Chapter 7 Consumer Bankruptcy is a means of providing the individual or married couple a “Fresh Start.” When debtors are eligible file under Chapter 7 the individual or couple may typically expect to have many or all of their unsecured debts wiped out. Thus, unsecured debts such as personal loans, medical bills, credit card debt and other debts may very often be completely discharged in the Chapter 7 bankruptcy. Not all unsecured debts can be wiped out in a Chapter 7 bankruptcy so it’s advisable to confer with an attorney on this issue before deciding that Chapter 7 is a good option.
Chapter 7 Bankruptcy, also referred to as “Liquidation Bankruptcy,” is by far the most common bankruptcy option chosen by consumers. “Liquidation,” refers to the understanding that the assets of the filing debtor may be seized and liquidated in order to distribute the proceeds from their sale to the debtors creditors. The filing debtor is entitled to certain exemptions that may allow them to protect some and very often all of their assets from being liquidated by the bankruptcy trustee. The laws regarding exempting assets can be complicated in some cases. So before filing bankruptcy it’s extremely advisable to confer with an Oakland bankruptcy attorney to determine what my be expected and how best to protect your assets.
Oakland Chapter 7 Bankruptcy Lawyer
Having an Oakland bankruptcy attorney when filing can be determinative of whether the bankruptcy will go well for the filing debtor. The lawyer handling the case is in a position to provide legal counsel regarding a number of details that can prove critical in certain cases. The lawyer can advise you of just what you may expect when filing bankruptcy. In some cases filing the bankruptcy petition may set into motion a series of events and rulings by the bankruptcy court that can completely upturn the debtor’s life.
An Oakland bankruptcy lawyer can counsel on whether you qualify for filing under Chapter 7 or whether you will be required to file Chapter 13. The lawyer will be able to make certain that everything is properly filed with the bankruptcy court and also provide the bankruptcy trustee with all of the documents that they require.
Make sure that you schedule time to talk with an experienced Oaklandbankruptcy attorney who will be able to go over the many details associated with Chapter 7 Bankruptcy. It will be well worth your time and effort.
Chapter 13 Bankruptcy is very different from that of a Chapter 7 Bankruptcy. Allowing the debtor to repay all and sometimes just a portion of their debt, Chapter 13 is regarded as a reorganization of their debt through the “payment plan.” Through the reorganization of the debt with a Chapter 13 bankruptcy the debtor may protect assets that may otherwise be seized and sold in a Chapter 7 bankruptcy.
The procedure is somewhat similar to debt consolidation, but for many unsecured debts, with some exception, the debts won’t accrue interest with the Chapter 13 Bankruptcy.
The Chapter 13 payment plan will have the debtor making payments to the Bankruptcy Trustee for a period of three to five years. In order to qualify for the Chapter 13 Bankruptcy the debtor will need to demonstrate that he has enough income to make payments on the plan. The money collected on the plan by the Trustee is directed to the creditors.
With a Chapter 13 Bankruptcy the debtor is paying as much as they can pay into the plan over a three to five year period of time. Upon completion of the payment plan period, if the debtor makes the payments through the period as required, you may expect the court to discharge the eligible unsecured debt that remains.
The Chapter 13 Bankruptcy allows the debtor to pay their outstanding taxes over the length of the Bankruptcy Payment Plan.
Save Your Home From Foreclosure
If the debtor qualifies the Chapter 13 Bankruptcy may prevent the debtor’s home from being lost to a foreclosure. The debtor filing a Chapter 13 Bankruptcy is able to pay their over-due payments over the course of the payment plan.
Stop Car Repossessions
By filing a Chapter 13 Bankruptcy you may be able to save your car from a repossession. It’s sometimes possible to even have a car that repossessed returned to you by filing a Chapter 13 Bankruptcy. The Chapter 13 Bankruptcy may put the original loan agreement back in place and allow you to pay missed payments over the length of the repayment plan. Additionally, you may be able to pay only what the car is actually worth, thus, potentially saving you thousands of dollars.
Make sure that you schedule time to talk with an experienced Oakland bankruptcy attorney who will be able to go over the many details associated with Chapter 13 Bankruptcy.
