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Best Bankruptcy Attorneys in Los Angeles

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A Bankruptcy Law firm Of Jasmin Firooz logo
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A Bankruptcy Law firm Of Jasmin Firooz

1605 West Olympic Boulevard Suite#9021, Los Angeles, CA 90015
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Jasmine Firooz Bankruptcy Law Firm provides its services to individuals and businesses in the Los Angeles metro and nearby areas. It advises and represents clients filing for a chapter 7 and 13 bankruptcy. These claims help debtors eliminate bank levies, collections, creditor harassment, garnishments, and lawsuits. As part of the process, the bankruptcy attorney reviews the clients' financial situation and assists them in choosing an appropriate option. The firm has been in practice for nearly 30 years.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.7
Google
4.5 / 5 (32)
Yelp
5.0 / 5 (8)
Avvo
5.0 / 5 (7)

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We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Alamdari Law logo
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Alamdari Law

25050 Avenue Kearny, Ste 205, Valencia, CA 91355
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Alamdari Law offers legal representation to individuals and families in Los Angeles and Ventura County. It helps clients in handling financial crises and bankruptcy, including credit card debt, unsecured debt, mortgage and automobile loans, and utility and medical bills. It covers Chapters 7 and 13 of the bankruptcy law and its exemptions listed under sections 703 and 704. Dariush Alamdari has conducted 18 jury trials to verdict and aims to give clients a fresh start by providing possible resolutions to their cases.

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Aragon Law logo
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Aragon Law

1605 W Olympic Blvd #1045, Los Angeles, CA 90015
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Aragon Law represents individuals in Los Angeles. It has been offering bankruptcy and debt solutions for over 25 years. The firm is knowledgeable about navigating liquidation bankruptcy cases and renders legal advice on whether a client has eligibility for chapter 7 or 13 proceedings. It discusses the pros and cons of their recourse which may include the length of proceeding and the amount of asset which will remain protected. Aragon Law also assists clients in settling debts with their creditors.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (6)
Avvo
5.0 / 5 (3)
Yelp
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Bayer Wishman & Leotta logo
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Bayer Wishman & Leotta

1055 Wilshire Blvd #1900, Los Angeles, CA 90017
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Debt Settlement

Business Description

Bayer Wishman & Leotta is a Los Angeles-based bankruptcy law firm. Its attorneys, who are certified bankruptcy specialists, help qualified clients file chapters 7 and 13 petitions. They find solutions that would stop creditors from harassing debtors through processes like wage garnishment and foreclosure. The team also assists with emergency bankruptcy filing. Leon D. Bayer, the firm's founding partner, is a consumer rights advocate. He provides bankruptcy resources to people through publications and his bankruptcy advice column called “Ask Leon."

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Avvo
4.8 / 5 (56)
Yelp
5.0 / 5 (29)
Google
5.0 / 5 (25)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Borowitz & Clark logo
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Borowitz & Clark

100 N. Barranca Street, Suite 250, West Covina, CA 91791
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Credit Card Debt
  • Debt Settlement
  • Student Loan Debt

Business Description

Borowitz and Clark is a consumer bankruptcy law firm based in Los Angeles, with five offices located throughout Southern California. Attorneys advise clients on all available bankruptcy options, which generally include Chapter 7 and Chapter 13 filings, as well as debt negotiation and repayment programs for clients with outstanding student loans. Services address both secured and unsecured debts, allowing clients to choose between making payments on their debts or liquidating their assets.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.8
Google
4.9 / 5 (372)
Facebook
4.4 / 5 (36)
Yelp
4.5 / 5 (9)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Cal West Law logo
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Cal West Law

21800 Oxnard Street Suite 720, Woodland Hills, CA 91367
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  • Chapter 7 Bankruptcy

Business Description

Serving Los Angeles and the surrounding areas, Cal West Law helps clients who are facing financial problems and are drowning in debt. It provides legal assistance in chapters 7 and 11 bankruptcy, foreclosure prevention, and debt settlement. It analyzes customers' current financial dilemmas and develops strategies that match their specific needs and situations. Ali Nader, the partner and head of the bankruptcy and foreclosure department at the firm, is a member of the NACBA.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Google
4.9 / 5 (57)
Yelp
5.0 / 5 (36)
Avvo
5.0 / 5 (12)

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Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Frank Guilardi logo
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Frank Guilardi

1605 W Olympic Blvd Suites 9101-9102, Los Angeles, CA 90015
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  • Chapter 7 Bankruptcy

