San Diego California Bankruptcy Attorney

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2. When you file for Chapter 7 bankruptcy, you are taking a positive step toward restoring your financial independence. At the Bankruptcy Law Center, we are committed to helping you through this often daunting process, empowering you to exercise your rights and become free of the debts that are weighing you down. 2

3. We recognize that the decision to file may be a source of concern for you, so San Diego Bankruptcy Attorney demystify the law and help you find a viable solution to your financial challenges. 3

4. For most people, Chapter 7 bankruptcy eliminates all debts and allows you to keep your possessions and property. Chapter “discharge” of your debts about 3 months after you file a petition. 7 bankruptcy typically results in the 4

5. As part of the process, we determine your eligibility to file (called the “means test”) and we show you how bankruptcy will change your life by discharging your debts. Your bankruptcy case will get rid of your personal liability on most all debts, including credit card debt, medical bills, utility bills, personal loans, lawsuits, mortgages and underwater liens on property. 5

6. Of course there are some limited types of debts that are not eliminated in a Chapter 7 bankruptcy. These are called “exceptions” to your discharge and they are spelled out in the law. These limited exceptions include alimony and child support, some types of tax debts, debts incurred dishonestly or that resulted from criminal penalties and most government insured student loans. 6

7. These situations are rare, but at the Bankruptcy Law Center we have helped people deal with all types of situations and we have found relief from debts under many difficult circumstances. Chapter “exemptions” that allow most people to keep all of their property. 7 bankruptcy also provides generous 7

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9. These exemptions are very complex and specific so you need an expert to make sure you get the full and fair benefits in order that your property remains in your hands. 9

10. Your goal is to keep all off your personal property, your vehicle, home furnishings, tools of your trade, reasonable amounts of cash and very significant amounts of equity in your home. 10

11. The rules for exemptions also require, in many cases, some planning before you file a bankruptcy case in San Diego, so consulting with the Bankruptcy Law Center Bankruptcy Lawyer San Diego will start the process that will answer all your questions about what happens to your property. 11

12. Chapter opportunity to eliminate some liens from your home under conditions where your property is underwater. Other than these situations, Chapter 7 bankruptcy will not generally eliminate liens on your property and these liens will pass through bankruptcy unaffected by the case. 7 bankruptcy may even give you an 12

13. This process is commonly called “lien stripping” and Bankruptcy Law Center Bankruptcy Attorney San Diego are highly experienced at using the bankruptcy laws pro-actively improve your financial standing and to protect your property. You won’t have personal liability for the debts underlying most all of these liens after bankruptcy, but the lien or mortgage holder will eventually be allowed to take back the liened property unless you pay the amounts legally due. 13

14. Chapter 13 bankruptcy is a “reorganization” of your debts and is designed for people that have regular income but need time to pay back certain kinds of debts (like defaulted home mortgages). It can best be defined as a restructuring and consolidating of debts into a more manageable plan for repayment. 14

15. Chapter 13 recognizes that some debts can’t be paid back in full, but it gives most people an opportunity to pay what they can afford, above living expenses, over a 3 to 5 year period. At the end of the approved reorganization, the balance of unpaid debts generally will be discharged and you will be free of your obligations. At the Bankruptcy Law Center, we are happy to work with you reorganization is the best way for you to eliminate and deal with your debts. to determine if a 15

16. Some of our attorneys used to work for the Chapter 13 trustee and they know exactly what works and how to get your plan approved course, Bankruptcy Attorney San Diego will look at the debts you owe and advise you as to which form of bankruptcy filing is appropriate. by the Court. Of 16

17. If Chapter 13 is a viable resolution to your current challenges, Bankruptcy Lawyer San Diego will aid you in forming a repayment plan that best suits your current income situation. After we formulate a plan that works for you, we file it with the court. 17

18. It is reviewed by the Chapter 13 trustee and the court decides plan is fair and meets all the requirements of the law. If so, the courts will approve and oversee the plan, ensuring that your creditors are paid while you are able to handle the monthly payments more easily. 18

19. In most cases, your repayment must start within 30 to 45 days of filing your case, and the overall plan typically lasts three to five years. So why would you choose Chapter 13 over Chapter 7 when Chapter 7 in San Diego quickly gets you a discharge of your debts? Simple. Generally Chapter 13 is used by people that want to save their home or property from foreclosure, but they need time to pay back the lender. 19

20. Sometimes people owe taxes that they can’t pay and Chapter 13 allows them time to get the tax man off their back, stop wage garnishments, and pay what they can afford over a longer period of time. And there may also be a few people that have relatively high income, a lot of debt, but the bankruptcy law (because of the “means test”) won’t allow them to file Chapter 7. 20

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22. San Diego Bankruptcy Attorney are very experienced in guiding clients through all of these situations and our lawyers been doing it for a long time. For the right cases, Chapter 13 can prove highly beneficial. 22

23. It can stall foreclosures, positively work with debts not discharged under Chapter 7 bankruptcy, and get debt collection agencies or the IRS to leave you alone. San Diego Bankruptcy Lawyer is the most reviewed and voted best bankruptcy attorney . 23

24. Our experts keeping you up to date with our ever changing industry. Chapter 7 Bankruptcy can be a daunting process and we are committed to helping you through this, empowering you to exercise your rights and become free of the debts that are weighing you down. 24

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