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Los Angeles, CA Bankruptcy lawyers (963 attorneys, 2443 reviews)

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  • Shaev & Fleischman P.C.
    8605 Santa Monica Blvd #47620, Los Angeles, CA
    Avvo Rating: 9.0  
    Licensed
    I’m a student loan lawyer who has helped thousands of federal and private student loan borrowers lower their payments, negotiate settlements, get out of default, and qualify for loan forgiveness programs. My practice includes defending student loa...
  • Resnik Hayes Moradi LLP
    510 W. 6th Street, Suite 1220, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    Jonathan Hayes concentrates focuses his efforts on assisting clients with bankruptcy and corporate business litigation. Mr. Hayes is a Certified Bankruptcy Specialist who represented many Chapter 11 debtors, businesses, and individuals. Mr. Hayes ...
  • Tax Lawyers Group, APC - Los Angeles
    2049 Century Park E, Ste 3850, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    Complex Chapter 7, 13 & 11 Business and Tax Bankruptcy Cases. Call 833-964-0633
  • Bayer Wishman & Leotta
    1055 Wilshire Blvd, Suite 1900, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    Biography   Megan Craig is an associate attorney with Bayer, Wishman & Leotta, admitted to practice in 2015.  An alumna of Southwestern Law School, Megan has a true passion for bankruptcy law that is reflected in her scholarly achievements and her...
  • Dumas & Kim, APC
    915 Wilshire Blvd Ste 1775, Los Angeles, CA
    Avvo Rating: 9.7  
    Licensed
    Christian T. Kim is a shareholder at Dumas & Kim, APC. Mr. Kim is certified as a bankruptcy law specialist by The State Bar of California, Board of Legal Specialization and has extensive experience in representing trustees, debtors and creditors i...
  • Bayer Wishman & Leotta
    1055 Wilshire Blvd #1900, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    We have handled 15,000 bankruptcy cases, with offices in Long Beach and Los Angeles, CA.   I am a Certified Specialist in Bankruptcy Law by the State Bar of California. I am passionate about the practice of bankruptcy because it provides an amazin...
  • Roquemore, Pringle & Moore, Inc.
    6055 E. Washington Blvd., Suite 500, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    Wesley H. Avery, Esq. received his B.A., with highest honors in Economics from the University of California, Davis in 1980, where he was elected to Phi Beta Kappa and Phi Kappa Phi. He received his M.B.A. from Harvard Business School in 1984 and h...
  • Gipson Hoffman & Pancione
    1901 Avenue of the Stars, Suite 1100, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    Review: “I contacted Mr. Wallach multiple times regarding a two debtors I have in litigation regarding a breach of contract matter. Mr. Wallach was exceedingly polite, highly knowledgeable, patient, and he gave me his time when mo...
  • Law Offices of Sheila Esmaili
    11601 Wilshire Blvd., Suite 500, Los Angeles, CA
    Avvo Rating: 9.1  
    Licensed
    Review: “The reason which I had the opportunity to form myself an idea of the professional quality of this attorney, was not a happy one; then again now that I regain emotional stability, and financial security; I consider it fa...
  • W Legal PC
    3435 Wilshire Blvd., #1100, Los Angeles, CA
    Avvo Rating: 8.5  
    Licensed
    Review: “I was in a really tough spot before I signed up with William. A loan modification company took thousands of dollars from me and did not help me one bit. I finally signed up with William and was able to keep my home and ...
  • 1605 W Olympic Blvd Ste 9011, Los Angeles, CA
    Avvo Rating: 9.1  
    Licensed
    My commiment is to my clients and justice. That is why my success rate is so high.        
  • 633 W 5th St Ste 2800, Los Angeles, CA
    Avvo Rating: 9.1  
    Licensed
    The Law Office of Marc Weitz was founded in 2008. I bring 20 years of experience working on Wall Street and expertise in the field of law to your case. I am committed to understanding the business and personal needs of each client while helping th...
  • Royzman Law Firm
    10940 Wilshire Blvd 18th Fl, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    Attorney Natella Royzman has worked with clients in the many different areas and industries, including professional services, entertainment, real estate, advertising, retail, beauty, health and wellness, medical, veterinary, art, fashion, hospital...
  • Talkov Law Corp.
    10880 Wilshire Blvd Ste 1101, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    Scott Talkov is the Founder of Talkov Law where the emphasis of his practice is in real estate, business and bankruptcy litigation. Before founding the firm, Scott was named partner of the year at Reid & Hellyer, an Inland Empire law firm dating b...
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    Michael Chekian
    445 South Figueroa Street, 31st Floor, Los Angeles, CA
    Avvo Rating: 10  
    Licensed
    File bankruptcy, settle, or fight the lawsuit? Need help with student loans; Free Consultation.
    Read more

