Archive for the ‘Chapter 13 bankruptcy’ Category

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Is Filing California Bankruptcy Right for You?

Tuesday, March 23rd, 2010

Deciding if California bankruptcy is right for you is clearly one of the biggest financial decisions of your life. While bankruptcy can solve many problems, it’s not the only alternative. There are many other ways to get control of your finances.

You can learn more by hiring a professional California bankruptcy attorney to go over your case. Even a brief consultation with a lawyer could save you a lot of headaches.

Before deciding if bankruptcy is right for you, let’s go over the bankruptcy basics.

For individuals, you’re going to be filing Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankrupt has for years been the more popular one, but new bankruptcy code has made it difficult for many to file under Chapter 7 in California and across the nation. Now, Chapter 13 bankruptcy is often advised.

Chapter 7 bankrupt liquidates your assets, clears you of most debts, and does so within a matter of months. Chapter 13 bankruptcy pays back assets over time, and you usually don’t lose much if anything as long as you stay with the repayment plan. If you feel you cannot pay back outstanding debts, Chapter 7 bankruptcy is wise. If you don’t want to lose your home and have income coming in regularly, get with a Chapter 13 bankruptcy attorney who can go over the advantages of Chapter 13 bankruptcy.

Now let’s go over the decision making process of California bankruptcy.

Alternatives
There are many alternatives to actually filing bankruptcy, including working with debt counseling agencies. This is another point where professional counsel is valuable. You often have more options than you think.

Limits on Bankruptcy
Did you know that if you have enough income, you may be forced to file Chapter 13 bankruptcy? That’s what was alluded to earlier: sometimes you are forced away from Chapter 7. On the other hand, if you wanted to save your house or car, you might think Chapter 13 is the way to go. If your debts are too high and your income too low, you will likely have trouble filing. These are things you should really study as filing bankruptcy is not usually a quick fix.

Debts Canceled
Not all debts will be canceled, even if you file Chapter 7 bankruptcy. Some debts can be canceled but do not limit what the creditor can do to take back property. This is a called a secured debt, and  some items can be lost.

Credit Cards
There are many good things about filing bankruptcy, especially in times when you feel debts are piling up. You can, for example, wipe your credit card debts by filing Chapter 7 bankruptcy. This is perhaps the biggest benefit of filing bankruptcy, as credit card debts and interest rates sometimes only grow.

Keep All Your Property
One big advantage of Chapter 13 bankruptcy is the options you have the time you can buy. For instance, you might be falling behind on house payments, have other outstanding debts, but have a good job about to start. You might be able to pay back all these debts, including your house payments, over an extended period of time. Chapter 13 bankruptcy typically gives you 3-5 years to pay these back. If you love your home, and would do anything to keep it, Chapter 13 bankruptcy is a good option.

Personal Life
Filing California bankruptcy is a way to clear debts, save property, and give you a fresh start. However, it will not make all your problems go away, nor will it be easy to file for. The best thing you can do is hire a California bankruptcy attorney who can help.

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How a Bankruptcy Lawyer in San Diego Can Help You with Chapter 7 and Chapter 13 Cases

Friday, March 19th, 2010

Hiring a bankruptcy lawyer in San Diego is, along with filing bankruptcy, one of the best decisions you can make when feeling the weight of debt, foreclosure, and creditor harassment. There are many reasons to hire bankruptcy lawyers in San Diego. You can stop creditor harassment, be confident when you file, be confident in filing Chapter 7 or Chapter 13 bankruptcy, and get the fresh start you have a right to get.

So what  exactly does a bankruptcy lawyer in San Diego help with? We noted several key reasons hiring a bankruptcy lawyer is smart, but you should also know how to hire one.

How to Hire a Bankruptcy Lawyer in San Diego
Typically all it takes is a phone call or an email to get a lawyer of any kind, but not all lawyers are equal. You should definitely hire a lawyer specializing in bankruptcy, who works locally and knows California bankruptcy laws, who can help you through the process, who can help stop foreclosure of your home, and who can handle all the documentation and court hearings.

