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Best Bankruptcy Attorneys in West Los Angeles

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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 assists individuals and businesses in and around West Los Angeles in stopping harassing calls from creditors, retaining exempt property, and discharging debts. For the past 21 years, the law firm has helped clients protect their assets from bankruptcy trustees by assisting them in filing chapters 13 and 7. Founding lawyer Eduardo Aragon aggressively advocates for individuals' rights while negotiating debt consolidation settlements. He has also represented artists, business owners, and politicians in bankruptcy proceedings.

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)

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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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Bereliani Law Firm logo
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Bereliani Law Firm

12100 Wilshire Boulevard, Los Angeles, CA 90025
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Bereliani Law Firm is a bankruptcy law firm located in Los Angeles. Serving clients throughout West Los Angeles and its surrounding areas, the firm provides legal representation for both debtors and creditors. It offers assistance in filing chapter 7 and chapter 13 bankruptcies as well as filing for emergency bankruptcy. In addition, the firm helps clients explore their options in negotiating and consolidating their debts. Sanaz Sarah Bereliani is a bankruptcy law specialist handling foreclosure defense cases and debt settlements.

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
Yelp
5.0 / 5 (59)
Facebook
4.6 / 5 (28)
Google
4.0 / 5 (27)

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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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Bordeaux Law, P.C. logo
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Bordeaux Law, P.C.

1275 East Green Street, Pasadena, CA 91106
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Bordeaux Law, P.C., represents clients in West Los Angeles and the neighboring areas. It offers legal services to individuals wishing to file chapter 7 of the bankruptcy law to eliminate their debts and help them recover from financial struggles. It also handles chapters 11 and 14 bankruptcy cases. The law firm also serves debtors and creditors. In addition to bankruptcy, founding attorney Clifford Bordeaux has experience handling estate planning and trust administration matters. Bordeaux is a bankruptcy law specialist certified by 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.
4.7
Google
4.6 / 5 (10)
Yelp
5.0 / 5 (9)

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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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Grigoryan Law Firm logo
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Grigoryan Law Firm

3435 Wilshire Boulevard, Los Angeles, CA 90010
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  • Chapter 13 Bankruptcy

Business Description

Grigoryan Law Firm is a bankruptcy law firm providing legal services to the West Los Angeles area. The firm has filed hundreds of chapter 13 bankruptcy cases throughout California. It represents clients in bankruptcy proceedings and handles the loan modification process, eviction and foreclosure litigation, and other proceedings. Hayk Grigoryan previously worked at two LA law firms specializing in bankruptcy and business litigation before starting Grigoryan Law Firm. He is an active member of the Armenian Bar Association and is fluent in Armenian and Russian.

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 (46)
Facebook
5.0 / 5 (15)
Yelp
5.0 / 5 (4)

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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.
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JM Law Firm, APC logo
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JM Law Firm, APC

6420 Wilshire Blvd., 17th Floor, Los Angeles, CA 90048
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

JM Law Firm, APC, offers bankruptcy representation for clients based in West Los Angeles. Its legal team evaluates the unique needs of each client and assists throughout the process. The firm addresses various financial and legal challenges involving creditor retaliation, credit card debt, loan defaults, civil lawsuits, mortgage foreclosures, and tax debts. Other areas of focus include real estate litigation and personal injury. The firm's attorney, Jasmine Motazedi, is part of the Central District Consumer Bankruptcy Attorneys Association.

Reputation:

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5.0
Google
5.0 / 5 (1)

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5.0
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Law Office of Joseph Collier logo
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Law Office of Joseph Collier

3154 Weldon Ave, Los Angeles, CA 90065
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

The Law Office of Joseph Collier caters to debtors in West Los Angeles who need representation in bankruptcy law matters. The firm's lawyer represents clients in chapter 7 insolvency processes and personally handles each case instead of delegating tasks to paralegals and assistants. It works on averting hassles, such as evictions and foreclosures, and negotiates terms with creditors. Lawyer Joseph Collier has been part of the legal profession for more than 21 years and has a clientele situated across seven counties.

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 (27)
Yelp
5.0 / 5 (20)

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 Peter M. Lively logo
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Law Office of Peter M. Lively

11268 Washington Blvd #203, Culver City, CA 90230
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

The Law Office of Peter M. Lively is a bankruptcy law firm that has been serving individuals and businesses in West Los Angeles since 1994. The legal office assists clients in identifying the best bankruptcy options for their situation, such as creating payment plans, resolving foreclosure, implementing workout strategies, and managing litigation matters. The Law Office of Peter M. Lively also guides clients from pre-bankruptcy planning and representation in chapters 7, 11, and 13 cases to post-bankruptcy credit repair.

