Dealing with overwhelming debt can be a daunting experience. However, there is a comprehensive debt relief strategy that can provide individuals with a fresh financial start – Chapter 20 Bankruptcy.
This innovative approach, offered by our bankruptcy lawyers Resnik Hayes Moradi LLP in Los Angeles, CA, combines the benefits of Chapter 7 and Chapter 13 bankruptcy to help individuals regain control of their finances. Our California bankruptcy lawyers will explore the key benefits of filing for Chapter 20 Bankruptcy and how it can assist you in overcoming common debt-related challenges.
1. Eliminating Unsecured Debt
Chapter 20 Bankruptcy involves filing for Chapter 7 bankruptcy first, which allows for the discharge of unsecured debts such as credit card bills, medical expenses, and personal loans. By wiping out these debts, individuals can experience immediate relief from financial burdens, giving them a chance to rebuild their financial lives.
2. Repayment Plan for Secured Debts
After the Chapter 7 bankruptcy discharge, individuals proceed to file for Chapter 13 bankruptcy. This allows them to create a manageable repayment plan for their secured debts, such as mortgage arrears or car loans. With Chapter 13, individuals can catch up on missed payments and avoid foreclosure or repossession while keeping their assets.
3. Stopping Creditor Harassment and Legal Actions
One of the most immediate benefits of filing for Chapter 20 Bankruptcy is the automatic stay. This legal protection puts an immediate halt to creditor harassment, collection calls, wage garnishments, and other legal actions taken against you. It provides a much-needed breathing space to focus on your financial recovery without the constant stress and pressure.
4. Rebuilding Credit and Financial Stability
Chapter 20 Bankruptcy offers individuals the opportunity to rebuild their credit and achieve long-term financial stability. By diligently following the repayment plan outlined in Chapter 13, individuals can demonstrate responsible financial behavior, which gradually improves their credit score. With time, they can regain access to credit and work towards a brighter financial future.
5. Tailored Solutions for Complex Financial Situations
Chapter 20 Bankruptcy is particularly beneficial for individuals facing complex financial situations. It allows for customized solutions that address unique challenges, such as high amounts of secured and unsecured debt, multiple properties, or business-related debts. This comprehensive approach provides a holistic solution to individuals with complex financial needs.
Contact Our California Chapter 20 Bankruptcy Attorneys
At Resnik Hayes Moradi LLP, we understand the intricacies of Chapter 20 Bankruptcy and its potential to transform lives. Our experienced team of bankruptcy attorneys in Los Angeles, CA, is dedicated to helping individuals navigate the bankruptcy process and achieve the best possible outcome. Contact us today to learn more about how Chapter 20 Bankruptcy can be the key to your financial freedom.
Call (213) 344-0043 to request a 30-minute risk-free consultation with our Los Angeles Chapter 20 bankruptcy lawyer.