    Practice area
    2% Bankruptcy and debt, 45% Chapter 7 bankruptcy, 20% Chapter 13 bankruptcy, and more.

    Cost
    Free Consultation
    Some lawyers offer a free consultation to help determine whether their services are right for your legal needs
    20 minutes

    License
    CA, Active since 1993

BANKRUPTCY IN LOS ANGELES

How Bankruptcy Works

Bankruptcy provides a safety net for people struggling to pay debt. Once filed, debt collectors and other creditors must stop sending harassing letters, making calls, and pursuing collection lawsuits. The bankruptcy process involves a review of the debtor’s financial situation, including income and property value, to determine whether creditors will receive some portion of what’s owed. Most bankruptcy cases end with the court issuing a debt discharge wiping out qualifying debt.

Types of Bankruptcies

Chapter 7

A Chapter 7 bankruptcy provides a fresh start by erasing credit card balances, medical bills, personal loans, and other qualifying debt. It’s quick—taking about four months to complete—and the filer doesn’t repay creditors through a repayment plan. Chapter 7 filers keep property needed to work and live, such as a modest car and household furnishings. The bankruptcy trustee sells nonessential property for the benefit of creditors.

Chapter 13

Wage earners with enough steady income to repay creditors some portion of what they owe file for Chapter 13. This chapter offers valuable benefits not available in Chapter 7, such as allowing filers to keep all of their property. Filers can also save a home from foreclosure or a car from repossession by catching up on missed payments through the repayment plan. Once complete, the debt discharge erases remaining balances on qualifying debt.

Chapter 11

Chapter 11 helps income-generating companies stay in business, as well as high-earning individuals whose debts are too high to qualify for Chapter 13. In Chapter 11, the filer and creditors create a restructured debt plan the company can afford by agreeing to new terms or reducing amounts owed. Many small businesses and individuals can take advantage of the relaxed, cost-saving Chapter 11, sub-V procedures created especially for them.

Cost of Bankruptcy

A Chapter 7 bankruptcy in California tends to cost $1,650, but it might be more in large metro areas like Los Angeles. The average Chapter 13 case costs $3,500.

Bankruptcy Pros and Cons

  • Wiping out qualifying debt can help filers live within their means.
  • Filers start rebuilding credit immediately after receiving a bankruptcy discharge.
  • Filers can save a home from foreclosure or a car from repossession, and in some cases, wipe out an underwater residential junior mortgage or reduce secured debt to the value of the collateral.
  • A business owner can restructure debt and save a failing business or, after a business closure, wipe out personal liability for business debt.

  • A bankruptcy discharge doesn’t wipe out recently incurred tax balances, domestic support obligations, student loans, and other nondischargeable debts.

  • The bankruptcy filing will impact the filer’s credit score temporarily and will remain on a credit report for up to ten years.
  • Bankruptcy filers pay higher interest rates on most credit purchases after bankruptcy.
  • Filers will find it difficult to lease property for a year or two after bankruptcy.

For more on bankruptcy in California, and questions asked in Los Angeles, see our free legal advice page.