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 (23)
Facebook
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 Devin Sawdayi logo
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Law Offices of Devin Sawdayi

10866 Wilshire Boulevard, Los Angeles, CA 90024
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Serving the community of West Los Angeles, the Law Offices of Devin Sawdayi is a law firm that assists its clients through a variety of debt relief solutions. The firm specializes in handling chapters 7 and 13 bankruptcy cases. Its bankruptcy attorneys also offer a legal alternative to individuals in cases of harassment and threats by debt collectors. Additionally, it helps in ending wage garnishment. The Law Offices of Devin Sawdayi was established in 1997.

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 (17)

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 Jaime A. Cuevas, Jr. logo
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Law Offices of Jaime A. Cuevas, Jr.

200 E. Beverly Blvd, Suite 200, Montebello, CA 90640
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Since 2015, the Law Offices of Jaime A. Cuevas, Jr., has been working with clients across West Los Angeles. The firm represents individuals facing issues like wage garnishment and car repossession. It educates them on the process of filing for bankruptcy through chapters 7 or 13. It also provides estate planning services and works on various documents, including living trusts and wills. The firm has managed more than 1,800 cases and has helped clients discharge over $54 million in debts. Its staff includes Spanish-speaking members.

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 (165)
Yelp
3.5 / 5 (7)
Avvo
1.0 / 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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Law Offices of Sheila Esmaili logo
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Law Offices of Sheila Esmaili

11601 Wilshire Boulevard, Los Angeles, CA 90025
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  • Chapter 7 Bankruptcy
  • Chapter 11 Bankruptcy

Business Description

Law Offices of Sheila Esmaili is a bankruptcy law firm that provides legal services to creditors and debtors in West Los Angeles. It counsels its clients on how to protect their assets and eliminate debts to achieve financial freedom. Sheila Esmaili, the principal attorney, has years of experience in the industry and represented defendants and plaintiffs in numerous trials. She has handled chapters 7, 11, and 13 of the bankruptcy code, litigation, debt settlements and negotiations, and adversary proceedings.

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
Yelp
5.0 / 5 (17)
Google
5.0 / 5 (12)

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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Nader & Berneman, Attorneys at Law logo
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Nader & Berneman, Attorneys at Law

21800 West Oxnard Street, Los Angeles, CA 91367
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Debt Settlement

Business Description

Nader & Berneman, Attorneys at Law, is a bankruptcy law firm serving West Los Angeles and surrounding areas. With more than five decades of combined experience, it offers consultancy and representation services to clients seeking assistance with issues concerning chapters 7 and 13 bankruptcy and real estate laws. It also helps with debt settlement strategies and foreclosure prevention and avoidance. Partner Ali Nader is a NACBA and ABA member and has been working in the legal field since 1996.

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.
4.4
Google
4.0 / 5 (49)
Yelp
5.0 / 5 (29)
Facebook
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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Orantes Law Firm logo
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Orantes Law Firm

3435 Wilshire Blvd #2920, Los Angeles, CA 90010
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  • Chapter 7 Bankruptcy
  • Chapter 11 Bankruptcy

Business Description

The Orantes Law Firm is a bankruptcy and estate planning office helping people protect their wealth. Giovanni Orantes is board certified as a bankruptcy specialist for consumer and business bankruptcy law. He has over two decades of experience working with people in West Los Angeles looking to file chapters 7, 11, 13, or 5 bankruptcy claims and assisting them in commercial and complex litigation issues. Orantes is also well-versed in negotiating debtor-in-possession financing, obtaining confirmation of reorganization plans, and preparing motions under chapter 11 proceedings.

