcy filers pay higher interest rates on most credit purchases after bankruptcy.
  • Filers will find it difficult to lease property for a year or two after bankruptcy.

For more on bankruptcy in California, and questions asked in Los Angeles, see our free legal advice page.