Michael Salanick Law Office of Michael Salanick
700 S. Flower Street, Suite 1000, Los Angeles, CADebts Got You Down? We Can Help. Trusted Bankruptcy Lawyer with 19 Years Experience. CALL 310-928-9947Mark Markus Law Office of Mark J. Markus
355 S. Grand Ave. Suite 2450, Los Angeles, CA"I wish I had come to you first" is the most often heard comment from my clients.Matthew Resnik Open for business Open for business
Attorneys that have confirmed to Avvo that they are open during this time are marked "Open for business" on their profile. We recommend that you contact the attorney directly to determine hours and availability.Virtual Consultation Virtual Consultation
Attorneys that have confirmed to Avvo that they are available for a phone or video consultation have "Virtual Consultation" on their profile. We recommend that you contact the attorney directly to determine hours and availability.Resnik Hayes Moradi LLP
510 W. 6th Street, Suite 1220, Los Angeles, CAAt Simon Resnik Hayes LLP, we work with people and small businesses to a fresh start.Practice area35% Bankruptcy and debt, 25% Personal injury, 25% Car accident, and more.CostFree Consultation 60 minutesLicenseCA, Active since 1996Andrew Moher Moher Law Group
10507 W Pico Blvd, Los Angeles, CAExperienced and Honest Bankruptcy Representation- $0 Upfront Chapter 13 and Loan Mods! Call (619) 878-3268Todd Turoci The Turoci Firm
1010 Wilshire Blvd., Los Angeles, CAState Bar Certified Bankruptcy Specialist on your side. I can help.Eliza Ghanooni Eliza Ghanooni, Attorney at Law
1901 Ave of the Stars, Suite 450, Los Angeles, CAI 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...Sanaz Bereliani Bereliani Law Firm
12100 Wilshire Blvd, 8th Floor, Los Angeles, CASanaz Bereliani is a California Bar certified bankruptcy specialist. She strives to provide her clients with high quality bankruptcy representation and alternatives to bankruptcy including foreclosure defense, debt settlement, and creditor violati...David Shevitz Shevitz Law Firm
3435 Wilshire Blvd., Suite 2920, Los Angeles, CACompetitive Rates & Payment Plans Available - Call TodayJoshua Sternberg Sternberg Law Group
5757 Wilshire Boulevard, Suite 345, Los Angeles, CATop Loan Agreement Lawyer. Sternberg Law Group has been solving clients financial matters since 2008.Practice area20% Bankruptcy and debt, 60% Foreclosure, 10% Chapter 13 bankruptcy, and more.CostLicenseCA, Active since 2007Michael Chekian Open for business Open for business
Attorneys that have confirmed to Avvo that they are open during this time are marked "Open for business" on their profile. We recommend that you contact the attorney directly to determine hours and availability.Virtual Consultation Virtual Consultation
Attorneys that have confirmed to Avvo that they are available for a phone or video consultation have "Virtual Consultation" on their profile. We recommend that you contact the attorney directly to determine hours and availability.Michael Chekian
445 South Figueroa Street, 31st Floor, Los Angeles, CAFile bankruptcy, settle, or fight the lawsuit? Need help with student loans; Free Consultation.Practice area2% Bankruptcy and debt, 45% Chapter 7 bankruptcy, 20% Chapter 13 bankruptcy, and more.CostFree Consultation 20 minutesLicenseCA, Active since 1993Jay Fleischman Shaev & Fleischman P.C.
8605 Santa Monica Blvd #47620, Los Angeles, CAI’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...Marc Lieberman Fredman Lieberman Pearl LLP
1875 Century Park E Ste 2230, Los Angeles, CATop-Rated Cost-Effective Bankruptcy and Business Litigation Attorney.Benjamin Nachimson Woolf & Nachimson, LLP
1100 Glendon Avenue, Suite 1500, Los Angeles, CAA 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...Jeffrey Wishman Bayer Wishman & Leotta
1055 Wilshire Blvd #1900, Los Angeles, CAWe have handled 15,000 bankruptcy cases, with offices in Long Beach and Los Angeles, CA. I am a Certified Specialist in Bankruptcy Law by the State Bar of California. I am passionate about the practice of bankruptcy because it provides an amazin...Robert Lee Law Offices Of Robert Kevin Lee
3435 Wilshire Blvd., Suite 1035, Los Angeles, CAI grew up in various parts of Los Angeles, but mostly in the San Fernando Valley. In the summers, I would drive over Kanan Road or Topanga Canyon to surf Gladstones, Topanga, or Malibu. I majored in English Literature at UCLA, then went to UCLA ...Leon Bayer Bayer, Wishman & Leotta
www.bayerwishmanbankruptcylaw.com, 1055 Wilshire Blvd, Suite 1900, Los Angeles, CAMy 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...Natella Royzman Royzman Law Firm
10940 Wilshire Blvd 18th Fl, Los Angeles, CAAttorney 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...Wesley Avery Roquemore, Pringle & Moore, Inc.
6055 E. Washington Blvd., Suite 500, Los Angeles, CAWesley 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...Mark Hayes Resnik Hayes Moradi LLP
510 W. 6th Street, Suite 1220, Los Angeles, CAJonathan 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 ...Marcus Tiggs Bayer Wishman & Leotta
1055 Wilshire Blvd, Suite 1900, Los Angeles, CAMy primary professional endeavor has been as a bankruptcy attorney and bankruptcy litigator. In law practice since 1989, I was formerly the Managing Partner of Slate & Leoni, APC, and joined Bayer, Wishman and Leotta in 2001. I became a Cer...
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.