Top
Eagle Rock Bankruptcy Attorney

Working to Help Clients Thrive

Eagle Rock Bankruptcy Lawyers 

Navigating the Bankruptcy Process: Guidance for a Fresh Start in Eagle Rock

If you're struggling with overwhelming debt and seeking a fresh financial start, filing for bankruptcy may be your best option. At Weintraub Zolkin Talerico & Selth, we are a dedicated team of bankruptcy attorneys with extensive experience helping individuals and businesses in Eagle Rock and surrounding areas navigate the complex bankruptcy process. Whether you're facing foreclosure, wage garnishment, or simply need relief from credit card debt, our compassionate team is here to provide expert legal assistance tailored to your specific needs.

Ready to take control of your finances? Contact us today at (310) 220-4147 for a free consultation!

Why Choose Weintraub Zolkin Talerico & Selth?

At Weintraub Zolkin Talerico & Selth, we understand how stressful and intimidating the bankruptcy process can be. Our skilled attorneys have over 40 years of experience in bankruptcy law and have helped countless clients secure a brighter financial future. We offer personalized, one-on-one consultations, where we will carefully evaluate your financial situation and recommend the best course of action for your specific case.

Our Bankruptcy Services in Eagle Rock

We offer a wide range of bankruptcy services for individuals and businesses in Eagle Rock. Our attorneys can assist you with:

  • Chapter 7 Bankruptcy
    Chapter 7 bankruptcy, also known as liquidation bankruptcy, is designed to help individuals eliminate most of their unsecured debt, including credit card debt, medical bills, and personal loans. If you qualify for Chapter 7, you can discharge your debts and start over with a clean financial slate. Our team will help you navigate the eligibility requirements and guide you through the filing process.
  • Chapter 11 Bankruptcy
    Chapter 11 bankruptcy allows businesses and individuals with substantial debts to reorganize and create a plan to repay creditors over time. This option is often used by businesses that want to continue operations while restructuring their debts. It allows for renegotiation of contracts and a more flexible repayment plan, which can extend over several years. Our attorneys will guide you through the complex process, helping you develop a plan that enables your business to stay afloat and regain financial stability.
  • Chapter 13 Bankruptcy
    Chapter 13 bankruptcy allows individuals to reorganize their debts and create a repayment plan that lasts three to five years. This option is ideal for those who are behind on payments but want to keep their assets, such as their home or car. Our attorneys will work with you to develop a plan that fits your financial situation and helps you get back on track.
  • Business Bankruptcy
    If your business is facing financial difficulties, our attorneys can assist you with business bankruptcy, whether through Chapter 7, Chapter 11, or Chapter 13. We'll help you determine the most appropriate strategy for your business to continue operations, reduce liabilities, or liquidate assets to resolve debts.
  • Debt Negotiation and Settlement
    For individuals who may not be ready to file for bankruptcy, debt negotiation and settlement may be an option. We can assist you in negotiating directly with creditors to reduce your overall debt and develop a manageable repayment plan.

The Bankruptcy Process: What to Expect

Filing for bankruptcy can be a daunting experience, but knowing what to expect can ease your stress and help you navigate the process. Here's a breakdown of the steps you can expect:

  • Initial Consultation
    The first step is to meet with an experienced bankruptcy attorney who will evaluate your financial situation. You’ll discuss your debts, assets, income, and goals. Based on this information, the attorney will recommend whether Chapter 7, Chapter 13, or another type of bankruptcy is the best option for you.
  • Gathering Financial Documents
    Your attorney will need a comprehensive picture of your finances. You’ll need to provide:
    • Pay stubs
    • Bank statements
    • Tax returns
    • A list of your debts and assets 

This information will be used to prepare your bankruptcy petition.

  • Filing Your Bankruptcy Petition
    Once your financial documents are gathered, your attorney will file your bankruptcy petition with the court. This includes forms that outline your debts, assets, income, and expenses. Filing starts the bankruptcy process and provides protection from creditor actions, such as wage garnishments and collection calls.
  • Meeting of Creditors (341 Meeting)
    After filing, you’ll attend a Meeting of Creditors, also called a 341 meeting. During this meeting, a bankruptcy trustee will review your case and ask you questions about your financial situation. Creditors may also attend, although they rarely do.
  • Completion of Bankruptcy Plan
    If you’re filing for Chapter 7, most of your unsecured debts may be discharged within a few months. For Chapter 13, you’ll need to follow a court-approved repayment plan, which typically lasts three to five years.
  • Final Discharge
    If all goes well, your case will be closed, and you will receive a discharge of your qualifying debts, giving you a fresh financial start.

Understanding the Difference Between Chapter 7 and Chapter 13 Bankruptcy

Choosing the right bankruptcy option is essential for achieving the best outcome. Here’s a quick comparison of Chapter 7 and Chapter 13:

Chapter 7 Bankruptcy:

  • Ideal for those with minimal income and unsecured debt.
  • Offers a fresh start by discharging most unsecured debts, such as credit card bills and medical debts.
  • Quick process, often completed in 3-6 months.
  • You may need to give up non-exempt assets.

