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Loss of income / Pink Slip / Lay offs – Avoid making your financial situation worse.
01 May 2014

Filing for bankruptcy is a financial power move that gives those in financial trouble or facing certain financial decisions to tactically reduce or get rid of debt. It is such a powerful financial tool the law only permits an individual to file once every eight (8) years (for chapter 7).

A discharge is granted upon a successful Chapter 7 bankruptcy. The discharge is an order by the bankruptcy court of the individuals jurisdiction. In Torrance, the jurisdiction would be the Central District of California- Los Angeles Division. Similarly, other cities in Los Angeles County also would fall under the Central District of California-Los Angeles Division Court venue.

The discharge permits a debtor to break free of many personal contracts, financial obligations, and other older debt. Prior to receiving the discharge, but after filing for bankruptcy the debtor is protected under the provisions of the “automatic stay.” Creditors that attempt to contact a debtor during the automatic stay do so at their own peril as they would be subject to strict civil ramifications. Do not be mistaken, many positives come about besides a discharge of debt. A debtor is permitted to keep their home/ condo/ apartment; vehicles / cars (i.e. Toyota, Honda) / boats / motorcycles etc. during and after the bankruptcy.

For those who have suffered an immediate income / job / wage loss; or have a pending job / wage/ income loss; or who have received terminations, lay off notices, pink slips, etc. should immediately evaluate the financial relief filing for bankruptcy would provide.

Unfortunately, this appears to be the case for many of those employed by local Torrance corporations / businesses. With many businesses moving out of state (i.e. many businesses are now moving to Plane / Dallas, Texas and other booming states such as Kansas and Florida), many individuals should resort to considering bankruptcy relief as locating gainful employment immediately may be challenging in light of many other former co-workers who will also be competing for the same position(s).

Filing for bankruptcy is a complex legal process full of deadlines and important decisions. Fully understanding the complexities of each bankruptcy case and proper planning is a must and should be performed by an experienced bankruptcy attorney. Debtors looking to file bankruptcy should contact Nassar law and speak to experienced bankruptcy attorney, Gregory E. Nassar, Esq.

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