Are you at the point where you have so much debt that you just don’t know what to do? Have you been wracking your brain trying to think of a way to pay off your bills? Chapter 7 or Chapter 13 bankruptcy in California could be the answer. You could utilize them to give yourself your best chance for financial security. Of course, you’ll want a top-notch attorney at your side to support you through the process.
Chapter 13 Bankruptcy in California
Are you very far behind on an automobile loan? Have mortgage arrears on real estate become a real problem? Does it feel like you’re being choked by junior liens on your property? If the answer to one or any of these questions is “yes,” then Chapter 13 bankruptcy may be right for you. In this bankruptcy, you’d make a monthly payment to a trustee. Then, that trustee uses the bankruptcy code to determine which creditors take priority, administering the collected funds accordingly. Often, a person files for this kind of bankruptcy if they’d lose assets under Chapter 7.
Chapter 7 Bankruptcy
A simple way to think of Chapter 7 bankruptcy: “no assets.” That means that there is no money left over for creditors to receive a distribution on their claims. In this liquidation bankruptcy, a court-appointed trustee takes control of any assets you own. Then, they sell off any assets (beyond available exemptions) to pay off your creditor claims. The good news is that, in a typical Chapter 7 bankruptcy, a majority of property and assets are usually exempt from liquidation. Available bankruptcy exemptions make that possible. The right bankruptcy attorney can walk you through the process so that you get the best outcome.
Other Options in Addition to Bankruptcy
While the above are two of the most common forms of bankruptcy, it’s important to keep in mind that there are more options available. For example, you might best be served by exploring debt consolidation. There, a knowledgeable debt relief attorney will guide you through debt negotiation, determining the order in which you settle accounts, the amount you offer them, and much more. Alternatively, you might be a good candidate for credit repair. As opposed to the “quick fix” that so many online (and late night) ads say that it is, with the right law firm by your side, you can go through the process diligently, eventually fulfilling a properly-designed budgeting plan.
The Larkin Law Firm
In his more than twelve years of practicing bankruptcy law and debt relief, Jeffrey D. Larkin has helped so many to build financial security. In large part, that came from helping them to figure out which options were right for them and their needs. Now, he can put that experience to work for you. When you’re dealing with bankruptcy, it can feel like there are no options. However, there’s always time for a fresh start. Call today for a free consultation: (877) 256-3946.