If you are in a financial situation that seems dismal, you need to hold onto hope. There are solutions available to you that may eliminate your debts, get creditors off your back, and keep your credit score healthy.
One of the most frequently-sought resolutions to fiscal woes is to file for bankruptcy. Although it is common, filing bankruptcy in California is not necessary easy or straightforward. There are plenty of legal pitfalls and complications that need to be addressed by a professional to ensure nothing goes wrong.
Steps for Filing Bankruptcy
Bankruptcy means test: You will first have to complete this test to determine if you even qualify for a form of bankruptcy. If you do, you may proceed. If you do not, there might be other options available to you. Contact us to learn more.
Gather documentation: There are a few things that you want to itemize to make this process smoother. If you cannot locate some items, you should work with a professional attorney to figure out what is missing.
- Sources of income
- Major transactions for the last two years
- Monthly expenses (necessities)
- Al forms of debt
- Real estate property, assets, and possessions
- Tax returns for the last two years
- Car titles
Determine exemptions: In many cases of bankruptcy, some items will be exempt from collection. Some items that might ultimately be considered exempt include:
- Automobiles (when necessary for travel)
- Certain retirement funds
Filing: A two-page petition and a stack of other forms will need to be filed with your district bankruptcy court (see below). Get a lawyer to double-check everything for completion and errors. One mistake could send you back to the beginning.
FINANCIAL HELP WHEN YOU NEED IT MOST
Correctly filing for bankruptcy could mean serious and immediate relief for you, your family, and your business. Incorrectly filing or failing to do so at all might spell further financial troubles. To get yourself started on the right track, contact our bankruptcy lawyers today to request a free initial consultation.
Los Angeles Bankruptcy Court
255 East Temple St.
Los Angeles, CA 90012
Riverside Bankruptcy Court
3420 Twelfth St.
Riverside, CA 95201
Santa Ana Bankruptcy Court
411 W. Fourth St.
Santa Ana, CA 92701
Santa Barbara Bankruptcy Court
1415 State Street
Santa Barbara, CA 93101
Woodland Hills Bankruptcy Court
21041 Burbank Blvd.
Woodland Hills, CA 91367