Filing Bankruptcy in Fresno

Fresno residents who owe credit card debt they can not pay or who avoid creditor calls may be able to get a fresh start by filing Chapter 7 or Chapter 13 bankruptcy. Many individuals become overwhelmed with medical bills or an unexpected divorce or death has created a financial crisis. If this sounds like you, you are not alone. Individuals who are considering filing bankruptcy in Fresno can contact a Fresno bankruptcy lawyer for help.

Many people want to know when filing bankruptcy is the right answer, but sometimes it is hard to know. Filing bankruptcy is a very difficult and complicated decision and should be carefully considered. Filing bankruptcy in Fresno should not be done before evaluating all of your other options. Fresno bankruptcy attorneys can help review your personal finances and explain current bankruptcy laws. You do not have to do this alone. Call a Fresno bankruptcy lawyer today for help.

Filing Chapter 7 Bankruptcy in Fresno

Chapter 7 bankruptcy is the most common bankruptcy used to liquidate a person’s non-exempt assets and property and take the proceeds from the liquidation to repay creditors (many Fresno residents will not have assets to liquidate). If an individual files Chapter 7 bankruptcy in Fresno they can expect their qualifying debts to be discharged usually within 4 months.

Bankruptcy laws have made it more complicated to file Chapter 7 bankruptcy in Fresno, but a Fresno attorney can review all the new qualifications with the debtor and determine if they should file Chapter 7 or Chapter 13 bankruptcy. Fresno bankruptcy lawyers can also file the bankruptcy petition (list of income, assets, personal debts and exempt debts). A trustee will then be assigned by the bankruptcy court to review the bankruptcy petition, attend the 341 creditors meeting, sell all non-exempt property and give the proceeds from the sale to the creditors. Filing Chapter 7 bankruptcy in Fresno can help Fresno residents eliminate debt and worry.

Filing Chapter 13 Bankruptcy in Fresno

Filing Chapter 13 bankruptcy in Fresno does not immediately discharge the Fresno resident’s debts but instead allows an individual to repay their debt with a reorganized repayment plan. The bankruptcy repayment plan generally allows the debt to be repaid over three to five years. Filing Chapter 13 bankruptcy in Fresno allows Fresno residents who do not want to sell their assets to keep them and repay their debts with a modified repayment plan. Chapter 13 bankruptcy is only available to Fresno residents who have a steady income and do not have unsecured debts exceeding $269,250 or secured debt exceeding $807,750.