Bankruptcy attorney Los Angeles CA (800) 372-1505 The Law Offices of James B. Smith

Are you considering a Bankruptcy? For Los Angeles, CA call your local Bankruptcy Attorney Office, The Law Offices of James B. Smith at (800) 372-1505, everything from a Chapter 7, Chapter 11 and Chapter 13, we can provide you with a full explanation and your choices when it comes to filing your bankruptcy papers.

Bankruptcy is a legal status of a person that cannot repay the debts he/she owes to their creditors. Generally, a debtor declares bankruptcy to obtain relief from debt, and this is accomplished either through a discharge of the debt or through a restructuring of the debt. When a debtor files a voluntary petition, his or her bankruptcy case commences.

Chapter 7: Basic liquidation for individuals and businesses, it is the simplest and quickest form of bankruptcy available; also known as Straight Bankruptcy. In Chapter 7, a debtor surrenders his or her non-exempt property to a bankruptcy trustee who then liquidates the property and distributes the proceeds to the debtor’s unsecured creditors

Chapter 11: Rehabilitation or reorganization is used primarily by business debtors, but sometimes by individuals with substantial debts and assets; known as Corporate Bankruptcy.

Chapter 13: Rehabilitation with a payment plan is for individuals with a regular source of income which enables them to develop a plan to repay all or part of their debts. Chapter 13 is also known as Wage Earner Bankruptcy. In Chapter 13, the debtor retains ownership and possession of all of his or her assets, but must devote some portion of his or her future income to repaying creditors, generally over a period of three to five years. The amount of payment and the period of the repayment plan depends upon a variety of factors, including the value of the debtor’s property, and the amount of a debtor’s income and expenses. Secured creditors may be entitled to greater payment than unsecured creditors.

By working with an attorney at our law firm, you can utilize a bankruptcy filing to your advantage and prevent an imminent foreclosure. At the Law Offices of James B. Smith, we are experienced in dealing with bankruptcy as a foreclosure defense. Whether you are looking to file a Chapter 7 or Chapter 13, an attorney will be essential in determining which form of bankruptcy you qualify for.

There is no question that a competent and experienced attorney can make all the difference in your financial future. At the Law Offices of James B. Smith, our commitment is to help our clients stabilize their financial situation, and attain their financial goals.

James B. Smith, Attorney at Law

BIO: Jim graduated from Arizona State University with a Bachelor of Science degree in Finance, and then attended Loyola Law School in Los Angeles. After passing the California Bar exam, he honed his negotiating skills as a commercial real estate mortgage broker, closing over $150M in transactions involving properties located across the country. Through his work with a variety of clients, lenders, financing requests, and entity types, Jim has analyzed hundreds of transactions and understands the numbers as well as the importance of attention to detail necessary to negotiate from a firm position.

EDUCATION: Arizona State University (B.S. 1985); Loyola Law School (J.D., 2003); Licensed California Real Estate Agent (2004).

MEMBER: State Bar of California # 231420, Los Angeles County Bar Association, NACBA (National Association of Consumer Bankruptcy Attorneys).