If you need to talk with an Oakland bankruptcy attorney be sure to give us a call at NoWorriesBankruptcy.com. If you need debt relief our law firm can save you thousands of dollars. We’ll start to work on your case with just a $100 retainer. We accept easy payments at no interest to help with your financial recovery.
Our law firm accepts payments at a pace that works best for you and with a schedule that you can afford. We provide professional bankruptcy services for the people of Oakland and the surrounding Area. Our services are tailored to meet the needs of our clients. Call now to schedule your consultation with a bankruptcy attorney.
While you may have a number of choices when selecting a bankruptcy attorney our law firm will demonstrate itself to be your absolute best value. Providing clients with debt relief is the primary focus of our firm. We provide outstanding bankruptcy services while keeping our fees low.
We charge just $899 in attorney fees for many of our client’s Chapter 7 bankruptcy cases in Oakland, California. However, we’ll need to discuss the specifics of your case to determine just what our fees will be for you. If your overwhelmed by debt and exploring your options we offer a free assessment with an attorney. We are available to assist you in ascertaining whether bankruptcy is in fact your best option and whether you qualify to file Chapter 7 bankruptcy. NoWorriesBankruptcy.com is a bankruptcy law firm dedicated to helping those who are experiencing financial difficulties. Our goal is to wipe out your debt while making the bankruptcy process as trouble free and as easy as possible. With our law firm you are assured of having a truly affordable Oakland lawyer whose focus is in providing you with the best service possible.
Our law firm proudly provides debt relief services at a discount for the men and women who serve our country in the military. We will reduce our rates for both veterans and those on active duty. We appreciate your service!
Keep in mind that people filing bankruptcy in the Oakland Area will need to attend a hearing at the Federal Bankruptcy Court. By retaining our law firm you may rest easy by being assured of having the representation of a professional bankruptcy attorney. We are strong advocates for our clients and we don’t back down to anyone. Our law firm takes the worries out of filing bankruptcy for our clients.
You will not find another bankruptcy lawyer in Oakland working as diligently as our team to meet the financial needs of our clients. Call us now and discover how our law firm can provide you with fast, easy and affordable debt relief.
When you call our law firm you may look forward to having your call put through to an attorney. Our initial interview will be geared toward trying to determine whether we’ll be able to help you. Here are some of the questions you may expect from your attorney:
Have you ever filed bankruptcy before? Because the law limits how often you can file Chapter 7 bankruptcy we’ll need to determine if you had filed before. If you had filed bankruptcy before we’ll need to know when you last filed and under what chapter you filed. Also, we’ll want to know precisely where in the United States you last filed bankruptcy. This is information that you may or may not know. There is no need to worry however. Once we know the general region where you were living when you last filed bankruptcy we’ll be able to find out through our resources exactly which district you filed in and the exact date that your bankruptcy was filed.
Are you married or single? When determining the costs for our clients we’ll need to know whether they’re married or single. If you’re married your spouse is not obligated to file bankruptcy together with you. It can sometimes be helpful for just one spouse to file bankruptcy. Though a spouse may not be filing bankruptcy you are still obligated to disclose information about your spouse to the court through the forms that get filed with your bankruptcy. Whether or not both spouses are filing bankruptcy there is substantially more work that’s required when a married person is filing bankruptcy than when a single person files.
Do you own real estate? When a bankruptcy debtor either owns real estate or has previously owned real estate there are additional considerations that will be required in order to best counsel a person that is considering to file bankruptcy. In California there are two sets of exemptions that may allow you to protect your assets. There are limitations to the amount of assets you may be allowed to hold on to when filing bankruptcy. If you are trying to protect your equity in the home you live in you may need to make difficult decisions regarding holding on to all of your vehicles. This is something that will be part of our discussion with you.
How much rent are you paying? Ultimately, we’ll need to know in depth, what all of your ongoing monthly expenses are. Eventually we’ll be disclosing to the court your expenses for such things as doing your laundry every month and your estimate for what you’re paying for entertainment.
Are there judgments against you?Are there ongoing law suits against you? If there are judgments or law suits against you it will require additional research to obtain information that the bankruptcy court will require.
