Bankruptcy Lawyers in Los Angeles

Bankruptcy Cases We Handle Throughout Southern California

RHM LAW LLP proudly assists clients in the greater Los Angeles area with a wide range of bankruptcy matters, including:

Our law firm has a stellar reputation among the clients we serve. In the past 20 years, we have filed or overseen at least 7,500 bankruptcy cases. If you are facing foreclosure or repossession, then call our firm today to find out how filing for bankruptcy will cease all collection actions so that creditors stop harassing you.

Understanding the nuances between different bankruptcy filings is crucial. Chapter 7 Bankruptcy allows for asset liquidation to discharge debt, offering immediate relief, whereas Chapters 11 and 13 focus on restructuring debt, ideal for businesses and individuals with a steady income. Our team guides you through choosing the appropriate filing, ensuring you understand the implications of each option. Moreover, we offer tailored solutions like stopping wage garnishments and exploring litigation routes when necessary, enhancing your financial decision-making and empowerment. Our comprehensive services are designed to address each unique financial scenario, ensuring no question goes unanswered.

At RHM LAW LLP, we also help clients manage IRS tax relief challenges and navigate through cases of creditor harassment. Our deep familiarity with these areas means we can offer effective strategies to prevent further financial stress or legal conflicts. For example, with IRS tax relief, we assess your situation to determine the best course of action, from installment agreements to offers in compromise. For issues related to creditor harassment, our firm applies legal frameworks to safeguard your rights and protect you from unlawful pressure.

To speak to our team about choosing the right bankruptcy path for your situation, call (213) 344-0043 to set up your 30-minute risk-free consultation. We proudly offer same-day appointments, video consultations, and serve our clients in English, Spanish, and Farsi.

Local Insights into Bankruptcy

In Los Angeles, the diverse economic landscape creates unique financial challenges and opportunities for residents and businesses alike. The city’s thriving entertainment and tech industries, along with its vibrant small business community, often deal with cycles of economic fluctuation. At RHM LAW LLP, we understand these dynamics and offer insights tailored to the Los Angeles area. Whether you're a budding entrepreneur facing unexpected financial hurdles or a longtime resident managing debt accumulation, our localized approach ensures you receive actionable advice. We are also keenly aware of the local regulations that affect bankruptcy proceedings in California, providing you with strategic guidance that aligns with state laws.

Additionally, Los Angeles' real estate market, one of the most competitive in the nation, can heavily influence financial health. Homeowners and investors facing foreclosure can rely on our team to navigate the complexities and protect their investments. By understanding both statewide and local factors, RHM LAW LLP ensures a holistic strategy tailored to your circumstances.

About Los Angeles, CA

The glistening city of Los Angeles, California is the largest in the state of California and the second-largest in the entire country. The city serves as home to nearly four million people, along with millions more in the sprawling metropolis of suburbs that have developed for miles around the city limits. The city first gained cultural allure thanks to the Hollywood neighborhood and its central role during the explosion of the film industry. Today, numerous film stars, directors, and other key personnel call the city home, along with two NFL teams, the MLB’s Dodgers, the NHL’s Kings, the NBA’s Lakers and Clippers, and two MLS franchises. Los Angeles is also one of the single largest economies in the entire country, with a gross metropolitan product of over one trillion dollars annually.

Los Angeles' diverse economy further contributes to its vibrancy, with industries ranging from entertainment and technology to international trade and aerospace leading the way. This economic diversity provides resilience against financial downturns but also necessitates legal guidance when individuals or small businesses encounter financial distress. RHM LAW LLP takes pride in serving this diverse population by offering knowledgeable legal advice and solutions tailored to the economic and cultural nuances of Southern California. We understand the dynamism of this city and aim to reflect its spirit through strategic legal counsel, aiding in financial recuperation and empowerment.

Connect with an experienced bankruptcy lawyer near you as soon as possible. Dial (213) 344-0043 or submit an online form.

Frequently Asked Questions about Bankruptcy in Los Angeles

What Are the Different Types of Bankruptcy in California?

In California, the most common types of bankruptcy are Chapter 7, Chapter 11, and Chapter 13. Chapter 7 is often suited for individuals and small businesses looking to liquidate assets to repay creditors, whereas Chapter 11 and Chapter 13 are typically for restructuring debts. Chapter 11 is mostly used by corporations or partnerships, allowing businesses to continue operations while paying off debts over time. Chapter 13 is designed for individuals with regular income, offering a way to keep property while catching up on secured debts like home mortgages. Each type has its own set of eligibility requirements and procedures, which is why consulting a knowledgeable firm like RHM LAW LLP can help you determine the best fit based on your financial situation and goals.

How Does Bankruptcy Affect My Credit Score?

Bankruptcy can initially lower your credit score; however, it also wipes clear many of your existing debts, offering a chance to rebuild your financial profile. In many cases, a bankruptcy filing is already part of bouncing back from previous financial missteps that have impacted your score. The effect of bankruptcy on your credit diminishes over time, especially if you adopt better financial habits post-bankruptcy. For those who diligently manage new credit accounts, pay bills on time, and keep balances low, there is potential for credit score recovery within a few years.

What Happens to My Assets During Bankruptcy?

What happens to your assets depends largely on the type of bankruptcy filed. In a Chapter 7 bankruptcy, your non-exempt assets may be sold to pay off creditors. However, certain exemptions apply that allow you to keep primary necessities like your home or car, depending on state laws. In contrast, Chapter 13 bankruptcy involves restructuring and does not require asset liquidation; instead, it lets you pay off debts over time.

Can Bankruptcy Stop Foreclosure?

Bankruptcy can indeed halt foreclosure proceedings temporarily through an automatic stay, which prevents creditors from pursuing collection activities during your bankruptcy case. This is particularly effective in Chapter 13 bankruptcy, where you can catch up on overdue mortgage payments as part of a restructured plan, potentially saving your home from foreclosure. However, it's essential to engage in these proceedings with a clear understanding of the realistic outcomes and timelines. RHM LAW LLP offers focused consultations to help you evaluate whether declaring bankruptcy is the optimal course of action to prevent foreclosure and secure a manageable resolution.

How Do I Know If Bankruptcy Is Right for Me?

Deciding whether to file for bankruptcy is a significant decision that requires careful consideration of your financial situation. If you struggle with insurmountable debt, face constant harassment from creditors, or are at risk of losing your home, bankruptcy might be a viable option. It’s crucial to weigh the benefits against the potential downsides, such as the impact on credit scores and the requirement to disclose financial information. Having an initial consultation with our team at RHM LAW LLP can provide you with personalized insights into your financial options and help you design the best strategy for your future. We aim to ensure you make an informed choice that aligns with your long-term financial stability.

Our qualified bankruptcy lawyer in Los Angeles is here to assist you. Call (213) 344-0043 or use our online form to schedule your consultation.