Many people struggling under debt are hesitant to seek relief through bankruptcy because they are afraid they will lose their homes, cars, and other treasured possessions in the process. While some of a debtor’s assets will be liquidated in order to repay his or her creditors, it’s rare when a person’s home or car is liquidated.
If you file for bankruptcy under
Chapter 13, you do not have to worry about any of your assets being liquidated or sold off. Your debt is repaid by making monthly payments over the course of three to five years. When you file for Chapter 13 bankruptcy, all of your debts are consolidated into one sum. You then are given three to five years to pay off that amount, and the money you pay will be distributed to your creditors.
Chapter 7 is the form of bankruptcy in which your assets will be liquidated to repay your debts, but once again it’s extremely rare when a person’s home or vehicles are sold.
Contact a Los Angeles Bankruptcy Lawyer Today!
At the Law Office of Teresa Beyers we are committed to helping clients throughout Los Angeles seek the debt relief they need through bankruptcy. We understand that filing for bankruptcy may seem daunting and that you may be scared of losing everything. A
Los Angeles bankruptcy attorney at our office can address your fears and concerns and answer your questions. If you feel bankruptcy is not the option for you, we can help you take advantage of some
alternatives that are helpful in reducing and eliminating debt. Our goal is to help you achieve the financial freedom you deserve!