Chapter 13 Bankruptcy:

  • Ideal for those with a steady income who wish to keep assets like their home or car.
  • Allows you to reorganize your debt into a manageable repayment plan lasting 3-5 years.
  • Provides more flexibility, such as lowering monthly payments or reducing the total amount owed.
  • Helps stop foreclosure and reorganize secured debt.

Our attorneys will help you understand which option is right for you and ensure the process goes smoothly.

Common Bankruptcy Myths and Misconceptions

There are many myths and misconceptions about bankruptcy that can prevent people from seeking the help they need. Let’s address some of the most common ones:

  • Myth 1: Bankruptcy will ruin your credit forever.
    While bankruptcy will affect your credit score, it doesn’t last forever. In fact, many people see improvements in their credit score after filing because they’re no longer burdened by overwhelming debt.
  • Myth 2: You’ll lose everything you own.
    Bankruptcy exemptions allow you to keep necessary assets, such as your home, car, and personal belongings. Only non-exempt assets may be liquidated, and many people don’t have assets that would be at risk.
  • Myth 3: Bankruptcy is only for people who are irresponsible with money.
    Bankruptcy is a tool to help people who are experiencing financial hardship due to circumstances beyond their control, such as job loss, medical issues, or divorce.

Understanding these myths and the facts about bankruptcy can help you make an informed decision and move forward with confidence. Our experienced team at Weintraub Zolkin Talerico & Selth is here to guide you through the process and ensure you get the relief you deserve. 

Frequently Asked Questions (FAQ) About Bankruptcy

  • Can bankruptcy help with medical debt?
    Yes, bankruptcy can discharge most medical debt in Chapter 7 or allow you to restructure it in Chapter 13. Medical bills are often considered unsecured debt and can be eliminated or reorganized during the bankruptcy process.
  • Will I lose my retirement savings if I file for bankruptcy?
    No, retirement accounts such as 401(k)s and IRAs are typically protected in bankruptcy. Federal laws provide exemptions that allow you to keep your retirement savings while discharging other debts.
  • Can bankruptcy help with student loans?
    Generally, student loans are not discharged in bankruptcy unless you can prove undue hardship. However, filing for bankruptcy may help reduce other debts, making it easier to manage student loan payments.
  • How can bankruptcy help with foreclosure?
    If you're behind on mortgage payments, filing for bankruptcy can stop foreclosure proceedings and give you time to catch up on missed payments. Chapter 13 bankruptcy is particularly helpful in creating a repayment plan to save your home.
  • Can I file for bankruptcy multiple times?
    Yes, you can file for bankruptcy more than once, but there are time limits between filings. For example, if you've filed Chapter 7, you must wait eight years before filing for Chapter 7 again, or two years before filing Chapter 13 again.
  • Will I have to go to court for my bankruptcy?
    Most bankruptcy cases don't require a court hearing. However, you will need to attend a "Meeting of Creditors" where the trustee will review your case. If you're filing Chapter 13, there may be additional hearings regarding your repayment plan.
  • How does bankruptcy affect my tax debt?
    Bankruptcy may help discharge certain tax debts if they meet specific criteria, such as being several years old. However, tax debt is more complicated, and our attorneys can provide guidance on whether your tax debt can be included in your bankruptcy filing.

Struggling with debt? Contact our experienced attorneys at (310) 220-4147 to explore your bankruptcy options!

Hear From People We've Helped

  • Honesty, Integrity, and Respect for the Law

    Sally C.
  • Courageous Judicial Officer of the Court

    Former Client
  • Honor, Compassion, and Zealous Respect for the Law

    MS
  • "David Zolkin’s tenacious advocacy restored my faith in the judicial system. He was able to secure an order dismissing the debtor’s case with a permanent bar; something unheard of in bankruptcy. This, in turn, protected my rights as a creditor."
    Former Client
  • "We remain incredibly grateful!"
    Patrick K.
  • "Jim Selth has always come through in a very professional, timely, and responsible manner."
    Marc B.
The Right Firm Makes a Difference Why Hire Our Firm?
  • Thousands of Cases Handled

    Our experienced attorneys have successfully represented thousands of businesses and individuals with financial problems.

  • We Offer Cost-Effective Expertise

    Flexible fee arrangements enable small and mid-sized businesses to obtain the type of relief usually reserved only for large companies.

  • Big Firm Experience at a Boutique Price

    Each of our partners have decades of experience helping clients successfully navigate all kinds of complex financial matters. 

  • A Full-Service Bankruptcy Law Firm

    One of the few true full-service bankruptcy firms in Los Angeles specializing in all chapters of the Bankruptcy Code and out of bankruptcy solutions.
     

Financial Freedom is One Call Away Big Firm Experience. Effective Service

We can help you find clarity and peace of mind so you can move ahead to a positive future with your financial situation under control.

  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.