Helping You Live a Debt Free Life
Represent individuals & Small Business Owners
If you want to file for bankruptcy in Los Angeles, then please don’t hesitate to reach out to our qualified legal team at SM Law Group, APC to get the advice you need to make informed decisions that will protect your best interests.
While different types of bankruptcies can provide a person with debt relief and an opportunity to get their finances back in order, determining whether or not to file for can be confusing without guidance from an experienced lawyer. We can help you decide whether bankruptcy is the right choice.
You are eligible to file either Chapter 7 or Chapter 13
You are having trouble paying off unsecured debt such as medical bills, credit card debt, etc.
You are facing numerous collection actions, including repossessions, wage garnishment, and lawsuits
You can benefit from certain bankruptcy exceptions which allows you to keep certain assets like your car, home, and other necessities.
If you are feeling stressed about your finances and are struggling to keep up with credit card debt, medical bills, or loans, then please talk to our lawyers today to discuss whether you are eligible for bankruptcy.
We understand that you want an attorney you can rely on who’s going to be there when you need them most during your bankruptcy case. Our boutique law firm has the extensive resources and capabilities of larger firms, and we pride ourselves on the personalized attention and customized legal strategies we provide to each of our clients. We have a proven track record of successful cases and have discharged millions of dollars of debt for clients who were able to file for bankruptcy. Not only have we been able to save small businesses and homes, but we’ve also helped the clients we serve to get their finances back on track.
We understand that you want an attorney you can rely on who’s going to be there when you need them most during your bankruptcy case. Our boutique law firm has the extensive resources and capabilities of larger firms, and we pride ourselves on the personalized attention and customized legal strategies we provide to each of our clients. We have a proven track record of successful cases and have discharged millions of dollars of debt for clients who were able to file for bankruptcy. Not only have we been able to save small businesses and homes, but we’ve also helped the clients we serve to get their finances back on track.
A Chapter 13 Bankruptcy is for those that have some money left over after paying all their necessary expenses, or who have assets of significant value. People in these situations can reorganize on their debt and pay back only what they can afford to pay
over a period of three to five years. Chapter 13′s can also allow a person to strip their second and junior mortgages if the value of the home is less than the balance owed on the first mortgage.
Chapter 13 lets you set up an affordable monthly payment plan to get caught up on major debts like your mortgage, car loan, and/or taxes, while significantly reducing or even eliminating minor debts like credit cards,
medical bills, or personal loans. A Chapter 13 bankruptcy will essentially cut the fat so that you only pay for the important things while keeping all your assets and income.
In a Chapter 7 bankruptcy, all your debts will be discharged. This means you will not owe anyone any money, and new creditors will be very willing to extend credit. You will also begin receiving new credit cards within a matter of months. These new credit
cards are a stepping stone to a bright new future. If they are used responsibly and paid on time every month, then this will be reflected in your credit report.
With each month of on-time payments, your credit score will increase, thus giving you the opportunity to grow. As your credit score and credit history begin to look better, other creditors will also be willing to extend
credit. Our clients have been approved for major credit cards within months of filing a bankruptcy, and for new car loans within one year of filing bankruptcy. They have also been approved for home loans within 2 years of filing
bankruptcy!
Very few debts are not covered by bankruptcy. However, child support and alimony, student loans, and debts incurred by having caused injury or death cannot be absolved through this process.
Since the act of filing for bankruptcy stops all actions against you by those you owe money, creditors must end the non-stop harassment once you file your documents. Creditors can’t take you to court, garnish wages, or make telephone calls. If creditors continue calling you after your bankruptcy, you can report their behavior to the Federal Trade Commission.
In a slowly recovering economy, declaring bankruptcy is a common fact of life for those attempting to move past bad points in their lives. While bankruptcy filings are public records, few people will know. Credit Bureaus will record the bankruptcy, and it remains on your record for 10 years.
Whether you lose all your cards depends largely on the creditor’s response to your filing bankruptcy. If you are listing this line of credit as part of the bankruptcy, they will cancel the card. If you make arrangements to reaffirm the debt, you should understand that the amount you owed before the bankruptcy filing will still remain. Not all credit card agencies will accept reaffirming your debt. After the filing it’s possible they will cancel your card even if you have kept the card paid up, and owe them nothing.
There is a common misconception that bankruptcy will ruin your credit for life. But nothing can be further from the truth. It is actually the quickest way to start over and rebuild your credit. Because so many people are now filing bankruptcies, those that review your credit report will not focus on the fact that you filed bankruptcy. Instead, the focus is on how responsible you have been with the new credit you are given. This is what we mean when we say a bankruptcy will give you a second chance and a fresh start.
Not having a credit card isn’t a problem for most who declare bankruptcy. Many banks offer secured credit cards. This is a good way to begin building your credit back. A creditor will let you put up a certain amount of money, such as $200 or $500 in a bank account to secure the money you spend through the card. As you reestablish your credit history, it can be possible to get a mortgage loan, or get a loan for a car. While the bankruptcy stays on your record even before the 10 years is up you will see more and more creditors interested in your business.
Our recent feature in the los angeles daily journal
Hear From The People We've Helped
I was referred to this firm by a friend. I can say I am very pleased with the outcome. Kian was wondering throughout this horrible experience. The insurance company didn’t want to pay me after I got rear-ended by a semi-truck but this firm made sure they paid me in full plus interests. This firm” - Marie Leon
I am very grateful for the firm really fast help me and I’m glad that they knew my language Spanglish and help me out with paperwork the job was done very fast and now months have passed and now I have credit cards again everything was restored the firm was absolutely outstanding very grateful For” - Paz Amor
Very professional and prompt service. Kian was excellent at what he does and made sure all my questions were answered. Very honest and helped me tremendously! Highly recommend. You don’t need a lawyer until you need a lawyer and they are great! - Aaron McCann
“Kian did my bankruptcy with flying colors. Now he’s working on my PI case. He’s friendly and hardworking. I highly recommend him.” - Former Client
“I’ll contact you guys again if I need help with anything else. Much appreciated all the help from everyone at your office. Thanks! ” - Hermes P.
“I would like to thank Kian and the whole SM Law Group for helping me file all the paperwork. They walked me through each step. Communicated and kept me up to date. They are extremely professional. I highly recommend them.” - Manuel S.
“SM law firm is one of the most professional law firms I have ever dealt with. I have worked with Kian on a few cases and he has always made things easy and straightforward. His knowledge on the law is outstanding and their rates are very reasonable.” - Jimmy S.
“This is by far the best personal injury firm I’ve ever worked with. Very professional people. Very transparent and honest and highly hard working. I definitely recomment them for anyone. You will find no issue in communicating with them. They will always reply to you and explain everything in details in a timely manner. Ask” - Hosni O.
“Very professional. Even when the defending insurance company tried to drag out the procedure and lowball the payment, the attorneys at SM would always push forward in order to get me the highest settlement possible. They would update me regularly and helped extensively with my deposition. I would recommend them to anyone.” - Joshua N.
High Quality Representation for Your Legal Needs
Map & Directions