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(EMAILWIRE.COM, October 14, 2011 ) Los Angeles, CA -- Residents of Southern California who find themselves with overwhelming credit card debt, medical bills and other unsecured debt can turn to Southern California Bankruptcy Law Counselors for help in assessing their situation. While filing bankruptcy may not be ideal for everyone, it can help those who are severely in debt regain control of their finances.
Southern California Bankruptcy Law Counselors offer a free bankruptcy evaluation to all eligible consumers on its website, bankruptcyesq.com. Once the evaluation has been submitted, an attorney attorney from Southern California Bankruptcy Law Counselors will contact the consumer to let him or her know if bankruptcy seems to be the best option.
When a consumer files bankruptcy, creditors must cease all collection activity, wage garnishments and repossessions. A consumer may also be eligible to have his or her unsecured debt, such as credit cards, medical bills, payday loans and lawsuits, eliminated. Filing bankruptcy will not suspend the consumer's obligation to re-pay student loans, back taxes or child support, although a bankruptcy attorney from Southern California Bankruptcy Law may be able to help the debtor renegotiate these terms.
Bankruptcy laws underwent major change with passage of the 2005 Bankruptcy Abuse and Consumer Protection Act. Under the new standards, fewer people are eligible for a Chapter 7 bankruptcy, which is one where debts are eliminated with no obligation by the consumer to repay them. These changes lead to an increase of Chapter 13 bankruptcy filings. This type of bankruptcy is set up as a repayment plan in which the debtor makes payments to a bankruptcy trustee for the purpose of distribution to the creditors. The consumer's assets can not be seized during these proceedings. Payments are set at a level the debtor can afford to repay.
About Southern California Bankruptcy Law Counselors:
Located in Los Angeles, California, Southern California Bankruptcy Law Counselors offers prospective clients information and options on filing for bankruptcy. They also offer an assessment of their client's financial situation to determine the best course of action for them.
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