When Should You Consider Filing?
Determining When Bankruptcy Is the Right Choice
The decision to file bankruptcy should never be taken lightly. For some, bankruptcy can provide immense relief and an opportunity to start over. For others, it is not the best option. At Resnik Hayes Moradi LLP , our attorneys can help you weigh the pros and cons. We can evaluate your financial situation and help you decide whether filing Chapter 7 or Chapter 13 is the best path for you.
Call our firm at (213) 344-0043 to schedule a free initial consultation. Our experienced bankruptcy lawyers welcome the chance to meet with you and discuss the specifics of your particular situation.
When Is Bankruptcy a Good Solution?
If you are facing an urgent situation, such as a foreclosure, repossession or garnishment, it may be time to file for bankruptcy. When considering whether to file, ask yourself the following questions:
- Is your total unsecured debt more than 50 percent of your take-home pay?
- Are you borrowing money from one credit card to make payments on another?
- Are creditors harassing you through phone calls and letters?
- Are you forced to buy necessities, such as food and clothing, on credit?
- Are you frequently late paying bills?
- Is financial stress causing problems with your health, marriage or work life?
If you answered “yes” to some of these questions, you may want to consider filing bankruptcy. Immediately after filing, an automatic stay goes into effect, stopping all creditor harassment, foreclosures, repossessions and most garnishments. This will give you time to breathe and make a plan for the future.
When Is Bankruptcy Not the Best Plan?
If you are able to repay your debts on your own, bankruptcy may not be the right choice for you. You may be better off working on maintaining a trimmed budget and seeking a loan modification for car or home loans. If bankruptcy is not in your best interests, our attorneys will not hesitate to let you know.
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If you are struggling with overwhelming debt, consider whether bankruptcy can help you get back on the right track. Contact Resnik Hayes Moradi LLP to arrange a free initial consultation and discuss your situation. From our offices in Los Angeles and Sherman Oaks, our firm serves clients throughout Southern California.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
He not only saved my house but also got rid of all my debt. They are not your typical attorneys and their creativity really allowed me to do things that other attorneys never mentioned in previous consults.- David K.
He negotiated on my behalf with a credit card company and was able to settle with them for much lower than I could have on my own.- Kelly S.
I cannot thank them enough for helping save my home. I would recommend them for anyone that is thinking about filing for bankruptcy or foreclosure on their home.- Joseph R.
These are top-notch pros that'll have your back. I cannot recommend them highly enough.- Tim C.
They were thorough, extremely knowledgeable, wonderful to deal with, thoughtful, and really helped guide me through what was one of the toughest times in my life.- Rusty H.