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Bankruptcy Attorneys in Downey, CA

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The fundamental aspects of Downey, California bankruptcy law are below!

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What is the Fresh Start lending Program?

If you want to get out of debt, but are in a bad financial situation, filing for bankruptcy may be your best option. The process will take care of paying off all your unsecured debts, and you can enjoy a fresh financial start, it’s as simple as that.

Many people think that if someone has filed for bankruptcy, it means that their financial future is over. But for those who are familiar with how it works, they understand that it is a CHANCE to start over.

There are several types of bankruptcy that fit different cases. For example, if you have a steady income, you may qualify for Chapter 13 bankruptcy. And if you own a large business, Chapter 11 bankruptcy may be for you. You can learn more about these processes below. The truth is that bankruptcy may be your best chance to get a fresh financial start.

Experience

If you decide to file for bankruptcy, but you are unfamiliar with the laws surrounding this process, it may be a bad idea to do so on your own. An excellent bankruptcy attorney will have all the experience necessary to make your bankruptcy filing successful. In addition, a bankruptcy attorney knows the state laws and regulations inside and out, and will guide you through all the procedures.

Assess all your options

The extensive financial knowledge of an experienced bankruptcy attorney will allow him/her to diagnose your financial situation, and then determine what type of bankruptcy is best suited for your situation. You may want to get rid of your debts quickly, in which case the attorney will recommend chapter 7 bankruptcy. Or you may have a steady income and qualify for chapter 13 bankruptcy.

Protection from creditors

You may be receiving constant calls, and even visits, from creditors demanding payment of your debt. However, if your creditors know that you have an excellent bankruptcy attorney on your side, they will leave you alone immediately. Your bankruptcy attorney will make sure they stay away from you. He or she will tell you about the types of behavior that are considered abusive, and about the rights you have in your position. Once you file for bankruptcy, creditors are legally required to stop collecting on the debt.

Save your home or vehicle

If you are facing foreclosure proceedings, or if you are receiving threats to repossess your vehicle, hiring a bankruptcy attorney may be your best option to save those precious assets. The attorney will explain to you the options you have to have the best chance of keeping them. In addition, he/she will assist you in making lists of exempt assets, so that you do not make any mistakes during the procedure and end up losing something important to you.

Peace of mind

Retaining the services of an experienced bankruptcy attorney will make the entire process much easier. If you are going through a difficult financial time, you do not need to stress about legal procedures, when you can entrust it to someone who is much more experienced than you are in this field. Once you retain the services of an attorney, you can relax a bit, and then focus on rebuilding your finances with some peace of mind.

What Are The Benefits of Bankruptcy?

Living in California gives you an interesting advantage when it comes to filing for bankruptcy. You have the option of choosing between two lists of assets, which you wish to exempt. The court will evaluate your assets and determine which ones can be exempted, i.e. the ones that you will not have to sell to pay off your debts. You will be given two different asset lists.

You will have to choose one of the two lists, and the assets on that list will be officially exempt from your bankruptcy case, and you will not have to worry about losing them. However, there is one detail, you cannot combine assets from both lists, so you should think about this before making a decision.

What Are The Different Types of Bankruptcy in California?

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is the quickest method in clearing up your debts. This chapter will settle your debts as soon as possible, of that there is no doubt. However, keep in mind that you must qualify for it before

In this chapter your creditors will be paid from the money obtained from the sale of your non-exempt assets, that is the main way to pay off your debts. Once this process is complete, you will have a fresh financial start and your bankruptcy case will be closed. However, you will continue to have certain types of secured debt, such as student loans and some taxes.

This is what people think about when they imagine bankruptcy, and many are not very comfortable with this option. However, sometimes it is the only thing you can do to pay your debts.

You can keep some of your assets, as they will not be sold immediately. Your bankruptcy attorney will guide you through that process.

If the idea of selling your possessions does not appeal to you, and you want other options for paying your debts, you can still count on Chapter 11 and Chapter 13.

