Very few people purposefully want to end up in financial hard times. Unfortunately, it happens on a regular basis to folks from all walks of life. Everyone from business leaders to students to factory workers have found themselves overwhelmed by the financial aspects of life, many times not because of personal decisions. A job loss, a salary cut, a major medical issue, or the death of a family member all can suddenly hit a person with significant costs that can’t be easily fixed. Then the bills fall behind, and the problem quickly grows worse. Bankruptcy becomes a very real possibility, but there are still key choices a person has to make if this route is taken.

Understanding How Personal Bankruptcy Works

Because of the nature of finances today and the fact that they frequently cross state boundaries, personal bankruptcy is typically handled in the federal courts. Generally, two options are allowed – Chapter 7 and Chapter 13 filings:

• Chapter 7 bankruptcy is a complete dissolution of one’s debt and financial obligations. This is the most drastic form of bankruptcy and is often used by folks who absolutely cannot pay back their debt in any reasonable fashion. It’s often used with overwhelming unsecured debt that has no connection to collateral, such as a home, vehicle, or another asset.
• Chapter 13 bankruptcy involves either a repayment plan or a reorganization of how one’s debts will be managed. Under this filing, one has the ability to keep core assets like a home or personal car. It’s often used where a filer needs a reworking on how debts will be paid, managed, how long, and under what kind of payment schedule. This approach usually helps folks who can long-term pay their debts off but currently face a major cash flow obstacle or mismatch between income and bill payment obligations.

Local Help is Available; You Are Not Alone

If you’re in the Woodland Hills area and looking for a bankruptcy lawyer in Woodland Hills resource to help you with your next financial steps, Kevin T. Simon is the legal expert to have on your side. Kevin provides very affordable consulting and representation assistance as well as legal filing expertise in both Chapter 7 and Chapter 13 bankruptcies. Anyone considering bankruptcy should locate a professional who can help clients put a stop to foreclosure proceedings, collections, and paycheck garnishments, all of which can make matters worse as you’re trying to get above water and swim again.

Bankruptcy can be a significant life change, but it’s also intended to give a person a fresh start instead of spending a lifetime in financial frustration. Seeking the help of a professional in the field can help you get control of your life again and your future. Clients come from all over Southern California, from Palmdale to Santa Barbara. Contact his offices to find out more or to set up an initial meeting. Business Phone: (818) 783-1674 Hours of Operation: Monday – Thursday 9:30 AM – 5:30 PM, Friday 9:30 AM – 5 PM.