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
5.0 / 5 (10)
Facebook
4.2 / 5 (5)
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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Resnik Hayes Moradi LLP - Los Angeles logo
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Resnik Hayes Moradi LLP - Los Angeles

510 West 6th Street, Los Angeles, CA 90014
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Debt Settlement
  • Chapter 11 Bankruptcy

Business Description

Resnik Hayes Moradi LLP - Los Angeles is a boutique bankruptcy law firm that provides debt relief solutions to clients in West Los Angeles. Its certified bankruptcy specialists assist clients during a financial crisis, helping them in filing for consumer and business bankruptcy and assisting them throughout the appeals process. The firm's bankruptcy attorneys are certified by the Board of Legal Specialization and the California Bar Association. They have handled 4,000 consumer bankruptcy cases over the past 20 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
5.0 / 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.
5.0
Responsiveness
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Detail
Sternberg Law Group - Los Angeles logo
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Sternberg Law Group - Los Angeles

5757 Wilshire Boulevard, Los Angeles, CA 90036
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Sternberg Law Group is a bankruptcy law firm that has been providing services in West Los Angeles since 2009. It offers legal counsel to individuals on how to avoid bankruptcy and foreclosure and assists them in filing chapters 7 and 13 if left with no other option. In addition, principal attorney Joshua L. Sternberg presents customized strategies to its clients to help them choose the best-suited option for their situation. Sternberg Law Group also handles representation for personal injury 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.
4.8
Google
4.0 / 5 (55)
Yelp
5.0 / 5 (22)

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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Detail
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

Business Description

The Law Office of Richard T. Baum represents clients in West Los Angeles and nearby locations. It handles chapters 7, 11, 12, 13, and subchapter V bankruptcies to prevent improper foreclosures and adjust support agreements. Baum aims to eliminate unsecured debt and save clients' property secured by a lien. He also deals with debt settlement, identity theft, scam calls, and pressures from fraudsters. Baum has been practicing law since 1979. He is a member of the American Bankruptcy Institute.

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
Facebook
4.3 / 5 (688)
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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The Law Office of Tyson Takeuchi logo
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The Law Office of Tyson Takeuchi

1055 Wilshire Boulevard, Los Angeles, CA 90017
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Chapter 11 Bankruptcy

Business Description

The Law Offices of Tyson Takeuchi is a bankruptcy law firm representing clients in West Los Angeles. It provides legal assistance to families, individuals, and small businesses with financial issues. It also helps in saving the clients' assets by preventing foreclosure, repossession, wage garnishment, lawsuits, and bank levy. With over 25 years of experience in the field, Tyson Takeuchi has gained a bankruptcy specialist certificate from the American Board of Certification and 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.
4.9
Google
5.0 / 5 (79)
Yelp
4.5 / 5 (15)
Facebook
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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The Law Offices of Marjan Alitalaei logo
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The Law Offices of Marjan Alitalaei

11620 Wilshire Blvd. 9th Floor, Los Angeles, CA 90025
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  • Credit Card Debt
  • Debt Settlement

Business Description

The Law Offices of Marjan Alitalaei serves business owners and individuals in West Los Angeles who have financial issues. Whether they are mortgage loans or credit card bills, the firm helps clients obtain debt relief by filing for chapters 7, 11, and 13 bankruptcy. Its lawyer, Marjan Alitalaei, works closely with clients to determine the financial and legal options that fit their fiscal needs. She also works on various family, immigration, and business law matters.

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
Yelp
4.5 / 5 (22)
Google
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.
4.0
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Thompson Law logo
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Thompson Law

1055 W 7th St 33rd floor, Los Angeles, CA 90017
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  • Student Loan Debt
  • IRS Tax Debt
  • Corporate Restructuring
  • Repossession

Business Description

Thompson Law is a bankruptcy law firm, providing its legal services to the West Los Angeles area. Tony Thompson, the partner in Thompson Law, is an experienced attorney that provides his services as a bankruptcy lawyer. He has over 20 years of legal experience in tax resolution, corporate and business law transactions, trademark prosecution, and student loan resolution. Tony offers his services as a bankruptcy lawyer to help clients rebuild their credit, remove their debt, and finish the case with a clean record.

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 (18)

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
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––
Woolf & Nachimson LLP logo
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Woolf & Nachimson LLP

1100 Glendon Avenue, Suite 1500, Los Angeles, CA 90024
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Woolf & Nachimson LLP is a law office assisting clients in the West Los Angeles area since 2012. Its team works with individuals facing unmanageable debts and helps determine if filing for bankruptcy suits their situations. It reviews clients' financial status and explains the significant implications of bankruptcy. If possible, it also negotiates with creditors to formulate out-of-court solutions. One of the firm's partners, Benjamin Nachimson, is a certified mediator for the United States Bankruptcy Court Central District 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 (2)
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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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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