Business Description

Servicing in the city of Los Angeles, Frank Guilardi is a criminal defense and bankruptcy attorney who provides legal assistance to clients within the community. Guilardi helps clients file chapter 7 bankruptcy to stop the foreclosure process, immediately stop collector calls, stop wage garnishments, and give them a fresh financial start. He also handles criminal defense cases, such as domestic violence, arrest warrants for tickets, protective order violations, and sexual molestation. He can fluently speak Spanish, English, and Italian languages.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.8
Google
4.9 / 5 (39)
Yelp
4.5 / 5 (10)
Facebook
5.0 / 5 (8)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Kedikian Bankruptcy Law Firm logo
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Kedikian Bankruptcy Law Firm

220 South Kenwood St. #310, Los Angeles, CA 91205
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Kedikian Bankruptcy Law Firm provides legal assistance for residents in Los Angeles and nearby areas. Whether clients are facing home foreclosures or seeking debt repayment options, its team of attorneys offers help in filing chapters 7 and 13 bankruptcies. They have represented debtors before independent auditors and during US trustee audits. Roland Kedikian, one of the company's attorneys, has been exclusively practicing bankruptcy since 1997. He is a member of the Central District Consumer Bankruptcy Attorney's Association.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (38)
Avvo
5.0 / 5 (32)
Facebook
5.0 / 5 (5)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Law Office of Marc Weitz logo
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Law Office of Marc Weitz

633 West 5th Street, Suite 2800, Los Angeles, CA 90071
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  • Chapter 7 Bankruptcy
  • Chapter 11 Bankruptcy

Business Description

Since 2008, the Law Office of Marc Weitz has been providing legal services to clients across Los Angeles. The firm assists clients seeking to sell off their business through filing for chapter 7 bankruptcy. It also offers legal representation to clients in chapter 13 bankruptcy cases. The firm helps on matters like debt reorganization and payment term negotiation. Marc Weitz, the firm's attorney, has more than 10 years of legal experience. He is a former hedge fund trader with the financial services firm AIG.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (11)
Avvo
5.0 / 5 (4)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Law Offices of Kelly K. Chang logo
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Law Offices of Kelly K. Chang

401 Shatto Place, #101, Los Angeles, CA 90020
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  • Debt Settlement
  • Creditor Representation

Business Description

The Law Offices of Kelly K. Chang serves clients across Los Angeles. It deals with a broad range of bankruptcy law cases, helping clients in stopping wage garnishment, bank account levies, foreclosures, legal judgments, and creditor harassment. It deals with personal and business dischargeable debts, including business, home equity, and personal loans as well as leases, negligence claims, and repossession deficiencies. Firm principal Kelly K. Chang also focuses on immigration law. She has written bankruptcy law columns that have been posted on Korea Daily.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (15)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Law Offices of Pauline Chernick logo
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Law Offices of Pauline Chernick

1605 West Olympic Boulevard, Suite 9015, Los Angeles, CA 90015
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

The Law Offices of Pauline Chernick represents clients with bankruptcy cases in Los Angeles. The firm aims to help clients take back control of their debts. It helps clients evaluate their situation and review their bills, loans, account statements, and credit reports. It assists clients with debt to file chapter 7 bankruptcy and represents them all throughout the case duration. The Law Offices of Pauline Chernick also delivers its services in Spanish. Its attorney, Pauline Chernick, has 30 years of legal experience.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (9)
Yelp
5.0 / 5 (2)
Avvo
5.0 / 5 (2)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Law Offices of Sheila Esmaili logo
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Law Offices of Sheila Esmaili

11601 Wilshire Blvd # 500, Los Angeles, CA 90025
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

The Law Offices of Sheila Esmaili help individuals and businesses in Los Angeles and throughout California lower their debt and protect their assets. Principal attorney Sheila Esmaili represents debtors and creditors and practices chapters 7, 11, and 13 of the Bankruptcy Law; creditor's rights; adversary proceedings; and debt settlements and negotiations. She also offers a credit counseling program and debt consolidation service to avoid bankruptcy. Esmaili is the vice president of the Iranian American Bar Association.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Avvo
5.0 / 5 (34)
Yelp
5.0 / 5 (22)
Google
5.0 / 5 (13)

(+1 additional source)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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O’Melveny logo
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O’Melveny

400 S Hope St Fl 18, Los Angeles, CA 90071
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  • Chapter 11 Bankruptcy
  • Corporate Restructuring

Business Description

O'Melveny is a bankruptcy law firm that was founded in 1885, in Los Angeles, California, and now has 15 offices around the world. Employing a team of restructuring litigators, the firm represents debtors, investors, lenders, and insurers navigate restructuring and bankruptcy matters. The meticulous bankruptcy lawyers in Los Angeles help investors find opportunities to purchase distressed businesses and certain assets. O'Melveny also assists clients with legal issues relating to data security, government affairs, and labor and employment.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.7
Facebook
4.4 / 5 (13)
Google
5.0 / 5 (8)
Yelp
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
Responsiveness
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Detail
––
Recovery Law Group logo

