Do You Need a Chapter 7 Bankruptcy Attorney?
It’s time to consider bankruptcy in Riverside 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 Riverside 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
Riverside 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 Riverside 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 common option for individuals who wish to state them insolvent. In fact, when people discuss this subject, it is the bankruptcy as explained under chapter 7 of the code of the United States of America. Declare bankruptcy as per Chapter 7 of Bankruptcy Laws is an organized procedure. Particularly, after the intro of the new laws in October 2005, now, it has ended up being mandatory for you to pas a Means test and go through a credit counseling procedure from a federal government approved credit-counseling agency.
Finding an excellent and knowledgeable bankruptcy lawyer especially if you live in Riverside or in a nearby city.
First, you have to pass a Means test, where all your income and vital expenses are evaluated. The means test involves deducting the day-to-day essential expenditure (the expenditures that you can not live without) from the overall earnings on a month-to-month basis. It is only if the output is less than the typical earnings of the state, you can file for bankruptcy under the Chapter 7 of US Bankruptcy Laws. However, in case, the output is more than the typical income 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 necessary for you to go through a credit therapy treatment. The function of introducing this step is to examine the actual financial circumstance of the debtor.
The credit therapy firm will check out the financial details of the debtor and will attempt to help the debtor manage their financial resources and get it back on track, along with paying the financial obligations that the debtor owe to numerous lenders. If there is any possibility to get the finances of the debtor handled, the debtor will not be able to declare 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 declare bankruptcy under chapter 7 in the area where he or she is irreversible homeowner. If the debtor is running a service in a particular area, she or he ought to apply for bankruptcy in its primary workplace or primary properties. In general, the main function of the chapter 7 bankruptcy laws is to assist the debtor to get remedy for all the debts that he or she presently owes. In this process, the bankruptcy court designates a trustee, who even more proceeds with the procedure of liquidating all the possessions and residential or commercial properties of the debtor.
The cash thus collected is then utilized to settle the claims of the various lenders on top priority basis, if any. The of chapter 7 bankruptcy laws provide an opportunity for the debtors to obtain a new beginning for their monetary life, as the bankruptcy code regarding the exact same, liquidates all the possessions and properties of the debtors after allowing the exemptions, in order to settle the claims of the lenders in a nearby region.
This way, the court brings the wanted debt relief for the debtor.
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