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How Bankruptcy Works

How Bankruptcy Works

Skilled Bankruptcy Lawyers in Los Angeles Guiding You Through The Process

Deciding to file for bankruptcy is a big decision. Before you take any action, you want to speak to an experienced lawyer so you can understand what you are about to do. At the Los Angeles and San Fernando Valley law offices of RHM LAW LLP, we provide credit counseling to our clients as we guide them through the bankruptcy process.

Call our Los Angeles bankruptcy attorneys at (213) 344-0043 today for a 30-minute risk-free consultation. It could be your first step out of the dark and into the light.

The Beginning

When you step into our offices, the first thing we will do is give you a picture of your estate, both what you owe and what you own. Taking a comprehensive look at your financial situation and goals for the future, we will help you determine which bankruptcy option is right for you.

In order to make this determination, our attorneys will need to review the following:

  • 60 days of pay stubs to determine income
  • Credit reports to review listed creditors
  • Any lawsuits, garnishments or levies against you

Chapter 7 Process

After you file your bankruptcy petition, you will get a hearing in front of a trustee within 30 to 45 days. They will review the documents and determine whether you are eligible for Chapter 7 bankruptcy for consumers.

You will have to undergo a means test as well, which is a mathematical formula based on income, total debts, and other factors. If you pass the means test, you can begin the Chapter 7 bankruptcy process. Within three to four months, your debt will be completely discharged and you will get a fresh start.

Bankruptcy Services

Discover the Right Option for You

Chapter 13 Process 

If you are not eligible for Chapter 7 bankruptcy under the means test or you are able to pay 10 percent of your debt, then you will file for Chapter 13 bankruptcy. By creating a payment plan you can afford, you will get the chance to pay off as much of your debt as possible over a three-to-five-year period, at which point your remaining debt will be discharged.

As the number one filer of Chapter 13 bankruptcy in Los Angeles and the San Fernando Valley, we help our Southern California clients stay in their homes. We can help you stop the foreclosure sale and schedule a hearing within 30 to 45 days. If the bankruptcy process is feasible and you can afford payments, you will get a second hearing in front of a judge three weeks later. If all parties agree to the proposed plan, you will be on your way.

Chapter 13 bankruptcy offers people a way to avoid foreclosure and protect assets they thought they might lose. If you are interested in Chapter 13, we will help you to come up with a plan that works for you.

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What Sets Our Firm Apart?

  • We are Multilingual
    Our experienced team of attorneys serves their clients in English, Spanish and Farsi.
  • We File Bankruptcy Cases Daily
    Our Certified Bankruptcy Specialists have decades of combined experience exclusively handling bankruptcies.
  • We Are Compassionate
    We understand first hand what you are going through, as two of our employees have personally filed for bankruptcy.
  • Using a Bankruptcy Attorney Increases Your Chance of Acceptance
    Our top-rated bankruptcy attorneys will help increase your odds of acceptance by correctly filling out all paperwork. Our attorneys will also provide a schedule with what needs to be completed and include the deadline.
  • Servicing Los Angeles County and Southern California
    Our top-rated bankruptcy attorneys represent clients that are facing financial crises in Southern California. Our law firm is recognized as the “Home Savers.”
  • Our Law Firm is Recognized in the Top 5% of Law Firms

    Matt Resnik was selected as a Superlawyer for 11 years in a row and Roksana D. Moradi-Brovia has been selected for 7 years in a row. Partner with excellence when choosing your Los Angeles bankruptcy attorney.

  • We Can Help You Decide if Bankruptcy is Right for You
    Our top-rated bankruptcy attorneys can help you decide if chapter 7 bankruptcy, chapter 11 bankruptcy, or chapter 13 bankruptcy is right for your specific situation.
  • Work With a Certified Bankruptcy Specialist
    Matt Resnik, M. Jonathan Hayes, and Roksana D. Moradi-Brovia are Certified by the State of California as Bankruptcy Specialists. This is the highest degree of certification for the field of bankruptcy.

Ready for a Fresh Start?

Schedule Your Free Consultation With Us Today
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Testimonials

See What Our Clients Have to Say

At RHM LAW LLP, your satisfaction is our priority! See for yourself what our clients have to say about working with us.

    "Without the support of pro bono attorneys we couldn't do all the work we need to do, and your firm in particular is outstanding."

    Thank you for your great work on behalf of Ms. Johnson. Without the support of pro bono attorneys we couldn't do all the work ...

    - Skip K.
    "Was very impressed with the comprehensive professionalism of the firm..."

    Was very impressed with the comprehensive professionalism of the firm, especially Matthew Resnik... I had suffered through ...

    - G.L
    "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."

    Fantastic office! I want to thank Matt for taking his time with me and sincere in his assistance. He spent over an hour with ...

    - 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."

    I worked with David Kritzer at this firm, and he was great. He negotiated on my behalf with a credit card company and was ...

    - 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."

    I needed a bankruptcy attorney in Sherman Oaks and found Matt Resnik on Google. He has one of the best-reviewed bankruptcy ...

    - Joseph R.
    "These are top-notch pros that'll have your back. I cannot recommend them highly enough."

    Where to begin? I had a vile evil credit union repo my car over a misunderstanding, they wouldn't work with me even when I ...

    - 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."

    Matt and his team are the best!! They were thorough, extremely knowledgeable, wonderful to deal with, thoughtful, and really ...

    - Rusty H.
    "We are very happy that you were able to accomplish the modification of our loan in such a short period of time. Thank you again for your professional service."

    Dear Mr. Resnik: We wanted to thank you for your professional handling of our loan modification with GMAC mortgage. We are ...

    - W and B Mejia