If you are behind on your mortgage payment, facing a car repossession, struggling to pay your bills, swamped with credit card debt, paycheck being garnished or your account being levied, it might feel like there’s no way out. But you have debt-relief options. Bankruptcy may be the right solution to help you get control of your finances.

If you’re considering filing for Chapter 7 or Chapter 13 bankruptcy, it’s important to consult with a bankruptcy specialist. Look for a local bankruptcy attorney with a strong reputation in the community—someone who will look out for your interests.

Kevin Simon is an experienced North Hollywood bankruptcy attorney. He has spent the last 25 years helping more than 8,000 clients successfully file for bankruptcy and get a fresh start.

Contact our law firm for a free consultation. We will help you determine whether bankruptcy is the right choice for your situation. Our experienced team will answer all your questions and walk you through your debt-relief options.

What Is Bankruptcy?

Bankruptcy is a legal process for debt relief under federal level. It can eliminate many types of debt, halt foreclosure on your home, stop garnishments, bank levies, lawsuits, and get the creditors off your back.

Debt relief has origins dating back over 2,500 years and forgiveness of debt is prescribe in the Old and New Testaments.

Your right to file for bankruptcy is protected under the U.S. Constitution. Most individuals and married couples file either Chapter 7 or Chapter 13 bankruptcy.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is for individuals and married couples who are having trouble paying their bills or making their monthly payments.

Chapter 7 can eliminate many types of debt, including credit card debt, medical bills, and old taxes. It puts a stop to wage garnishments and bank levies, and stops lawsuits. This means no more harassing phone calls and letters.

If you qualify for Chapter 7 bankruptcy (based on your income), the entire process takes around 3-4 months. It’s considered the fastest path through bankruptcy, which is why many people prefer this option.

Once your debt is discharged under a Chapter 7 bankruptcy, you can get a fresh start and rebuild your financial profile. Most people are able to get their credit score up to 700 within 1-2 years of filing.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is for individuals and married couples who do not qualify for Chapter 7 or a Chapter 13 bankruptcy is the best legal proceeding to help a person’s financial situation.

Chapter 13 is known as the “home saver bankruptcy” since it stops foreclosure and lets you keep your home. It also stops wage garnishments, bank levies, and lawsuits, and allows you to pay back taxes without accruing penalties.

Since it involves a repayment plan, you must make a monthly payment to the Chapter 13 Trustee. The Chapter 13 repayment plan is structured so that most of your monthly income goes toward important bills like overdue house and car payments. This means you may end up paying nothing or pennies on the dollar for unsecured debt like credit card debt, personal loans, and medical bills. It is important that you are represented by an experienced North Hollywood Bankruptcy attorney, who understands the system, knows the Trustee and Judges.

Once you’ve fulfilled your Chapter 13 repayment plan, your remaining debts will be discharged, and you will have a fresh start.

Note: The debt limit was recently increased to $2.75 million for individuals filing for Chapter 13 bankruptcy, and both secured and unsecured debt now count toward the single limit. These changes make Chapter 13 accessible to more people.

What Happens During the Bankruptcy Process?

Case Evaluation – Your first step is to have a free in-person or phone consultation with attorney Kevin Simon, who will listen to your financial situation and advise if bankruptcy is the right option for you.

Trustee Review – Once your bankruptcy petition is filed in court, a trustee will be assigned to your case. If you file a Chapter 7, the Trustee will review your assets and Kevin Simon will make sure that your assets are protected. If you file Chapter 13, our office will put together your case, work with the Trustee, creditors and the Judge to keep your payments as low as possible over the repayment plan (3-5 years).

The trustee’s primary duty is to ensure your creditors are paid as much as possible of what you owe them. This is why you need our experienced bankruptcy attorney by your side. We have good relationships with the local trustees and will make sure you get a fair deal throughout the bankruptcy process.

Fresh Start – Once the discharge order is issued by the court (Chapter 7) or you have completed your repayment plan (Chapter 13), your remaining debts will be discharged, and you will have a fresh start. You can start rebuilding your credit and financial profile. Your credit should be a 700 within 2 years of discharge.

Benefits of Bankruptcy

Most people think of bankruptcy as a last-resort option. But for many individuals and married couples, it doesn’t make sense to continue in vain to try to pay off debt, only to be saddled with fees and penalties.

It’s a myth that you should only consider bankruptcy if you have a large amount of debt. Some people file when they have $5,000 of debt, others when they owe a half a million dollars or more. Some people file when they are current on their payments, others wait until they have been sued.

Regardless of the kind of debt you have or how you acquired it, you deserve a fresh start. Bankruptcy may help you:

• Eliminate credit card debt, old taxes, personal loans, and personal guarantees
• Stop lawsuits, wage garnishments, and bank levies
• Stop harassing creditor calls
• Stop car repossession or foreclosure of your home

Our experienced North Hollywood bankruptcy lawyer can help you understand what debts bankruptcy can and can’t eliminate and whether filing is right for your situation.

How Much Does It Cost to File for Bankruptcy?

The fees for Chapter 7 vary based upon the complexity of the case, but a typical case is $1,000 to $1,300 (not including the filing fee and credit report).

The up-front fees for Chapter 13 range from $500 up, depending on the case. The balance of the fees is paid through monthly plan payments to the trustee. You will pay the fees over a period of 36-60 months.

We also offer affordable payment plans, so you can start your bankruptcy with a small retainer upfront.

Attorney Kevin Simon has developed an extremely efficient process for bankruptcy filings based on 25 years of experience. This efficiency allows us to keep costs lower than our competitors.

Our fee structure is straightforward and transparent. We will provide you with a written statement outlining what you will pay, and this amount will not change once you retain our services.

Why Choose the Law Offices of Kevin Simon?