chapter 13 bankruptcy

Bankruptcy Attorney – Eliminate Debt

August 17, 2017 by Consumer Center

There is nothing worse than being constantly harassed by debt collectors. The number of individuals throughout the country facing this scenario is staggering. But what can be done to eliminate this debt and to stop debt collection abuse and harassment?

While many people feel as though they are being hung out to dry with hundreds of thousands of dollars in debt, there are few ways to stop the situation from escalating. Some of these methods are filing Chapter 13 bankruptcy and filing chapter 7 bankruptcy.

Filing bankruptcy in California can be a complicated and daunting task. Trying to determine which route is best for your situation and understanding the laws and side-effects of each process is difficult. This is the primary reason that a bankruptcy attorney in California is necessary. Attorneys help individuals by going through the debt to see which route is the best one for them to take. Once they analyze the situation, the next step is to eliminate the debt.

A bankruptcy attorney in California can help eliminate debt by working within the parameters of the law to come up with the best possible solution. Their expertise in bankruptcy puts their clients in confident, capable hands. In fact, when filing Chapter 13 bankruptcy or filing Chapter 7 bankruptcy, the final result is the complete elimination of debt.

If you want to get out from under harassing debt collector phone calls, letters, and emails, the best way to do so is by filing for bankruptcy in California. When you take control of your debt, you can regain your financial freedom once again. For best result always meet with a bankruptcy attorney for assistance and information on what to expect when filing bankruptcy in California.

What Is Chapter 7 Bankruptcy?

Financial distress is a reality for many families throughout the US. With so many issues facing individuals in modern life, it can be difficult to know where to turn to for help. When worse comes to worse, the only answer is often filing Chapter 7 Bankruptcy. But what is Chapter 7 Bankruptcy and how can it help you alleviate financial distress in your life?

The Basics of Chapter 7 Bankruptcy

For starters, not everyone can and does qualify for this form of bankruptcy. In fact, the best route is to consult with a bankruptcy attorney before making a decision. However, here are a few additional qualifications that you have to meet to legally be able to file Chapter 7.

You have to have a great amount of debt.
You must have no alternative options for eliminating debt.
Your income must be below the national median income for the country.
You cannot be filing bankruptcy for a corporation.
You must not have filed bankruptcy of any kind within the previous 8 years

If you meet these criteria you can then move forward with filing bankruptcy in California.

Steps to File Chapter 7 Bankruptcy

The first and foremost important step in filing bankruptcy in California is getting in touch with a bankruptcy attorney. With so many complicated rules, regulations, and restrictions it is impossible to file bankruptcy without an attorney. Once you meet with a bankruptcy attorney you will likely need and/or be required to complete a two-hour financial management course. This ensures that you are aware of what causes debt and how you can negate it in the future.

If you are considering Chapter 7 bankruptcy, please contact the Consumer Center for Resources for more information about how to file and what you need to know about doing so. Contact them today to get your financial life back.

What Is Chapter 13 Bankruptcy?

When you are under financial distress, it is important to know and understand the options available to you. There are many different types of bankruptcy that can alter the repayment structure and the final amount that you pay on your debt. One of the most popular bankruptcy options is Chapter 13 Bankruptcy. But what do you need to know if you are filing chapter 13 bankruptcy and how can an attorney help you?

Chapter 13 Details

Chapter 13 bankruptcy is a repayment method used by debtors to clear their name and rebuild credit with their lenders. Traditionally, this option allows you to pay off your debt partially or in its totality. The determining factor in how much debt you pay relates to the amount of payments you agree to pay and their length. Most Chapter 13 bankruptcy runs anywhere between 3 to 5 years in repayment length, however, this is ultimately determined by the agreement you make with your lender. Chapter 13 bankruptcy in California follows federal guidelines like the rest of the country.

Benefits of Filing Chapter 13 Bankruptcy

Although filing for bankruptcy can be difficult, Chapter 13 does offer many benefits that other repayment options do not. For starters, debtors start increasing their credit score immediately after filing for bankruptcy. Debtors also eliminate the risk of auto repossession and wage garnishment upon filing for Chapter 13 Bankruptcy. These benefits are crucial to rebuilding credit and a more financially stable life.

If you need financial assistance, turn to the Consumer Center for Resources to learn more about how you can get from under the pressure of mounting debt. We are here to help you find a way out of your situation in the easiest, best way possible. Reach out to us today to stop getting debt collection abuse calls. If you are in Nevada, reach out to Rodney Okano bankruptcy lawyer Las Vegas

Call (818) 697-4295 to be connected with a lawyer today. The consultation is FREE!

Chapter 7 vs. Chapter 13 – Which Bankruptcy Should You File?

March 17, 2017 by Consumer Center

If you have overwhelming debt, unpaid medical bills, judgments or wage garnishments, bankruptcy can help you eliminate these things and get a fresh start. Consumers have two choices when it comes to the type of bankruptcy to file —chapter 7 vs. chapter 13. It can be hard to know which type of bankruptcy is right for you. So, what is the difference between chapter 7 and chapter 13?