That’s not an easy task, so be thorough in researching your bankruptcy lawyer.

How Do They Specialize in Bankruptcy?
Did you know with recent laws it’s now harder to file Chapter 7 bankruptcy, and that many are forced to file for Chapter 13 bankruptcy? Did you know if your home or car is valued too high, it could be a nonexempt item and lost in a Chapter 7 bankruptcy? These are the type of things bankruptcy lawyers in San Diego should be clear with you on. For example, if you sell a nonexempt item and use it to buy exempt items, that is technically legal. A professional bankruptcy lawyer in San Diego can offer tips just like that.

What Help in the Hearing?
Before the hearing there is a lot of paperwork to do. That is actually more time consuming than the short hearing. While it may seem short, there’s a lot that goes on in any bankruptcy hearing, and you need a professional to handle all the details.

Prices of Bankruptcy Lawyers in San Diego
You can expect to pay a fee of some kind, but some bankruptcy lawyers will charge you just for a consultation. This isn’t always unfair, but you should be clear on that before speaking with them. While hiring a lawyer of any kind if never cheap, this is perhaps the biggest decision of your life and you need professional counsel.

Chapter 7 Bankruptcy San Diego
Since Chapter 7 bankruptcy is now tougher to file for, a bankruptcy lawyer in San Diego can help you successfully file and handle all items you own. It’s important to know what property is exempt and nonexempt in any Chapter 7 bankruptcy hearing.

Chapter 13 Bankruptcy San Diego
Sometimes Chapter 13 bankruptcy is in fact the best move. If you’re home is about to go into foreclosure and you’re willing to do anything to keep it, Chapter 13 bankruptcy in San Diego can not only save your home but sometimes cancel 2nd and 3rd mortgages on the home. It can also buy you more time.

Professional bankruptcy lawyers in San Diego mean the difference between success and failure in the process of getting a second chance, so be picky when you hire one.

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Bankruptcy Helps Stop Phoenix Home Foreclosures

Tuesday, March 16th, 2010

This guide has pleasant surprises for homeowners in Phoenix who fear losing their homes through foreclosure. It’s timely news, as more and more home owners just like you are falling behind with bills. The reasons for filing bankruptcy in locations  like Phoenix aren’t always simple. You may have more than the home foreclosure to worry about, such as unpaid medical bills or car payments. However, the first and biggest step is to save your Phoenix home from foreclosure. The rest will also be helped, namely by filing for Chapter 7 or Chapter 13 bankruptcy in Phoenix.

How Bankruptcy Helps
If you’re behind on mortgage payments, instead of waiting for the lender to foreclose–selling your home–you can file for bankruptcy and get immediate legal help. Chapter 7 bankruptcy and Chapter 13 bankruptcy can either stall the sale of your home until you can work out an arrangement with the  lender, or buy you time and cancel some of the outstanding 2nd and 3rd mortgages.

Cancel outstanding mortgage payments? It’s how Chapter 13 bankruptcy helps. Let’s go over the details.

Chapter 13 Bankruptcy Helps Stop Home Foreclosure
Chapter 13 bankruptcy is usually for those who will do anything to keep their home and buy themselves time to make arrangements. Chapter 7 bankruptcy is still worthwhile, but Chapter 13 bankruptcy is smart for Phoenix home owners who can’t stand the thought of losing their home.

Chapter 13 bankruptcy in Phoenix technically does not cancel any outstanding debts, but buys you several years to pay back the late, outstanding bills. You will need enough money to pay back your initial mortgage payment if you want to do this.

But, if you have 2nd and 3rd mortgages, you can cancel this debt by filing for Chapter 13 bankruptcy. It’s a common process if your 1st mortgage secured the entire value of your home.

