Nobody thinks that one day they will face bankruptcy. It’s a scary and uncertain world out there, and the last thing you want to do is give up and file for bankruptcy, right? Maybe not. In fact, more and more people in Torrance, CA, and across the country, are realizing that bankruptcy isn’t all that terrible. Just look at what some of the big companies that went bankrupt are doing now – if you take a look at some of the histories of this country’s most profitable companies, you’ll find that somewhere along the way they filed for bankruptcy.
Bankruptcy can be used as a kind of financial tool, as well as a way to re-start your life. Student loan debt, credit card debt, un-payable mortgages, and medical debt are all common reasons that people file for bankruptcy in Torrance. And the result is that some or all of their debt is forgiven, or they are allowed to pay back their debt in a way that is affordable and reasonable. Bankruptcy is simply a way to re-structure the debts you owe so that they are realistic for the income you make and your general lifestyle.
Bankruptcy Education
The first thing you should do if you are considering filing for bankruptcy in Torrance is to learn all you can about the types of bankruptcy available. You may qualify for Chapter 7 or Chapter 13 bankruptcy as an individual. And if you own a business and want to file bankruptcy, Chapter 11 may also be an option. Each type of bankruptcy allows for a different kind of forgiveness and restructuring, but not everyone qualifies to file for bankruptcy. In fact, the real question will be whether or not you can file for bankruptcy!
Meeting with a Bankruptcy Lawyer
There are plenty of bankruptcy attorneys in Torrance, CA, so if you are considering hiring someone to help you, it won’t be hard to get started. However, there are better and worse options, and you should do as much as you can to learn who you should hire. Visit the website of potential lawyers and see what their history looks like. How long have they been working on bankruptcy cases in Torrance? What is their approach.
You’ll find that the most telling thing will be an actual meeting with the bankruptcy lawyer you’re considering. If you feel confident that they are going to work hard to make your bankruptcy go smoothly, you’ll be in good hands.
For individuals and business owners looking to file for bankruptcy in Torrance, CA, The Law Office of David J. Workman can provide the support, experience, and legal advice that you need.
