Bankruptcy

Experienced California Bankruptcy Lawyer Assisting Los Angeles Clients with Debt Issues

If you have been struggling to pay your bills, debt collectors will use intimidation, scare tactics, harassment, and outright lies to try to coerce you into entering unfavorable payment plans. When you worry about how your income will cover your mounting debt, you may wonder what your options are. While some non-bankruptcy possibilities include debt settlement or a debt management plan, you may not have the available funds to attempt to negotiate with creditors.  As such, bankruptcy may be your only option.

Kourosh Pourmorady, Attorney At Law, has over 20 years of experience advocating for bankruptcy clients in the greater Los Angeles area. Mr. Pourmorady can teach you how to save your most valuable assets, such as your home or your car, while wiping your slate clean though bankruptcy. Contact Kourosh Pourmorady, Attorney At Law today at (866) 666-6529 for a free bankruptcy case evaluation.

Types of Bankruptcy

There are five types of bankruptcy, labeled after their corresponding chapters in the Bankruptcy Code.  But only two of them are normally used for individuals:

• Chapter 7 bankruptcy cancels unsecured debts. Unsecured debts do not have physical property attached to the debt as collateral. Some examples of unsecured debts include credit cards and payday loans, while some examples of secured debts include mortgages and car loans. Under Chapter 7, secured debts remain the same – the collateral, e.g., the car, stays in the debtor’s possession, and the debtor continues to make payments. Chapter 7 has stringent income requirements for eligibility.
  

• Chapter 13 bankruptcy is often sought when a person does not quality for Chapter 7 Bankruptcy. Under Chapter 13, an individual enters into a 3-to-5 year repayment plan. Some debts may be discharged, while other debts are negotiated down and then repaid through the plan. This is known as restructuring.
  

Some debts can never be discharged without extenuating circumstances, such as student loan debt. On the other hand, some assets can never be seized through bankruptcy, like IRAs.

Prominent California Bankruptcy Attorney Prepared to Help You Regain Your Financial Freedom

Bankruptcy is an incredibly complex and long process. Your assets and debts will be scrutinized, budgets will be calculated, and creditors will fight over the bankruptcy plan. A skilled and experienced bankruptcy lawyer like Kourosh Pourmorady has the education and training necessary to ease the bankruptcy process for you. Kourosh Pourmorady has successfully resolved many bankruptcy cases in Los Angeles and is ready to help you conquer your debts, save your home and your car, and move on with your life. Call Kourosh Pourmorady, Attorney At Law today at (866) 666-6(LAW) 529 for a free initial consultation.