Chapter 7 – This is the most common and quickest type of bankruptcy. Here is how Chapter 7 works—it allows you to discharge or eliminate most debts, including credit card, collections, and medical debt. This bankruptcy is best if you don’t have very many assets. You must also meet certain income requirements to file a Chapter 7 bankruptcy.
Chapter 13 – This type of bankruptcy is best for you if you have expensive assets that you want to keep, such as a car or house. With a Chapter 13, bankruptcy, you repay your creditors some of your debt under a 3 to 5-year plan. Some debts, such as credit card bills, may be completed eliminated under a Chapter 13 bankruptcy while others may need to be paid back. A Chapter is also ideal if you don’t qualify for a Chapter 7 bankruptcy because you make too much money.

There are different eligibility rules and benefits to each type of bankruptcy. We’ll go over each type of bankruptcy to help you decide which one is right for you.

When To File Chapter 13

A Chapter 13 bankruptcy is a powerful tool that allows debtors to get a fresh financial start. It is particularly useful for borrowers that do not qualify for Chapter 7 bankruptcy. Here are some other instances where a Chapter 13 bankruptcy might be ideal.

You have debts that are not dischargeable under a Chapter 7, such as taxes.
You have expensive assets, such a car or house that you have equity in and that you want to keep.
You and behind on your mortgage and you want to stop foreclosure.
You don’t qualify for a Chapter 7 Bankruptcy because your income is too high.

When to File a Chapter 7 Bankruptcy

A Chapter 7 Bankruptcy, also called a liquidation bankruptcy, allows you to discharge most of your debts. In Chapter 7, a court-appointed trustee will liquidate or sell any assets that you own to pay off your debt. Any debt that is left after your assets are sold will be discharged, meaning that you won’t have to pay it back. Chapter 7 is ideal if:

You don’t own expensive assets.
Your mortgage payment is current, you have very little equity in your home, and you want to keep your house. If you don’t have very much equity in your home, you may be able to keep your home by reaffirming the debt or agreeing to continue making the payments on the home after the Chapter 7 Bankruptcy—as long as you are not behind on your mortgage.
You don’t make a lot of money.

What Happens After Chapter 7 Bankruptcy

Even if you are drowning in debt, you might be reluctant to consider bankruptcy as you’ve probably heard many bankruptcy myths. Don’t worry—you are not alone. Many people who are thinking about filing are worried about what will happen after they file. Bankruptcy laws were made to help people not hurt them.

Here is what will likely happen after Chapter 7 Bankruptcy:

You’ll experience a sense of relief at having your debts eliminated.
You can begin to rebuild your credit – Many people that file bankruptcy have better credit scores after their discharge. This is because a bankruptcy immediately and drastically reduces your debt-to-income ratio, which is partially used to determine credit scores. You might even find it easier to get credit post-bankruptcy than before.
You can start to save money. Now, that you’ll have room in your budget, you can focus on saving money so that you are prepared for unexpected events like medical illness.

Free Consultation from Top Bankruptcy Lawyers in Los Angeles

If you want to get started on a new financial life and get financial freedom today, it is best to contact an experienced bankruptcy attorney.

If you need help filing bankruptcy, reach out to Consumer Center for Resources at (818) 697-4295. We will connect you with one of the top bankruptcy lawyers in Los Angeles.

The consultation is FREE!

Free Bankruptcy Advice: Eliminate Your Debts with a Bankruptcy Attorney

April 18, 2016 by Consumer Center

Filing bankruptcy can eliminate medical and credit card debt, stop foreclosure, stop wage garnishment, and stop car repossession! For FREE Bankruptcy Advice call us immediately!

We connect Consumers to trusted Bankruptcy Attorneys for FREE!

If you are overwhelmed by debt such as medical bills, credit card bills, or if you are behind on your mortgage payment, facing wage garnishments, or facing a lawsuit, filing Chapter 7 or Chapter 13 Bankruptcy can eliminate debt and provide a fresh start.

Debts That Can Usually Be Eliminated With Chapter 7 or Chapter 13 Bankruptcy:

Credit cards and unsecured loans
Medical bills
Lawsuits and judgments
Evictions and unpaid rent
Unpaid utility bills
Foreclosure balances
Car loan deficiency balances
Car accident repair balances
Material supplier debts

Should I File Chapter 7 Bankruptcy or Chapter 13 Bankruptcy?

No matter what your goals are, consumer bankruptcy attorneys will provide free advice to help you decide whether or not you are eligible to file Chapter 13 bankruptcy or Chapter 7 bankruptcy.

Chapter 13 Bankruptcy

Filing Chapter 13 bankruptcy can stop foreclosure, eliminate credit card debt, and eliminates other debts such as medical bills or personal loans. In some cases, filing Chapter 13 bankruptcy can strip or eliminate a second or third mortgage on a house. Filing Chapter 13 bankruptcy automatically stops creditors and stops collection calls immediately. Filing chapter 13 bankruptcy is also an effective way to stop wage garnishment and to recover a car that has been repossessed.

