When Should You File for Bankruptcy? Sooner or Later

1. WHEN SHOULD YOU FILE FOR BANKRUPTCY? SOONER OR LATER NADER & BERNEMAN, ATTORNEYS AT LAW Address: 21800 Oxnard Street, Suite 720 Woodland Hills, CA 91367 Service Areas- Encino, Woodland Hills & San Fernando Valley Web- https://www.naderlawfirm.com/ Review Us- https://tinyurl.com/y33qh7re Find Us on Map- https://tinyurl.com/y34r4x8j

2. Being bankrupt is a scary situation and in itself is an ominous thing that no one should undergo. It is no less than a nightmare that anybody would dread of. But many times people have to face such a situation when they have suffered huge losses and are unable to repay the loan amount. In such a case the question arises should one file for bankruptcy sooner or later? The answer is “sooner.” Your eyes may have gone wide seeing this, but yes filing for bankruptcy at an early stage can help you in a lot many ways. Even in Los Angeles chapter 13 bankruptcy attorneys would suggest you the same to stop foreclosures and to save your property and avail the benefits of exemptions. Here are a few reasons that will make you believe that filing for a bankruptcy at an earlier stage is better than filing it later: Foreclosure plans If the bank has decided to foreclose on your house, then you can consider filing for bankruptcy to stop the foreclosure. Filing for bankruptcy helps in prohibiting the lenders from continuing with their collection. Even if you are ready to part with your home for the foreclosure, you should consider filing for bankruptcy. This is advisory because in many states there are rules which waver the difference or your outstanding amount if your sale property is not able to draw a sum equivalent to our mortgage balance. Bankruptcy attorney in Encino can help you also in filing bankruptcy so that if any such case arises, the difference is forgiven. To avail the benefits of exemptions Every state has different policies and rules in case of filing for bankruptcy. There are a few exemptions that the borrower can keep from his property to use it for himself/herself. One can consider seeking advice from Bankruptcy lawyer in Los Angeles CA to have a clear picture in this regard. In case you have moved to a new state and the laws there are not as favorable as the previous city you stayed in, then filing bankruptcy is the only option that you may have. This is advised because you can use the domicile certificate of your old state and still avail the exemptions that were allowed in the previous state.

3. To get an extension for rent payment Many times it happens that your landlord may force you for house eviction, but filing for bankruptcy can save you from any such eviction. Ultimately you will have to pay the rent for the time period you have stated in the rented house but filing for bankruptcy can borrow you some extra time for the making the payments. But there are few rules in favor of the landlords such as eviction due to drugs, possession, etc. You can contact a Bankruptcy attorney in San Fernando Valley to know more about the rules and regulations to get an extension for the payment and to stop the eviction. To pass the means test in case of starting a new job with higher income If you want to qualify for chapter 7 bankruptcy, then you have to consult a Chapter 7 bankruptcy attorney in Los Angeles who can help you out to clear the ‘means test.’ Here your total income also plays a vital role as the average of the previous six months’ income from the date of filing bankruptcy is taken up for the calculation. For this, you need to note that if you are drawing a higher salary then the chances of clearing the mean test decreases. So it is better that you file bankruptcy soon so that the previous average of your low paid job is taken into consideration and not the new one. So consider seeking help from Bankruptcy Attorney in Woodland Hills, Los Angeles or Encino, who can assist and guide you in taking your decision of filing bankruptcy to win you extensions and exemptions.