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.