Frequently Asked Questions

How do I know if bankruptcy is right for me?

The only person that can truthfully know if bankruptcy is right for you is you!  Filing for bankruptcy is a personal decision you should make with your loved ones after consulting an attorney.  After an attorney reviews your current financial status, he or she can give you an opinion as to whether or not bankruptcy is right for you, as well as which type of bankruptcy would best serve your particular situation.

Will filing for bankruptcy destroy my credit?

Although a bankruptcy will appear on your credit report for 10 years, it does not mean you will never be able to obtain credit again.  In fact, you may be able to start building credit again within a few years after your case has been discharged.  An experienced Los Angeles bankruptcy attorney like Joseph Diamond can inform of ways in which you can rebuild your credit after filing for bankruptcy.

What is the difference between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 bankruptcy works by liquidating a person’s non-exempt assets in order to pay off his or her creditors.  After all of a debtor’s creditors have been repaid, the bankruptcy court will begin to discharge all of the debtor’s dischargeable debts.  Instead of a liquidating a debtor’s assets, Chapter 13 bankruptcy works by consolidating all of a debtor’s unpaid debts into one lump sum, which the debtor will pay off over the course of three to five years.  As the debtor makes payments, the bankruptcy trustee will distribute the money to his or her creditors.

My house is in foreclosure. Can you help me?

There are many effective ways in which attorney Joseph Diamond can help prevent your home from going into foreclosure.  Whether through bankruptcy, a short sale, a loan modification, or some other method, Mr. Diamond can help you work towards a solution that allows you and your family to stay in your home.

For more information about bankruptcy and your rights under the law, contact Los Angeles bankruptcy lawyer Joseph Diamond today!

The DIAMOND LAW FIRM serves clients throughout Southern California including Beverly Hills, Brentwood, Burbank, Camarillo, Chatsworth, Costa Mesa, Glendale, Granada Hills, the Inland Empire, Irvine, Long Beach, Los Angeles, Malibu, Newport Beach, Northridge, Orange County, Pacific Palisades, Palm Desert, Palm Springs, Pasadena, Riverside, San Bernardino, Santa Ana, Santa Clarita, Santa Monica, Sherman Oaks, Simi Valley, Studio City, Valencia, Ventura, West Hollywood, Westchester, Westlake Village, Westwood, Woodland Hills.