Recovery Law Group

871 Coronado Center Drive, Los Angeles, CA 89052
  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

With every client served, Recovery Law Group aims to increase access to justice in the Los Angeles area. As a consumer protection law firm, it handles chapter 7 and chapter 13 bankruptcy filings. The law firm also provides legal solutions and tools under the statutes of the law such as The Fair Debt Collection Practices Act. Recovery Law Group's managing partner, Nicholas Wajda, has been in practice for over 13 years. To date, he has already filed 5,000 bankruptcy cases.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.5
Google
4.9 / 5 (568)
Facebook
4.4 / 5 (14)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
Responsiveness
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Detail
––
Sharf Law Firm logo
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Sharf Law Firm

6080 Center Dr # 600, Los Angeles, CA 90045
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  • Chapter 11 Bankruptcy

Business Description

Sharf Law Firm practices bankruptcy and related litigation matters in the Los Angeles area and nearby communities. Mark Sharf develops legal solutions to mitigate risks while enforcing rights. He counsels and represents clients in various aspects of chapter 11 bankruptcy cases. Additionally, he handles patents and copyright matters and argues cases nationwide. Sharf has been practicing law for over 30 years. He was a speaker on trial advocacy at the California Bankruptcy Forum in 2016.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Avvo
5.0 / 5 (2)
Google
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Sternberg Law Group logo
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Sternberg Law Group

5757 Wilshire Blvd #345, Los Angeles, CA 90036
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Sternberg Law Group helps individuals from the Los Angeles metro keep their homes. The legal office assists clients in reaching debt solutions by helping them understand and file chapter 7 or chapter 13 bankruptcy. Its team tailors its legal strategies to its customers' unique financial needs and situations. The firm also offers a range of home retention options and personal injury law assistance. Joshua Sternberg has been aiding families to avoid foreclosure and achieve financial freedom since the 2008 financial crisis.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.8
Google
4.9 / 5 (113)
Avvo
4.9 / 5 (48)
Yelp
4.5 / 5 (39)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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The Grande Law Firm logo
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License Verified:

License: 266549

The State Bar of California

The Grande Law Firm

3812 Sepulveda Boulevard, Torrance, CA 90505
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Chapter 11 Bankruptcy

Business Description

The Grande Law Firm offers legal services to clients in Los Angeles. The firm's licensed bankruptcy lawyers assist clients to resolve bankruptcy issues through legal methods, including identifying the kind of bankruptcy the client is experiencing and organizing a payment plan that fits their income levels. The firm also offers services in securing family-based immigration and procuring investor visas. The Grande Law Firm is a member of the National Association of Consumer Bankruptcy Attorneys.

License Verified:

License: 266549

The State Bar of California

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (53)
Yelp
5.0 / 5 (2)
Avvo
5.0 / 5 (2)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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The Law Office of Richard T. Baum logo
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The Law Office of Richard T. Baum

11500 W Olympic Blvd Ste 400, Los Angeles, CA 90064
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Debt Settlement
  • Chapter 11 Bankruptcy

Business Description

The Law Office of Richard T. Baum serves clients in the Los Angeles metro and the surrounding areas. The firm handles chapters 7, 11, 12, and 13 bankruptcy petitions to assist clients in securing family protection during financial difficulties. In addition, it accommodates clients who are dealing with debt settlement, identity theft, and online security cases. The firm's founding attorney, Richard T. Baum, is a member of the American Bankruptcy Institute and the American Society of International Law.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Avvo
5.0 / 5 (4)
Google
5.0 / 5 (3)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Tran Bankruptcy Law logo
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Tran Bankruptcy Law

215 West Pomona Boulevard, Monterey Park, CA 91754
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Student Loan Debt

Business Description

Tran Bankruptcy Law serves clients in the Los Angeles area. A veteran of the United States Army, Rex Tran is a bankruptcy attorney who helps clients file for either chapter 7 or chapter 13 bankruptcies, depending on the case. Chapter 7, or liquidation bankruptcy, involves selling any non-exempt property to pay off creditors, while chapter 13 bankruptcy involves restructuring, where clients are given a 3- or 5-year repayment plan.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Avvo
5.0 / 5 (44)
Google
5.0 / 5 (13)
Facebook
5.0 / 5 (6)

(+1 additional source)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Back to Providers

Frequently Asked Questions

What does a bankruptcy attorney do?

Bankruptcy attorneys help clients understand whether they qualify for bankruptcy and what their best options are. They also prepare and file petitions, answer questions during the proceedings, and educate clients about potential best steps for a positive bankruptcy outcome. Bankruptcy attorneys might also file motions or paperwork if creditors dispute the bankruptcy, or to stop creditors from taking collections actions forbidden by the bankruptcy.

What happens when you file bankruptcy?

Bankruptcy is a formal process that individuals, married couples, or businesses can enact when they are no longer able to pay creditors. In a bankruptcy proceeding, filers are allowed to reduce debt to more manageable levels to best pay off money owed.