Chapter 7 Bankruptcy and Home Foreclosure
Usually, Phoenix residents should consider getting professional counsel before filing for either Chapter 7 or Chapter 13 bankruptcy. Why? You need to decide the fate of all your major property. If you decided you simply can’t catch up with past due payment and you need to cancel debts, buy yourself some time, and move on, Chapter 7 bankruptcy can do just that. You won’t keep your home, but you’ll be allowed to live there for several months before you lose it, giving you time to find new residence.

The Process of Filing for Bankruptcy
As stated, you do need to decide what’s best for you. There are advantages to both Chapter 13 and Chapter 7 bankruptcy filing. A Phoenix bankruptcy attorney can not only help you save your home, but cancel many debts you have, buy you time on  payments, and/or help you plan for the future.

Marijayne

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How to File Chapter 13 Bankruptcy in San Diego

Thursday, March 11th, 2010

The news is bad. You might lose your home through foreclosure, or you lost your job, or a loved one was in the hospital and the bills are piling up.

It doesn’t always work out that way, as each person’s reasons for filing any kind of bankruptcy are rarely the same. There are ways to 1) buy yourself some added time to pay back bills and 2) save your home from foreclosure. It’s file for Chapter 7 in San Diego, right?

That’s a decision this guide is going to help you make, along with how to file for Chapter 13 bankruptcy. If at the end of this post you think Chapter 7 bankruptcy is your only option, it’s time to call a professional bankruptcy attorney in San Diego. If you feel Chapter 13 bankruptcy is best, hiring professional bankruptcy lawyers is just as important.

Choosing Between Chapter 7 and Chapter 13 Bankruptcy in San Diego
This blog goes over these topics a lot, but all you need to know is where you’re at financially. If you face foreclosure of your home and want to keep it, filing for Chapter 13 bankruptcy in San Diego buys you years to pay back debts in installments and keep your home. If you feel you need to be rid of all your debts immediately, that 3-5 years just isn’t enough, filing for Chapter 7 bankruptcy in San Diego may be the best choice.

How  to File for Chapter 13 Bankruptcy
You file a petition with the bankruptcy court in the San Diego area where you reside.

You must file, according to the US Courts: “a schedule of assets and liabilities;  schedule of current income and expenditures;  a schedule of executory contracts and unexpired leases; and a statement of financial affairs.

There is more to it than that, because after you must also file a certificate of credit counseling and a copy of a debt repayment plan you created through credit counseling. That means you need to show the court proof you’re actively working on creating a feasible budget to pay back assets, as no debts are being eliminated.

Next, you need to show evidence of payment from employers if you have any, within 60 days before filing. The last three steps are to show a statement of monthly net income,  note any expected increase in income, and any records you have in Federal or California (or your state) education accounts.

The Next Steps in Filing for Bankruptcy
There are more steps. The problem with filing Chapter 13 bankruptcy by yourself becomes clear here. It can be done and has been done, but hiring professional bankruptcy attorneys in San Diego can save you from making mistakes in documentation and at the hearing.

So you need to follow these steps too.
-Create a list of credits, debt amounts, and nature of their claims
-The source, amount, and frequency of your income
-A list of all your property, such as homes and vehicles
-A detailed list of all your monthly living expenses, from food to rent

Hire Professional Bankruptcy Attorneys in San Diego
Filing Chapter 13 bankruptcy is now more common than ever, though still most debtors try to file Chapter 7 bankruptcy, a liquidation. How to choose between types of bankruptcy, how to file all documentation, and how to handle creditors are all complex tasks. With the right bankruptcy lawyer in the San Diego area, you can focus on the future instead of the past.

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Basic Rules on Exempt and Nonexempt Property When Filing Bankruptcy in New York

Thursday, March 4th, 2010

If you’re filing Chapter 7 or Chapter 13 bankruptcy in New York or any state in the US, there are some basic rules of law and thumb you should follow. After all, your financial future is at stake. If you make mistakes, the process can drag on, fees will go up, and property will be lost. It’s not meant to scare you, but everything from documentation to planning need to be good.

Your best bet is professional counsel, bankruptcy attorneys specializing in Chapter 7 and Chapter 13 cases in New York.

