Our attorneys and staff treat each case with the compassion and dignity that each of our clients expect and deserve. Borowitz & Clark have represented over 40,000 people through the bankruptcy process, and our partners have gained national recognition for their work helping Californians rebuild their financial lives. We offer solutions both inside and outside of bankruptcy. Let us use our knowledge to help you deal with your debt.
Resolve Your Financial Situation in 3 Easy Steps:
- Meet with one of our experienced attorneys for a free in-depth consultation to analyze your individual circumstances and discuss available solutions.
- Retain our office to represent you and protect your from continued creditor harassment. Once we are on board your creditors become our problem.
- File your case to legally eliminate your debts. This prevents most creditors from ever bothering you again.
Consumer Law Blog
Bankruptcy is one of the the most misunderstood topics in America today. We publish a law blog to help inform our clients in the Los Angeles area of their options. Below, we have assembled blogs that address some of the most common questions we receive about bankruptcy and debt in California.
- What are my best options for getting out of debt?
- Understanding Debt Settlement
- Just how expensive is Los Angeles?
- Will I have to go to court?
Do You Want To Be Debt Free?
If you’re struggling with debt, check out our blog for more information on a wide range of debt topics. Learn whether you’re judgment proof and how that affects your debt. Learn about California’s wage garnishment rules – when your wages can be garnished, how much they can take, and more. Maybe you’re worried about specific debts, like car title loans or payday loans and how you can get rid of them. Maybe you’re trying to handle your debts through debt settlement or other means.
Bankruptcy May Be Right For You
If you’re considering bankruptcy, you’ve probably grown tired of the phone calls from collectors, the threats of lawsuits, and the struggle to pay off your debt. Bankruptcy is a way to start over. It’s a way to reorganize your finances and start out with a clean slate – no more debt, no more trouble with creditors. The idea of bankruptcy may be frightening, but it exists to help you deal with debt, not to punish you for having it.
There are two main types of consumer bankruptcy: Chapter 7 and Chapter 13. Both types come with the protection of the automatic stay, which protects you from creditors during your bankruptcy process. The automatic stay stops all collection actions, repossessions, and foreclosures for the duration of your bankruptcy case.
Chapter 13 Bankruptcy
Under Chapter 13 bankruptcy, with the help of your attorney, you’ll work with the local bankruptcy trustee and your creditors to create a payment plan that you can handle. You’ll be able to keep enough for your living expenses and to make payments on your secured debts such as your home mortgage and auto loan. You’ll pay your leftovers to your unsecured creditors. After three to five years, your remaining debts will be “discharged,” or forgiven, and you’ll be debt-free. Many Chapter 13 debtors end up paying pennies on the dollar for their unsecured debts.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, or “liquidation” bankruptcy, is the other common choice for consumers. Only consumers who truly need the protection of Chapter 7 qualify; those with the means to maintain a Chapter 13 plan must file under Chapter 13. Under Chapter 7, you’ll surrender non-exempt property to the bankruptcy trustee, who will sell that property and use the proceeds to pay your unsecured creditors. When all of your non-exempt property has been sold, the remainder of your debt will be discharged. California offers extensive exemptions, so you’ll likely be able to keep all of your important assets, including your car and your home.
Either type of bankruptcy will give you the chance to start over. When your debts are discharged, creditors no longer have a claim against you. The debts simply don’t exist anymore. No more collection calls, no more threats of property seizure or wage garnishment. You can rebuild your financial health from scratch.
Check out our blog for more information on specific bankruptcy topics, including how bankruptcy affects cosigners, how bankruptcy affects an underwater mortgage, and more. Also, don’t miss our guide on how to prepare for bankruptcy.
About Borowitz & Clark, LLP
Our lawyers and staff will give your case the personal attention necessary to determine what course of action is best for your goals. We’ve handled thousands of bankruptcy cases, so we know the process inside and out.
We’ll work with you to make sure you understand your options and the bankruptcy process itself and we’ll fight to make sure you get the most out of your bankruptcy.