Once the bankruptcy process is initiated, debt collectors can no longer seek repayments outside of the arrangements detailed in the bankruptcy settlement. Some forms of bankruptcy result in the liquidation of assets to pay back debts, while others allow filers to retain most of their possessions and investments. Many types of unsecured debt can be managed with bankruptcy filings, but not all.

Can you file bankruptcy on student loans?

Under most circumstances, student loans aren't dischargeable and aren't included in bankruptcy proceedings. In rare cases, it may be possible to eliminate student loans through bankruptcy, but only if the courts determine that continuing to pay the loans would impose an undue hardship. Meeting the criteria for undue hardship is challenging, and most bankruptcy filers don't qualify.

What is bankruptcy fraud?

Bankruptcy fraud is a blanket term that refers to any kind of dishonest bankruptcy proceeding, which can include:

  • Hiding assets by transferring them to another person or entity
  • Intentionally omitting assets when reporting to the court
  • Destroying or withholding required documents
  • Knowingly making false statements to bankruptcy trustees or creditors

How long is bankruptcy on public record?

How long bankruptcy stays on public record depends on the kind of bankruptcy filing in question. Chapter 7 bankruptcy remains on the record for 10 years as there isn't necessarily a repayment component. Chapter 13 bankruptcy remains on the record for seven years as some obligations are repaid following filing based on the terms of a discharge settlement.

Does bankruptcy clear tax debt?

Bankruptcy can clear tax debt, depending on the circumstances. Taxes are dischargeable under Chapter 7 bankruptcy, not Chapter 13, and only if the tax debt is:

  • Federal income tax debt related to current properly filed tax returns
  • Honestly incurred with no fraud or evasion
  • At least three years old
  • Assessed at least 240 days before bankruptcy filings

Existing liens are not eliminated with bankruptcy.


Can they take my car in Chapter 7 bankruptcy?

In many cases, it's possible to keep a vehicle following Chapter 7 bankruptcy. The Chapter 7 Motor Vehicle Exemption allows filers who own their vehicles outright or who are up to date with payments to keep their cars. However, those behind on making car payments are required to arrange a repayment plan. Otherwise, the vehicle may be repossessed as a part of the proceedings.

How bad is it to file bankruptcy twice?

Although possible, due to the damaging nature of bankruptcy, filing bankruptcy more than once isn't recommended. Filing multiple times puts a serious burden on one's credit report, making it harder to get a loan, buy a house, buy a car, or even open credit cards.

Note that filing for bankruptcy isn't something that can be done at a filer's leisure. There are time limits following bankruptcy cases that dictate when it's permissible to file again. For example, after Chapter 7 bankruptcy, filers must wait at least eight years before filing Chapter 7 again or four years before filing Chapter 13.

Can anyone file bankruptcy?

Anyone can file bankruptcy, but there are limitations regarding which form of bankruptcy is permissible. Qualifying for Chapter 7 requires a means test that evaluates income, debt levels, and income left over each month after paying basic obligations. Income over the median set by the court and monthly income that allows meaningful payments toward unsecured debt can disqualify filers from Chapter 7, which is generally the preferred form of bankruptcy due to the possibility of a full discharge. Anyone can file Chapter 13 bankruptcy, but the terms are less favorable. In most cases, some debts must be repaid following a successful filing. Chapter 13 is also more likely to result in asset forfeiture.

How will bankruptcy affect my credit score?

Bankruptcies are noted on credit reports. How much a bankruptcy might drop a person's credit score depends on how high the score was to begin with, but generally speaking, the hit can be as much as 100 to 200 points. Often scores are already dropping because people filing for bankruptcy may have already missed payments on debts. Chapter 13 bankruptcies are listed on credit reports for seven years from the filing date, while Chapter 7 bankruptcies are listed for 10 years from the filing date. This is because Chapter 13 bankruptcies require at least partial payment of debts owed.

What are the benefits of filing for bankruptcy?

Filing a bankruptcy petition causes an automatic stay. This legally stops creditors from taking further action to collect debt, including garnishing wages or foreclosing on property. Going through a bankruptcy successfully means that debts included in the bankruptcy are discharged and don't have to be paid back, except as provided in a Chapter 13 repayment plan. Bankruptcy can help someone recover from financial duress so they can make better decisions and improve financial situations in the future. Disadvantages can include temporary lower credit scores and limitations on spending and financing.

What's the difference between debt settlement and bankruptcy?

Debt settlement occurs when people negotiate with individual creditors. The creditor agrees to take a payment that's lower than what someone owes and call the debt “paid in full.” Bankruptcy is a legal process that causes debts to be dismissed after someone proves they don't currently have the means to pay their debts as owed. Typically, someone can't enter into bankruptcy and also settle some debts, because the court would see that as favoring one creditor over another.

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