So why include Chapter 13? Technically, you may not lose any property. Chapter 13 bankruptcy in New York buys you time to pay back debts over 3-5 years in monthly installments. However, if you fail to pay, you may lose property.

Chapter 7 bankruptcy is the most common bankruptcy form used. Let’s go over the basics of what Chapter 7 bankruptcy is in New York, and then go over exempt and nonexempt property.

What is Chapter 7 Bankruptcy?

It’s a liquidation proceeding. You are discharging debts, giving property to a trustee, and paying back what you can. It’s a fresh start for you economically. So why a trustee? Technically, your creditors still have rights to some of your property. Your property can be used to pay them back in some cases. The good news is you have the option of buying back property from the trustee after you lose it.

Exempt Property in Chapter 7 Bankruptcy

There are many exemptions which work to your benefit, namely big items like homes and cars. What’s exempt depends on the price of your items. The more it’s worth, the more chance you may lose it after filing Chapter 7 bankruptcy in New York. If, for example, you are single and own a home valued over $100,000, that property is not exempt. Most states in the US draw the line around $100,000 for both families and individuals, sometimes even if your retired or disabled. If you are retired or disabled, you have a better chance of keeping valuable property.

One benefit of hiring bankruptcy attorneys in New York is the expertise you receive for the process. For example, tax refunds and earned income credits are not exempt. However, the time at which you file for Chapter 7 bankruptcy comes into effect here–you may be able to keep these if you file later.

There are other ways to save money on nonexempt property. If you have nonexempt property, you can actually sell it for items which are exempt, such as food, furniture, or clothing.

That isn’t to say you should buy an expensive couch or diamond rings, but if you’re frugal in spreading your money out you can save some of your money.

Other Rules on Exempt Property for Chapter 7 Bankruptcy

There are other rules when filing for bankruptcy you should be aware of before making big decisions. While hiring professional bankruptcy attorneys in New York is a must, be clear on what you expect and what the attorney wants in terms of fees.

You should also not try hiding money. If you give valuable property to family members of friends within 1 year of filing, you might end up losing this in bankruptcy court and being charged with a crime.

When It’s Time to File for Chapter 7 Bankruptcy in New York

Filing bankruptcy is a big decision, so don’t make all your choices alone. Hire professional bankruptcy attorneys who can walk you through documentation, exemptions, filing, and beyond.

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Exempt Property You Can Keep After Filing Bankruptcy in California

Tuesday, March 2nd, 2010

Did you know California has two different systems of exemption, and that you have to claim one of them? Did you know you can keep property sometimes valued over $100,000 after filing for bankruptcy?

Filing Chapter 7 or Chapter 13 bankruptcy should be helpful instead of stressful. Hiring bankruptcy attorneys in California is one of the first choices you need to make. You can keep the items you’ve spent your life with.

If you need to file Chapter 7 or Chapter 13 bankruptcy, this article highlights important notes on the laws of exemptions. But first let’s go over the advantages of filing bankruptcy in the state of California.

Chapter 7 Bankruptcy Advantages

You get a fresh start with this liquidation proceeding. Your debts are in essence canceled, though your bank trustee will able to sell certain non-exempt property. It costs $299 to file for Chapter 7 bankrupty in California. You should also hire experienced bankruptcy attorneys with your best interests in mind.

Chapter 13 Bankruptcy Advantages

More bankruptcy filings are now turned from Chapter 7 to Chapter 13 bankruptcy because of new laws and regulations by the government. Bankruptcy attorneys can make sure you get the filing you want, because there are some key differences between Chapter 7 and Chapter 13. Namely, you’re buying yourself time with Chapter 13 bankruptcy in California: you’re getting 3-5 years to pay back debts. No debt is discharged, but technically you can keep your property and pay back debtors in monthly installments.

What’s Exempt Property?

Exempt property is property which cannot be taken away after you file bankruptcy. Different states have different laws for exemptions and the value of what you can keep.

