WOODLAND HILLS, CA, December 29, 2011 (Press-News.org) American Airlines recently filed for a Chapter 11 bankruptcy. This type of filing allows businesses to reorganize and regroup while trying to pay off their debts. It doesn't mean that the airline is suddenly grounded and out of business. For individuals and especially homeowners, filing for bankruptcy can also help them reorganize and regroup. The one common denominator between a company like American Airlines and a private citizen is that they would both need a competent lawyer to guide them through the process. Woodland Hills based attorney Rob Nichols specializes in bankruptcy filings for individuals and has been helping his clients navigate through court proceedings to find the best outcomes.
The goal for an individual who files for a Chapter 13 bankruptcy as opposed to a Chapter 7 is that they want to pay back their debts. Whether those debts are missed payments for a car loan or a home mortgage, the Chapter 13 filing helps a person reorganize their payment schedules. In a Chapter 7 filing, a person will have to forfeit their property in order to pay off their debts. That is not the case with a Chapter 13 filing.
As attorney Rob Nichols explains to his clients, "Chapter 13 bankruptcy will stop creditors in their tracks immediately and allow you to consolidate debt and restructures it into a monthly payment plan that is affordable to you. Usually people awarded Chapter 13 make sufficient income to cover their living expenses, but not enough to pay off debts in full or according to the unreasonable demands of creditors."
Working with a skilled attorney like Rob Nichols allows individuals to develop a strong financial plan that allows for payments of living expenses first. After that, creditors can be paid off in terms that are affordable. Often, these settlements can be a great reduction of the debt, sometimes even just "pennies on the dollar".
Often it is the temporary loss of wages or expenses from a severe medical crisis that puts an individual in the danger zone of missing payments to creditors. As the cycle of missed payments, increased interest rates and late fees builds up, it becomes more difficult for that person to get out from under that mountain of debt without some relief. Chapter 13 bankruptcy can be that relief.
About the Company:
The Law Office of Rob R. Nichols is conveniently located in Woodland Hills, California. We are dedicated to providing you with the personal attention you need. You will not speaking with paralegals or secretaries, but assisted all along the way by a compassionate attorney who will be able to address all of your legal needs and help you through the legal process.
Attorney Rob Nichols Helps Clients With Chapter 13 Bankruptcy Options
Individuals who have fallen on hard financial times could find relief by filing either a Chapter 7 or a Chapter 13 bankruptcy. Typically, those persons who aren't eligible for a Chapter 7 filing opt for a Chapter 13.
2011-12-29
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[Press-News.org] Attorney Rob Nichols Helps Clients With Chapter 13 Bankruptcy OptionsIndividuals who have fallen on hard financial times could find relief by filing either a Chapter 7 or a Chapter 13 bankruptcy. Typically, those persons who aren't eligible for a Chapter 7 filing opt for a Chapter 13.