What is Chapter 7?
A Chapter 7 Bankruptcy (also known as a straight bankruptcy) is a liquidation. A Chapter 7 will eliminate all of your unsecured debt. You may also have to turn over some of your property but we find post peoples assets fall within the exemptions allowed by law and they get to keep everything. To qualify for Chapter 7, you must have an income under a certain level. The “means test” is used to determine if you qualify. A Riverside Bankruptcy Attorney can help you determine if you qualify under the means test.
What is Chapter 13?
A Chapter 13 Bankruptcy is essentially a reorganization. Unlike a Chapter 7, your debts are not automatically wiped out. Instead, your bills are debts and back payments on things like your house are consolidated and you pay a monthly payment to the bankruptcy trustee for 3 to 5 years. After end of your Chapter 13 plan, your unsecured creditors can usually then be wiped out and your continue with your normal payments on your house. One advantage of Chapter 13 for many people is that they are able to completely get rid of your second mortgage. A Chapter 13 Bankruptcy is especially good for people that are behind on their mortgage but can afford the monthly payment or people that were out of work but now have a job again and are just behind.
Will Bankruptcy Keep My Creditors From Calling Me?
Absolutely, one of the most important benefits of Bankruptcy is that your creditors HAVE TO STOP harassing you. If they don’t, let your Riverside Bankruptcy Attorney know immediately.
What is Lien Stripping?
Lien stripping is getting rid of a lien on secured property when the lien is no longer secured by the property. Confused? Here is a simple example. Lets say you have a 1st mortgage for $250,000.00 and a 2nd mortgage for $50,000.00 but your house is only worth $190,000.00. While both mortgages were originally secured by the house, the second one no longer is because it is less than the first. You can then apply to the bankruptcy to Court to determine that the second mortgage is unsecured. Then you can wipe out that second mortgage in your bankruptcy. That is right, you might be able to get rid of your second mortgage in Riverside through a Chapter 13 Bankruptcy!
Can Bankruptcy Stop Foreclosure?
Absolutely- Bankruptcy can stop foreclosure in Riverside County! People do it everyday. Contact an attorney to determine if it is the right move for you because for some people it will only be a temporary move.
Will I Be Able To Credit After Bankruptcy?
It is actually fairly easy to get credit after bankruptcy. You will not be able to get the same rates that you did before hard financial times hit, but you will be able to get at least a secured credit card. Used car loans are also fairly easy to get. Remember, you don’t have debts anymore so you are actually a fairly good credit risk because there are not other obligations fighting for your money.
How Much Does It Cost To File Bankruptcy?
That depends on every case. Some cases are fairly simple and some are very complex. How much you pay will depend on how many assets and debts that you have. Our cases start at $800.00 plus the $300.00 filing fee and go from there.
Will I Have To Go To Court?
Most likely not. You will have to meet with the bankruptcy trustee at what is called a 341a hearing. But that is not the same as going to Court – although it is in the Courthouse in Riverside you will not be in front of a judge. As long as you are upfront with your Riverside Bankruptcy Attorney and disclose all your debts and assets and transfers, it is extremely unlikely that you will have to go to Court.
Who Will Know If I file Bankruptcy?
Filing bankruptcy is a matter of public record so anyone can find out but the reality of the matter is that hardly anyone really looks at the courts records.
Can I Be Fired For Filing Bankruptcy?
Absolutely not! It is illegal for an employer to fire or otherwise discriminate against you for filing Chapter 7 or Chapter 13 Bankruptcy.
Call Us Today at 888.558.2992
There is no reason to wait. If you even think bankruptcy might be an option for you, call us today for a free consultation. The longer the wait, the more you will be paying on debts that you ultimately cannot pay off. Why give them any more of your money? Stop the pain of financial distress today! You can be debt free in as little as 90 days!
As Riverside Bankruptcy Lawyers helping people with Chapter 7 & Chapter 13 Bankruptcy debt relief we are proud to serve the following areas of Riverside County: Riverside, Palm Springs, Banning, Beaumont, Blythe, Calimesa, Canyon Lake, Cathedral City, Corona, Coachella, Desert Hot Springs, Hemet, Indian Wells, Indio, Lake Elsinore, La Quinta, Menifee, Moreno Valley, Murrieta, Norco, Palm Desert, Perris, Rancho Mirage, San Jacinto, Temecula, Wildomar and all unincorporated areas of Riverside County.