Nonexempt property, on the other hand, must be turned over to the trustee in Chapter 7 bankruptcy who then will sell the property to pay back debtors. In Chapter 13, you can avoid losing properties, but you cannot have debts eliminated completely. This means debtors still have the right to take back nonexempt property if you fail to pay.

What Property Can I Keep After Filing Bankruptcy?

First, by filing Chapter 7 or Chapter 13 you are in danger of losing certain property. The good news is, if you fail to pay back certain debts, you can make an arrangement with the trustee to buy it back. If you lost your job, are unable to pay back a car loan, and lose the car, usually you can agree to buy it back from the trustee when you get more money or a new job.

In Chapter 13 bankruptcy, you can technically keep all your property. However, failing to pay back debtors means you can lose nonexempt possessions.

For example, according to California law, property you occupy as a single person can be valued at $50,000 or lower and be exempt. If you have a family, the number is $75,000. If you are 65 or older, physically disabled, or mentally disabled, the number is $100,000.

There are many other exempt items which can truly make filing bankruptcy less stressful. It’s wise to go over what you own and what you owe with bankruptcy attorneys who have experience in handling cases like yours.

Exempt Property You Can Keep After Filing Bankruptcy in California

Did you know California has two different systems of exemption, and that you have to claim one of them? Did you know you can keep property sometimes valued over $100,000 after filing for bankruptcy?

Filing Chapter 7 or Chapter 13 bankruptcy should be helpful instead of stressful. Hiring bankruptcy attorneys in California is one of the first choices you need to make. You can keep the items you’ve spent your life with.

If you need to file Chapter 7 or Chapter 13 bankruptcy, this article highlights important notes on the laws of exemptions. But first let’s go over the advantages of filing bankruptcy in the state of California.

Chapter 7 Bankruptcy Advantages

You get a fresh start with this liquidation proceeding. Your debts are in essence canceled, though your bank trustee will able to sell certain non-exempt property. It costs only $200 to file for Chapter 7 bankrupty in California. You should also hire experienced bankruptcy attorneys with your best interests in mind.

Chapter 13 Bankruptcy Advantages

More bankruptcy filings are now turned from Chapter 7 to Chapter 13 bankruptcy because of new laws and regulations by the government. Bankruptcy attorneys can make sure you get the filing you want, because there are some key differences between Chapter 7 and Chapter 13. Namely, you’re buying yourself time with Chapter 13 bankruptcy in California: you’re getting 3-5 years to pay back debts. No debt is discharged, but technically you can keep your property and pay back debtors in monthly installments.

What’s Exempt Property?

Exempt property is property which cannot be taken away after you file bankruptcy. Different states have different laws for exemptions and the value of what you can keep.

Nonexempt property, on the other hand, must be turned over to the trustee in Chapter 7 bankruptcy who then will sell the property to pay back debtors. In Chapter 13, you can avoid losing properties, but you cannot have debts eliminated completely. This means debtors still have the right to take back nonexempt property if you fail to pay.

What Property Can I Keep After Filing Bankruptcy?

First, by filing Chapter 7 or Chapter 13 you are in danger of losing certain property. The good news is, if you fail to pay back certain debts, you can make an arrangement with the trustee to buy it back. If you lost your job, are unable to pay back a car loan, and lose the car, usually you can agree to buy it back from the trustee when you get more money or a new job.

In Chapter 13 bankruptcy, you can technically keep all your property. However, failing to pay back debtors means you can lose nonexempt possessions.

For example, according to California law, property you occupy as a single person can be valued at $50,000 or lower and be exempt. If you have a family, the number is $75,000. If you are 65 or older, physically disabled, or mentally disabled, the number is $100,000.

There are many other exempt items which can truly make filing bankruptcy less stressful. It’s wise to go over what you own and what you owe with bankruptcy attorneys who have experience in handling cases like yours.

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How Much Does Bankruptcy Cost in New York?

