Bankruptcy Attorney in California

A good bankruptcy attorney knows under the code of law, debt is classified according to types. Secured debt is secured by an asset, such as a car, home, etc. Unsecured debts, mostly seen in credit card debt, are not backed by any assets. There are certain debts, like taxes and child support, that are non-dischargeable. This means that they will not be discharged by the bankruptcy court and will remain a debt.

Hiring a good Attorney in California need not be difficult. You should find a bankruptcy attorney who has the time to devote to your case, who can meet with you and discuss your individual situation, and who has a good reputation and the experience necessary to work with you.

Welcome to our site Bankruptcy Attorney in California, debt relief is a subject with many complexities, and included in that are the many choices to be made, all of which can be to your advantage and could result in negative consequences. With debt relief, Bankruptcy is not the only option, but in some situations it is the best choice for a person. In a bankruptcy, a good bankruptcy attorney can explain your options when deciding on debt relief, and help guide you in how to proceed.

A bankruptcy is a petition by a debtor for relief from the court for debt. By obtaining relief, known as a “stay”, a debtor can protect themselves from the efforts to collect by creditors until an agreement can be reached on how to re-pay the debt or to discharge the amount owed all together. Cases will vary, from regular payments scheduled to, in some cases, payments may not be made at all. When these debts have been discharged in a court of law, and that court releases the debtor from the action and liability, the petitioner is free to engage in contracts of new debt as well as obtain new assets. Bankruptcy courts are Federal entities that have control over districts and supersede judgments by lower courts.

Bankruptcy

A good bankruptcy attorney knows under the code of law, debt is classified according to types. Secured debt is secured by an asset, such as a car, home, etc. Unsecured debts, mostly seen in credit card debt, are not backed by any assets. There are certain debts, like taxes and child support, that are non-dischargeable. This means that they will not be discharged by the bankruptcy court and will remain a debt. Depending on the needs of a client, there are several types of bankruptcies designed to meet those specific needs. It is very important for a person who is embarking on a bankruptcy to employ a qualified bankruptcy attorney to guide you through the process. Depending on the type of debt, and the amount owed, there will be a specific type of bankruptcy that a debtor will fall into, and a bankruptcy attorney is the person best suited to decide which is right for you.

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A Chapter 7 bankruptcy, also known as a liquidation, is appropriate in situations where the debtor has little secured debt or does not plan to keep assets. Although you can shelter a certain amount of equity in your home and other secured property, Chapter 7 =typically involves simply discharging all debt, releasing all assets to creditors, and starting over. A bankruptcy attorney will usually advise a Chapter 7 if you have little to no secured debt and few non- dischargeable debts.

A Chapter 13 bankruptcy, also known as a wage-earner plan, is designed for situations where there are larger amounts of secured debt, the debtor is employed, and funds are available to make payments to a bankruptcy trustee. In this type of bankruptcy, an agreement is reached between the court, the debtor, and the creditors which allows the debtor to send weekly or monthly payments to the court which is distributed to the creditors.

Generally, the secured assets can be kept by the debtor as long as the terms of the plan are met. Most Chapter 13 plans last for extended periods of time, often up to four years, during which time the court takes charge of the debtors payments and satisfies the creditors. Once the debts are paid, the debtor receives a discharge. Debtors can also reaffirm certain debt under a Chapter 13 plan, meaning the debtor agrees to keep making payments to the creditor outside the plan, although this must be approved by the court.

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There are other types of bankruptcies, such as Chapter 11 or 12, which are appropriate for businesses, and involve a much greater investment of time by all parties in order to equitably assign assets. These types of bankruptcies are generally long-term agreements and must be crafted by an experienced bankruptcy attorney.

The most important thing you can do when contemplating bankruptcy is to get good advice from a reputable attorney. California state statutes also affect the implementation of bankruptcy law, so a California-licensed attorney will be able to advise you on your particular situation. Although many websites advertise “do-it-yourself” bankruptcies, these seldom work as they are not specific to the state and situation in which you find yourself. There are many intricacies that can change the action of your bankruptcy, and only a qualified bankruptcy attorney can effectively advise you.

The bankruptcy process is a government sanctioned means for consumers to get a fresh start and regain their financial footing. The problem is that filing bankruptcy has become complicated to the point where a filer acting alone may not realize all the benefits which are available through either a Chapter 7 or a Chapter 13 bankruptcy. For that reason alone, it is imperative that anyone considering a bankruptcy filing in , consult with a qualified bankruptcy attorney, first to determine the best path forward and then to get the best result possible in the outcome of the bankruptcy.

Disclaimer – The information contained herein is provided for general information purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this website shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this website shall be construed to be a guarantee or prediction of result. Thank you for visiting Bankruptcy Attorney in California.

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