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Stop Foreclosure with Chapter 7 and Chapter 13 Bankruptcy Attorneys in Los Angeles

Los Angeles, CA; 07, May 2015: Bankruptcy is a legal process through which a homeowner (or any other borrower) can eliminate or repay all or part of their debt under the protection of a bankruptcy court. Filing bankruptcy immediately stops all efforts to collect a debt; including foreclosure. For anyone facing foreclosure or thinking about bankruptcy, it is always best to call and get free legal advice from an experienced bankruptcy lawyer.

Consumer Action Law Group

Advantages of Filing Bankruptcy

• Filing for bankruptcy can delay foreclosure and stop a sale immediately and ease the debt burden. Individuals will get a financial fresh start and can later apply for new loans and credit cards.
• Lenders will be temporarily or even permanently restricted from collecting debts that individuals owe. Filing bankruptcy will stop harassing collection calls and menacing visits from creditors or their collection agents; including wage garnishment and auto repossessions.
• Filing bankruptcy does not mean individuals will lose their property. In California, the law is very clear that the home individuals live in is exempt from liquidation as long as the equity in the property is under a designated amount.
• Bankruptcy is not ideal for everyone; individuals should call and speak with a Los Angeles bankruptcy attorney to discuss the best option for stopping foreclosure and clearing debt.

Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy
There are two common Bankruptcy chapters; Chapter 7 and Chapter 13. The differences between the two are important. In broad terms, a Chapter 7 is filed to get rid of unwanted debt such as credit cards, medical bills, and stopping collections for wages that are being garnished. A Chapter 13 is filed to repay missed mortgage or car payments, strip a 2nd home loan that is unsecured, and get caught up after falling behind on mortgage or car payments in a payment plan.

Who Can Qualify for Bankruptcy?
Chapter 7 bankruptcy is available to people who whose income is below the state median. Chapter 13 bankruptcy on the other hand is open to people whose incomes are sufficient for a reasonable repayment plan. Individuals should consult with an experienced Los Angeles bankruptcy attorneys for further guidance.

Can Bankruptcy Stop Foreclosure?
Chapter 7 bankruptcy delays foreclosure by 3 to 4 months. Chapter 13 bankruptcy delays foreclosure by a much longer period [up to 5 years] and often completely stops the foreclosure. Contact a recommended Los Angeles bankruptcy law firm to learn more.

Will my property be protected when file bankruptcy?
When filing Chapter 7 bankruptcy, many assets are protected from being sold to repay the debt; usually credit cards and medical bills are wiped out without any sale of personal assets. When filing Chapter 13 bankruptcy, individuals get to keep their property as long as the terms of the plan are satisfied.

Will Bankruptcy Eliminate My Mortgage Payment?
Chapter 7 bankruptcies automatically discharge the amount individuals owe if they plan to surrender their property. Chapter 13 bankruptcies may eliminate the 2nd and 3rd mortgage but require that individuals pay the first mortgage.

How long will my bankruptcy take from the time of filing to discharge?
Chapter 7 bankruptcies take between 3 to 4 months while Chapter 13 bankruptcies take between 3 to 5 years from the time of filing to discharge.

Call Attorneys at Consumer Action Law Group to Eliminate Debt
The Los Angeles bankruptcy lawyer at Consumer Action Law Group takes the time to recommend the best option for individuals in their unique circumstances. Any individuals considering filing bankruptcy are best served when they call and get free legal advice from an experienced lawyer at Consumer Action Law Group. Individuals can stop foreclosure immediately when they file for bankruptcy to ease their financial struggles, contact the premiere bankruptcy attorneys in Los Angeles at (818) 254-8413 for immediate help.

About Consumer Action Law Group

Consumer Action Law Group is a law firm dedicated to help consumers in consumer-related matters or consumers that experienced fraud and scam. Attorneys in the team are knowledgeable and experienced in the areas of eliminating debt, mortgages fraud, auto fraud, and foreclosures. They have direct experience in consumer fraud matters and helping consumers who are facing financial crisis, foreclosure, issues with employers, and problems with auto dealers.

For Media Contact:
Person: Lauren Rode, Esq.
Telephone: (818) 254-8413
Email: Lauren@consumeractionlawgroup.com
Website: www.consumeractionlawgroup.com

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