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Bankruptcy Attorneys in Norwalk, CA

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What is the Fresh Start lending Program?

Bankruptcy is something shrouded in many myths. Some people dismiss that option altogether, because they think that if they declare it they will lose their house, car, or other most precious possessions. What they don’t know is that it’s the safest way to get rid of debt, and that it could actually help them keep those much-needed belongings.

When everything is ready, bankruptcy will pay off your unsecured debts, and you can start rebuilding your finances from scratch. And if you have an excellent bankruptcy attorney, you may not lose anything in the process.

If you are worried about foreclosure on your home or repossession of your car, filing bankruptcy at the right time can stop both processes. In other words, instead of being the bane of your finances, it can be your salvation. Read about the details of each type of bankruptcy below.

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 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 in Norwalk CA

If you live in the state of California, you will have certain benefits if you decide to file for bankruptcy. One of the most notable is that after the court examines your case and reviews your assets, you will be given two lists of assets that can be exempted. That means that you will not have to sell them during your bankruptcy case. You will have to choose one of those lists, but keep in mind that you cannot mix assets from both lists.

Also, chances are that certain assets that are essential to you, such as your main house or your main car, will also be exempt from your bankruptcy case.

What Are The Different Types of Bankruptcy in Norwalk, California?

Chapter 7 Bankruptcy

Paying off your debts in a short time is exactly what Chapter 7 bankruptcy is for.

In this mode, all non-exempt assets will be sold to settle your debts. This process is carried out by a court-appointed trustee or hired by you and your bankruptcy attorney. The money from the sale will then be used to pay your creditors.

This is an option that some will find inconvenient, even frightening, but it is a useful alternative if you need to get rid of your debts quickly or if you simply have no other option.

Not all of your assets will be sold in the process. Remember that if you live in California you will be able to declare some as exempt, and once that happens you won’t have to worry about selling them to pay your creditors. Some of your most important possessions, such as your primary home, are also considered exempt.

If you do not want to sell your assets to pay your debts, or would like to evaluate other alternatives, you can take a look at Chapter 11 and Chapter 13 bankruptcy.

Chapter 7 Bankruptcy

Paying off your debts in a short time is exactly what Chapter 7 bankruptcy is for.

In this mode, all non-exempt assets will be sold to settle your debts. This process is carried out by a court-appointed trustee or hired by you and your bankruptcy attorney. The money from the sale will then be used to pay your creditors.

This is an option that some will find inconvenient, even frightening, but it is a useful alternative if you need to get rid of your debts quickly or if you simply have no other option.

Not all of your assets will be sold in the process. Remember that if you live in California you will be able to declare some as exempt, and once that happens you won’t have to worry about selling them to pay your creditors. Some of your most important possessions, such as your primary home, are also considered exempt.

If you do not want to sell your assets to pay your debts, or would like to evaluate other alternatives, you can take a look at Chapter 11 and Chapter 13 bankruptcy.

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

The first step to a successful bankruptcy filing is to have an experienced bankruptcy attorney in Norwalk. That way the process will be much easier and less stressful.

Your attorney will guide you through the entire process, and will prepare with you the necessary forms and papers to be sent to the bankruptcy court, so that your case can be evaluated.

The next step is to find a reliable trustee. Sometimes you and your attorney will have a chance to find a suitable one, but sometimes the court will assign one.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is ideal for individuals and small business owners, as long as they have the financial capacity to create and fulfill a payment plan. The court will evaluate your finances to determine if you qualify for this Chapter of bankruptcy.

In this Chapter, the method by which your debts will be discharged is by restructuring your finances, and then creating a payment plan to satisfy the debts to your creditors. Unlike Chapter 7, liquidating your assets is not the primary way to pay off your debts.

You will keep your assets as long as you pay your debts. However, if you fail to make any of your payments, your assets will be sold to pay off your remaining debt.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is ideal for individuals and small business owners, as long as they have the financial capacity to create and fulfill a payment plan. The court will evaluate your finances to determine if you qualify for this Chapter of bankruptcy.

In this Chapter, the method by which your debts will be discharged is by restructuring your finances, and then creating a payment plan to satisfy the debts to your creditors. Unlike Chapter 7, liquidating your assets is not the primary way to pay off your debts.

You will keep your assets as long as you pay your debts. However, if you fail to make any of your payments, your assets will be sold to pay off your remaining debt.

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

One of the primary missions of your Norwalk bankruptcy attorney is to assist you during this process, and to ensure that you retain your assets at the end of your bankruptcy case.

To qualify for chapter 13 bankruptcy there are a number of requirements that you must meet to show that you have the financial ability to apply for it. This whole process requires a lot of paperwork, and can be stressful for anyone not familiar with the subject. Hiring a lawyer is the best thing you can do to take the burden off of yourself, and just worry about sticking to the payment plan.

Chapter 11 Bankruptcy

Chapter 11 Bankruptcy is similar to Chapter 13, the main difference being that Chapter 11 is better suited for large businesses. So if you are the owner, co-owner, or part of a partnership with a large company, this is your best option.

It is said to be similar to Chapter 13 because it works in much the same way: The company will have to develop a payment plan to settle debts with its creditors. In the meantime, you can continue to run your business.

If you don’t make the payments, just like in Chapter 13, your assets will be sold to pay off the remaining debt.

Chapter 11 Bankruptcy

Chapter 11 Bankruptcy is similar to Chapter 13, the main difference being that Chapter 11 is better suited for large businesses. So if you are the owner, co-owner, or part of a partnership with a large company, this is your best option.

It is said to be similar to Chapter 13 because it works in much the same way: The company will have to develop a payment plan to settle debts with its creditors. In the meantime, you can continue to run your business.

If you don’t make the payments, just like in Chapter 13, your assets will be sold to pay off the remaining debt.

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

The financial reorganization process involved in Chapter 11 also involves many legal technicalities that can only be handled properly by a professional. In addition to all the paperwork that must be filed with the court.

In addition, no business can file for bankruptcy without the services of a federal bankruptcy attorney. This chapter is a long and complicated process, it is imperative that you have a professional by your side when filing.