Chapter 7 Bankruptcy

Filing Chapter 7 bankruptcy also stops foreclosure, eliminates credit card debt, and eliminates other debts such as medical bills or personal loans. In most cases, filing Chapter 7 bankruptcy will temporarily stop a foreclosure, but it is different than a Chapter 13 when it comes to repaying the arrears for a mortgage. Filing Chapter 7 bankruptcy automatically stops creditors and stops collection calls immediately. A chapter 7 is also an effective way to stop wage garnishment and to get a fresh start for debts that are too far behind to repay.

Filing Bankruptcy with an attorney is the best option for eliminating debts and save the home from a foreclosure sale while protecting your assets.

Contact Us Today for FREE Bankruptcy Advice; CALL (818) 697-4295

Bankruptcy Most Frequently Asked Questions

Q1: Can I file bankruptcy electronically?

A: A lawyer can file a bankruptcy electronically using a dedicated account and specialized software.

Q2: Do I have to attend the court if I file bankruptcy?

A: Yes, after filing bankruptcy there is a mandatory meeting which requires personal attendance.

Q3: How much does it cost to file Bankruptcy?

A: Bankruptcy fees will depend on your location, the complexity of the case, and the court requirement. If the court required our bankruptcy attorneys to be present at the court then there will be extra charges.

Bankruptcy legal fees generally range from $800 for a simple individual Chapter 7 up to $4500 for a complex Chapter 13, plus additional filing fees that are paid directly to the court.

Q4: How does a bankruptcy repayment plan work?

A: The simple calculation is total arrears spread out for 60 months of payments. For example, $30,000.00 in arrears translates to a $500 monthly payment [for a 5 year repayment plan]. These figures are very rough estimates and the calculation is based on any/all debts that will be repaid.

Q5: What is Chapter 7 Bankruptcy?

A: Chapter 7 bankruptcy is filed to eliminate unsecured debt. Chapter 7 can be filed by a person or a business to wipe out credit cards, medical bills, or loans that are not secured by assets.

Q6: What is Chapter 13 Bankruptcy?

A: Chapter 13 is bankruptcy is filed to eliminate unsecured debt and to repay secured debt and other debt obligations in a payment plan. Chapter 13 can be filed by a person or a business to wipe out credit cards, medical bills, or loans that are not secured by assets. In some cases, Chapter 13 is may also be used to eliminate unsecured home loans or second mortgages. This is what is commonly referred to as a lien strip. As a rule, in order to file Chapter 13 bankruptcy, the court requires proof of income sufficient to pay the monthly mortgage, any car loans, all monthly expenses plus a plan payment [to catch up on past due secured debt obligations.

Q7: What are the Benefits of filing Bankruptcy?

A: In general, benefits of bankruptcy include: stopping foreclosure, eliminating debt, eliminating medical bills, eliminating person loans, eliminating IRS debt more than 3 years old, stopping wage garnishment, stopping collection calls, eliminating judgments, stripping a 2nd or 3rd lien [HELOC], stopping collection calls, saving a home or car from repossession by the bank, re-paying missed mortgage or car payments to catch up in a repayment plan, re-establishing and improving credit.

Q8: What happens after I filed Bankruptcy?

A: In general terms, there is a period of time for all parties to clear up any disputes about the debt that will be eliminated, and after that period of time passes, the debt will be wiped out [discharged]. Upon discharge, no further claims can be made to collect any debts that were eliminated.

Q9: Can bankruptcy improve my credit score?

A: Yes, a bankruptcy often has a positive impact on a credit score, resulting in an immediate boost at the time of filing.

Q10: When will my bankruptcy get discharged?

A: Discharge from Chapter 7 bankruptcy usually occurs within 6-12 months from the date of filing [depending on the location of filing]. Discharge from Chapter 13 bankruptcy usually occurs within 3-5 years from the date of filing, depending on the length of the repayment plan.

Q11: What debts can be eliminated with bankruptcy?

A: In general, filing bankruptcy eliminates credit card debt, medical bills, personal loans, IRS debt more than 3 years old, as well as stopping wage garnishment, stopping collection calls, eliminating judgments. Chapter 13 can be filed to strip a 2nd or 3rd lien [HELOC].

Q12: What debts cannot be eliminated with bankruptcy?

A: As a rule, Court ordered support [spousal and child support] cannot be eliminated through bankruptcy. Student loans cannot be eliminated with bankruptcy.

Q13: Will I lose all my assets and properties, if I file bankruptcy?

A: Filing bankruptcy does not result in losing all assets. Filing bankruptcy protects assets such as home equity, retirement savings, the primary home, the primary vehicle, and household goods.

Q13: What are the negatives for filing bankruptcy?

A: Filing bankruptcy will result in the cutting of credit cards, and it will make it difficult to qualify for a major purchase [such as a home or car] for a period of one year or more. Government employees may also be affected in their employment, and many employers ask whether applicants have filed bankruptcy in the past.

Still have a question? Call Us for FREE Bankruptcy Advice (818) 697-4295

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