Saturday, February 27th, 2010

Both Chapter 7 and Chapter 13 bankruptcy are rights you have under federal law to gain relief from creditors. It’s a legal proceeding which can give you a fresh start. But both Chapter 7 and Chapter 13 bankruptcy have advantages and disadvantages, namely what they can help with and the time it will take.

There is also a common question, how much does filing bankruptcy cost? Filing Chapter 7 bankruptcy or Chapter 13 bankruptcy in New York is different as most states have different laws on things like exemptions. What is the same is the filing price.

Chapter 7 bankruptcy in New York costs around $299 to file with the court. The fees for Chapter 13 bankruptcy in New York are about $274 for filing with the court. Those expenses may seem small, especially if you know the benefits of Chapter 7 and Chapter 13 bankruptcy in New York.

So what can bankruptcy do for you?

-Eliminate most debts
-Stop foreclosure of a home
-Stop the “Repo” men from getting your car or other property
-Stop wage garnishments
-Stop creditor harassment
-Keep your utilities going
-Get your drivers license back in many cases

Bankruptcy is a good alternative to losing all your possessions, but with the new laws making it harder to file in certain cases, hiring professional bankruptcy attorneys can save you a lot of time and money. It isn’t always a good choice to file bankruptcy. Also, Chapter 7 and Chapter 13 bankruptcy have limitations in what they can do.

Bankruptcy Can’t:
-Eliminate certain rights of creditors
-Erase debts you gained after bankruptcy
-Discharge child support, alimony, some divorce related debts, most student loans, taxes, and others

The above info is important. Your creditors will still have rights. In terms of costs, neither Chapter 7 nor Chapter 13 bankruptcy filings are incredibly expensive. The real problem is choosing between Chapter 7 and Chapter 13 bankruptcy, and the best way to do that is with professional counsel. While filing costs little, hiring a bankruptcy attorney typically costs more. The rates are different, but a few things are clear.

Some bankruptcy attorneys in New York and elsewhere will charge you just for the initial consultation. This makes it important to ask questions before even the first consultation. Also, all bankruptcy attorneys are required by law to show you and the the courts how much they are charging you.

One of the key advantages in filing bankruptcy is making certain property exempt. New York law, for example, allows protection of your home, car, and other properties to a certain extent. But this is where it can be complicated and where the right attorney can help.

Filing Chapter 7 or Chapter 13 bankruptcy in New York may not be free, but it’s more than worth it if you have outstanding debts you simply cannot pay back. Instead of waiting for the creditors, call an attorney with the experience to help you.

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5 Ways Chapter 13 Bankruptcy Attorneys Can Help You

Sunday, February 21st, 2010

Chapter 13 bankruptcy helps you do many things, including rebuilding credit, stopping foreclosure, saving other valuable possessions, and buying you an extended period of time to pay back outstanding bills. While Chapter 7 bankruptcy is all about cutting your losses and starting from scratch, Chapter 13 bankruptcy is different. It doesn’t take the debt away, but gives you considerable more time to rebuild your finances.

It’s wise to work with specialist Chapter 13 bankruptcy attorneys no matter where you live, from California to New York. Chapter 13 bankruptcy in New York and California works under the same laws, but not all bankruptcy attorneys are equal. Chapter 13 bankruptcy attorneys are really a must as filing is far from simple. But there are many attorneys, so how can you choose, how can they help, and what will it cost?
Let’s go over 5 clear ways professional bankruptcy attorneys can help you with Chapter 13 bankruptcy to answer those questions.

1-Stop Foreclosure
What happens if your home goes into foreclosure? Chapter 13 bankruptcy is the perfect solution for buying you more time to get help. It’s wise to get counsel with professional bankruptcy attorneys as to whether you should file Chapter 7 or Chapter 13 bankruptcy. The advantage with Chapter 13 is you are better able to hold onto your home, because after filing you are legally protected from foreclosure for outstanding mortgage payments.

2-Save Your Car
The second most important item most individuals and families have is their car. Just like saving you from foreclosure, Chapter 13 bankruptcy saves your vehicle from the “repo” man. Your past due payments will be consolidated and you’ll get 3-5 years to pay them off.

