Do You Need a Chapter 7 Bankruptcy Attorney?
It’s time to consider bankruptcy in Redding CA, if your life has been taken over by looming foreclosure, constant badgering phone calls from creditors, lawsuits or garnishments of your wages or property. Or maybe your debt has you trapped due to the amount of each payment and the extent of the debt. There are many kinds of debt that can get you into these situations, including medical bills, credit card balances, falling behind on your mortgage, loans and back taxes owed to the government and even car repossessions.
Chapter 7 Bankruptcy Lawyers Near Me in Redding CA
Experienced, professional bankruptcy attorneys understand the difficulties and worries you face. We know your best options. We are here to help and will work with you to alleviate your financial uncertainty. Even before your bankruptcy petition is filed, an attorney can help shield you from creditor harassment. In a non-judgmental and supportive way, we can help you understand your options, the process of filing for bankruptcy, and help lift the burden of financial uncertainty.
Free Bankruptcy Consultation – Call Now (855) 997-4655
Redding Bankruptcy Attorney, The Bankruptcy Experts, are dedicated BK Lawyers with over 10 years experience in dealing with the complex issues concerning bankruptcy. We have the skills and expertise to handle any type of bankruptcy problems you might be experiencing. We proudly offer our services to businesses and individuals throughout Redding and the surrounding areas.
You may feel hopeless, and at the mercy of a faltering economy, but don’t despair. Relief is available, and there is no shame in using the law to protect yourself when you are buried under a pile of debt. You aren’t responsible for the economy, and you didn’t create the mortgage crisis. So use the law to protect yourself and your family.
A Second Chance
Bankruptcy laws are in place to help Americans get a second chance when they are snowed under by economic pressures. You have rights, including the right to be free from harassment by creditors. If your creditors are hounding you, you can make them pay. And if your debt has become more than you can manage, you may be able to file for bankruptcy.
The Chapter 7 Bankruptcy Laws are the most typical alternative for people who want to declare them insolvent. In fact, when people discuss this topic, it is the bankruptcy as described under chapter 7 of the code of the United States of America. Filing for bankruptcy as per Chapter 7 of Bankruptcy Laws is a methodical procedure. Especially, after the introduction of the new laws in October 2005, now, it has ended up being necessary for you to pas a Means test and go through a credit therapy procedure from a government authorized credit-counseling firm.
Finding an excellent and knowledgeable bankruptcy attorney especially if you live in Redding or in a nearby city.
First, you need to pass a Means test, where all your income and important expenses are evaluated. The means test involves subtracting the daily essential expense (the expenses that you can not live without) from the total income on a monthly basis. It is only if the output is less than the median earnings of the state, you can declare bankruptcy under the Chapter 7 of US Bankruptcy Laws. However, in case, the output is more than the average earnings of the state, the bankruptcy court will ask you to file under chapter 13 of the code.
Before you proceed and file under Chapter 7 Bankruptcy Laws, it is essential for you to go through a credit counseling procedure. The function of presenting this step is to evaluate the real monetary situation of the debtor.
The credit therapy agency will look into the monetary details of the debtor and will try to help the debtor manage their financial resources and get it back on track, together with paying the debts that the debtor owe to different creditors. If there is any possibility to get the finances of the debtor handled, the debtor will not be able to file for bankruptcy under Chapter 7. In such case, the court will ask the debtor to file under chapter 13 bankruptcy.
When To File Bankruptcy Under The Chapter 7 Bankruptcy Laws
The debtor should file for bankruptcy under chapter 7 in the location where he or she is long-term homeowner. If the debtor is running a company in a specific area, she or he ought to file for bankruptcy in its principal place of business or primary possessions. Overall, the primary function of the chapter 7 bankruptcy laws is to help the debtor to get relief from all the financial obligations that he or she presently owes. In this process, the bankruptcy court designates a trustee, who further goes ahead with the procedure of liquidating all the possessions and properties of the debtor.
The cash thus gathered is then used to settle the claims of the various creditors on concern basis, if any. The of chapter 7 bankruptcy laws use an opportunity for the debtors to obtain a clean slate for their financial life, as the bankruptcy code relating to the same, liquidates all the assets and residential or commercial properties of the debtors after allowing the exemptions, in order to settle the claims of the lenders in a nearby region.
In this manner, the court brings the wanted debt relief for the debtor.
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