Do you have any law suits or potential legal claims against anyone? If you have a legal claim against any entity that may result in an award of some asset the bankruptcy court will need to know. The consequences involved in this issue can be far reaching and it’s something that you’ll want to discuss with us to find out more of what you may expect.
How many cars, trucks, motorcycles and recreational vehicles do you possess? This will allow us to determine whether we’ll need to file additional documents with the court to work toward allowing you to keep your vehicles that you may want to hold on to. It’s possible, however, that you may just want to surrender a vehicle when you file bankruptcy so that you can discharge any expenses from the lease or loan. A discussion about your vehicles will provide us with further insight on you assets as well.
What is your household income? This is one of the most important questions that’s part of our initial assessment. We’re looking for you to give us a clear idea of your household income on the high end. Along with this question we’ll need to know how many people are living in your household. Your household income and the number of people in your household is one determining factors regarding whether or not you’ll be able to file under Chapter 7 of the United States Bankruptcy Code.
Do you expect to inherit any assets? If you’re in line to inherit and property or money the bankruptcy court will expect you to disclose this information. All or a portion of the assets you inherit may be used to pay off some of your debts.
What is the nature of your debts? Do you owe credit card companies? Do you owe on student loans? Do you owe child support? Not all debts can be discharged in bankruptcy. We’ll want to be able to advise you what you can expect from filing bankruptcy. You will not want to file bankruptcy only to discover that you won’t be able to wipe out a debt that you were hoping to have discharged by the court.
Make sure that you schedule time to talk with an experienced Oakland, CA bankruptcy attorney.
Filing bankruptcy will likely result in a substantial decrease of your credit score. In many cases, however, the debtor’s credit score is already as low as it can go due to things like missed mortgage payments and non-payment for credit card debt.
It’s also possible that filing bankruptcy may improve your credit score because of the fact that most if not all of your unsecured debt will be wiped out and the debtor is prevented from filing again for a number of years. So many lenders may regard you as a good credit risk post-bankruptcy. It’s strongly advisable to begin working on improving your bankruptcy immediately after filing.
In order to rebuild your credit you must indicate the ability to handle credit in a very responsible manner. In a nutshell this means that you must pay your debts on time.
Checking Credit Reports
Check your credit reports and when you see inaccurate entries be sure to dispute them. Because not all creditors report issues to all of the credit reporting agencies you must review reports from all three of the major agencies. You should secure reports from Experian, Equifax and Trans Union. Free credit reports are available fromCreditkarma.com, AnnualCreditReport.com, and FreeCreditReport.com. Look for accounts that are listed on your credit report that are not yours. Look for any inaccurate information in the report. For tips on making corrections to your credit report you should go to the Federal Trade Commission website. Usually the credit reporting agencies are very good about fixing mistakes. They ought to be because they can be sued for their mistakes.
Making Payment On Time
Paying your bills on time goes a long way toward fixing your credit. It may seem like a simple step but it can quickly make a huge difference. In fact, paying your bills on time is likely the most important you can do to improve your credit score.
Pay recurring bills, such as rent, telephone and utility bills, in full and on time. To be on the safe side, if a payment is due on the first of the month, pay it by the 25th of the previous month. Consider setting up automatic payment deductions from your bank account for these payments to make sure you do not miss any of them.
Setting up automatic payments from your bank account can help assure your making timely payments. Take the time to figure out how to do it. Have an agent from the bank walk you through the steps to set it up if necessary.
Seek Out & Secure Lines of Credit
In order to establish good credit you need to seek out credit opportunities. After filing bankruptcy you will likely find lenders standing in line to extend lines of credit. You need to take advantage of those offers and demonstrate your ability to handle your finances in a responsible manner. Avoid applying for lines of credit where you are likely to be rejected. A rejection from a creditor may hurt your credit score. Be selective when applying for any lines of credit. And don’t apply to several at once. When you apply for a line of credit a hard inquiry is produced. Having a lot of such inquires may lower your credit score because you may appear to be a bad credit risk.
Make sure that you schedule time to talk with an experienced Oakland, CA bankruptcy attorney who can give you clear ideas on rebuilding your credit in a manner that’s tailored to your personal needs.