3-Student Loan Problems
If you have outstanding student loans, times can be tight. Chapter 7 bankruptcy isn’t always wise here, as you can’t eliminate most student loan debts. However, just as you can stop foreclosure and avoid losing your car, you can consolidate your student loans and buy yourself some extra time to pay them off.

4-Paperwork in Filing for Chapter 13 Bankruptcy
Hiring bankruptcy attorneys is always a must no matter if you’ve decided on Chapter 7 or Chapter 13 bankruptcy, even if you think you know the process. Bankruptcy is a complex task and is far from simple. A bankruptcy attorney can help you save your home, car, and relieve problems with other outstanding bills like student loans.

5-Handing the Case in Court
Lastly, the Chapter 13 bankruptcy hearing may be short, but there is a lot that goes on. Instead of risking mistakes, having professional counsel on hand to offer expertise is essential. If you need bankruptcy attorneys in New York, California, or any state, hire counsel you can trust.

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Choosing to File for Help with California Bankruptcy Lawyers

Saturday, February 13th, 2010

Filing Chapter 7 or Chapter 13 bankruptcy today may seem hard with new laws going into effect, but the fact is the right California bankruptcy lawyers can not only save your home and property but also give you peace of mind.

The new laws are not cause for worry. Many California residents, if not most, will still be as eligible to file as before. Some may be forced to file for Chapter 13 bankruptcy, but if you want Chapter 7 bankruptcy it’s likely you can still file for it.

So when should you file for Chapter 7 or Chapter 13 bankruptcy in California? Why should you hire California bankruptcy lawyers?

The truth is that, while your petition may seem simple, bankruptcy is a complex process. Not just anyone can handle all the paperwork, fees, and negotiations involved. Choosing to file for help with California bankruptcy lawyers is a wise decision.

Filing for Chapter 7 Bankruptcy in California
Filing Chapter 7 bankruptcy in California is the most common choice, technically, and often the cause for least headaches. It’s also called a “straight bankruptcy,” and it’s technically a liquidation proceeding. The debtor will use a trustee to use non-exempt property to pay back debtors. In many cases, you lose absolutely nothing by filing for Chapter 7 bankruptcy in California. Just because you have a home, car, or you’re married, doesn’t necessarily complicate the process. You might lose real estate, automobiles, and other assets, but not always. That’s why choosing to hire a California bankruptcy lawyer is wise so you can hold onto possessions.

Filing for Chapter 13 Bankruptcy in California
Chapter 13 bankruptcy is different for debtors as you’ll be basically getting an extension to pay back your debtors over a 3-5 year period. If you have a lot of valuable property you might lose in Chapter 7 bankruptcy, federal laws allow you to hold onto these, pay back debtors, and do so over a more manageable period of time. Chapter 13 bankruptcy can be complex too. While the hearing may be short, in order to pay back debtors, handle the court, and follow all laws, California bankruptcy lawyers with talent can save you time, money, and a lot of headaches.

Why Hire a California Bankruptcy Lawyer?
It’s been pointed out that hiring a bankruptcy attorney is very wise. While filing for  Chapter 7 or Chapter 13 bankruptcy may seem to be only a lot of paper work and a short court hearing, there are some key advantages in working with professional California bankruptcy lawyers. In some cases, creditors will be harassing you for payment. A lawyer can step between you and creditors, giving you less headaches and more peace of mind. Also, paying the fines, not losing your property, staying within the laws, and knowing all the details on bankruptcy are all important pieces bankruptcy lawyers can help with.

Choosing to File Bankruptcy
Filing bankruptcy is not giving up, nor is it only for people with creditors harassing them and huge fines. Some may have just lost their job, and can’t afford to pay back smaller amounts. Others may have made a bad investment. The truth is, federal law provides help for citizens who need a hand. And the right California bankruptcy lawyers manage the process so you can get it done and move on.

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