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is the quickest method in clearing up your debts. This chapter will settle your debts as soon as possible, of that there is no doubt. However, keep in mind that you must qualify for it before

In this chapter your creditors will be paid from the money obtained from the sale of your non-exempt assets, that is the main way to pay off your debts. Once this process is complete, you will have a fresh financial start and your bankruptcy case will be closed. However, you will continue to have certain types of secured debt, such as student loans and some taxes.

This is what people think about when they imagine bankruptcy, and many are not very comfortable with this option. However, sometimes it is the only thing you can do to pay your debts.

You can keep some of your assets, as they will not be sold immediately. Your bankruptcy attorney will guide you through that process.

If the idea of selling your possessions does not appeal to you, and you want other options for paying your debts, you can still count on Chapter 11 and Chapter 13.

What Can A Chapter 7 Bankruptcy Attorney in California Offer You?

The first thing you should do before filing for bankruptcy, is to get a lawyer experienced in the field that you can fully trust. This will facilitate the process considerably and make your life less stressful in the coming months.

Your attorney will help you prepare the paperwork required by the bankruptcy court. They will then examine your case to determine if you qualify for the type of bankruptcy for which you are applying. If so, you will be assigned a trustee to sell your non-exempt assets and pay your creditors.

Chapter 13 Bankruptcy

In Chapter 13, you will have to restructure your finances. To do this, the court will help you develop a payment plan to get rid of your debts to your creditors. This is the main way to pay off your debts, without touching your assets in any way. However, if you fail to make your monthly payments, your assets will be sold to pay off the debt.

You will need to demonstrate some financial capacity in order to apply for this Chapter. That means that you must receive a monthly amount of money that will allow you to meet the payments and maintain a relatively normal life.

This chapter exists to give individuals or small business owners a choice..

Chapter 13 Bankruptcy

In Chapter 13, you will have to restructure your finances. To do this, the court will help you develop a payment plan to get rid of your debts to your creditors. This is the main way to pay off your debts, without touching your assets in any way. However, if you fail to make your monthly payments, your assets will be sold to pay off the debt.

You will need to demonstrate some financial capacity in order to apply for this Chapter. That means that you must receive a monthly amount of money that will allow you to meet the payments and maintain a relatively normal life.

This chapter exists to give individuals or small business owners a choice..

What Can A Chapter 13 Bankruptcy Attorney in California Offer You?

If you have the services of a Downey bankruptcy attorney, he or she will help you create a course of action where you do not have to worry about losing your belongings.

Once you have the services of a Downey bankruptcy attorney, the process will be much easier. All of the paperwork related to the process will be in the hands of the attorney, who will help you gather all of the information required by the court in the shortest amount of time possible.

In addition, he will provide you with legal representation throughout the process. He or she will be able to stand on your behalf during the meeting of creditors, and will defend you against those who may seek to harass you to collect the debt.

Chapter 11 Bankruptcy

Now, if you represent a large company, even a multinational one, Chapter 11 may be more suited to your situation.

In this case, too, you will keep your assets, just like chapter 13, and you can even continue to run your business in the process. Similarly, a financial reorganization plan will be created to help you pay your debts.

If you don’t comply with the plan, as in Chapter 13, your assets will be sold to pay off your remaining debt.

Chapter 11 Bankruptcy

Now, if you represent a large company, even a multinational one, Chapter 11 may be more suited to your situation.

In this case, too, you will keep your assets, just like chapter 13, and you can even continue to run your business in the process. Similarly, a financial reorganization plan will be created to help you pay your debts.

If you don’t comply with the plan, as in Chapter 13, your assets will be sold to pay off your remaining debt.

What Can A Chapter 11 Bankruptcy Attorney in Norwalk Offer You?

As you can see from the brief description in Chapter 11 below, the process is highly complex and requires a specific plan for each case. You will be able to clear your business debts through it, but if you do it carelessly, your business is in danger of losing its assets.

If you decide to have a bankruptcy attorney he will explain every step of the process to you, and develop a financial and legal strategy that fits your situation. In the end, your business will enjoy a fresh financial start.