Bankruptcy Attorney Office Los Angeles Explains the Role of a Trustee

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Bankruptcy attorney office in Los Angeles is not the kind of place that you would want to visit soon. However, if you are on the brink of losing all your assets, you might not have a lot of choices. If so, consult our professional lawyer. 

Bankruptcy Attorney Office in Los Angeles for Financial Freedom 

Our goal at Karine Kardjian law office is to assist anyone who is struggling to make ends meet. Or to people who are overwhelmed with debt. 

If you wish to file for bankruptcy, you must consult our expert lawyer first. Bear in mind that different bankruptcy chapters are available. But not all of them apply to your case. 

Filing Chapter 7 would mean losing most of your property. However, you are not mandated to follow the repayment plan assigned by the court. 

Chapter 13, on the other hand, is for a larger company. It may also be an ideal option for you if you want to keep your property but you will have to deal with a longer repayment period. 

When you file for bankruptcy, the court might appoint a trustee. But what is the role of a bankruptcy trustee? 

The trustee, per se, oversees the re-purposing and liquidation of your assets. 

Chapter 13

It is designed for a larger company. Chapter 13 involves a longer payment plan that can go for several years. It is a longer process. Thus, monitoring is also longer. During the repayment period, a trustee is involved. 

The trustee will estimate the repayment plans, ensures the proper filing of documents. Also, collects payments and distributes it to the appropriate parties. 

Chapter 7

It is for consumers with limited resources to pay off debts. All property will be subject to liquidation to pay off debts. A trustee is appointed by the court. This person oversees the liquidation process. The trustee also determines what assets are eligible for liquidation. 

Which Chapter is Better 

It depends on your personal and financial circumstances. For Chapter 7, your income should be below a certain level. 

However, if your income is higher to qualify for Chapter 7, then you might benefit from filing for Chapter 13. This option is ideal if you do not want to sell your possessions. 

The best way to know which option is better is to talk to an experienced lawyer at Karine Karadjian law office. Our lawyer, Karine Karadjian, is dedicated to assisting consumers in relieving their debts. 

When you choose our law office, you can be sure of personalized attention. Our attorney will handle your case from start to finish. 

Perhaps, you do not want to file for bankruptcy. We may recommend getting a debt counselor to help you pay off your debts. This without having to file for bankruptcy and protect your assets. 

Visit our bankruptcy attorney office in Los Angeles to discuss your predicament. Some creditors use harsh tactics to harass their consumers. But you can avoid such a situation if you have an attorney working by your side. We can protect you against harassment. Talk to us today at (818) 918-9660

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