Credit card and Chapter 13 bankruptcy attorneys in California for best legal advice during financial distress

Delinquency, your inability to pay credit card bills on time can have serious repercussions for you. High interest rates and penalties are among just the beginning of problems; it is common for credit card companies to harass you if you fall behind in your payments. These harassment actions by credit card companies can ruin your peace of mind as well as those of your family members. So, if you are dealing with credit card debt challenges, it is important to consult credit card debt lawyers who have a deep understanding of federal collections regulations. They are also well-versed in tactics used by credit card companies to harass the debtors. No matter the way may appear to be invisible to you, the experienced credit card debt lawyers, such as the ones available with Recovery Law Group, can help you show the legal path to release the stress from credit card debt, and make the collections and harassing calls stop for good. 

The experienced credit card debt lawyers at Recovery Law Group can help eliminate your credit card debt by paying off, consolidation, or elimination. The top industry players want you to pay off credit card debt with high interest rates, regardless of whether or not you have achieved this goal by taking out a new debt. Recovery Law Group’s credit card debt lawyers can help you choose the appropriate action in the given timeline. With Recovery Law Group, you can expect a fresh start to your personal and business financial management.

 

Chapter 13 bankruptcy to catch up with payments  

However, if your debts have become unmanageable, and you are considering exploring bankruptcy as an option, then specialist bankruptcy lawyers can help you with this also. If you have lagged behind your payments, and need some more time to catch up with them, then Chapter 13 bankruptcy California may be the right option for you. Chapter 13 is a more reliable and flexible solution for people looking to settle their debts. Through Chapter 13 bankruptcy California, you will get 3 to 5 years’ time to repay your debt with reduced interest rates. At the end of the tenure, the debt payment is compared with debt balance. If the compared amount is less, the remaining debt is discharged.  

 

More time for repayment at reduced rate of interest  

Automatic stay is one of the most powerful aspects under the US consumer bankruptcy laws. When a Chapter 13 bankruptcy California is filed, an automatic stay immediately comes into effect. It stops lawsuits, creditor harassments, wage garnishments, and debt collectors from bothering you. It’s a desirable option if you want relief from the high levels of secured debts on payments from valuable properties that you have acquired, without losing your assets or secured debt. You will be able to catch up and discharge a portion of the debts while keeping your property and secured assets. After consultation, your Chapter 13 bankruptcy attorney will prepare schedules and petitions that contain details of your wage, income, and assets that were collected during the bankruptcy means test. These petitions will be submitted to the bankruptcy court.       

Benefits of automatic stay in Sarasota, Florida extend beyond your financial stress

 If you feel overwhelmed or stressed about your debt, or worried about losing your home or facing the challenge of wage garnishment, then bankruptcy can help you. The decision to file for bankruptcy can feel scary, but it may be the best option to offset uncertainty related to the financial future. One of the key advantages of filing for bankruptcy is you will have the benefit of automatic stay. There will be immediate stay on recovery attempts and recovery calls by your creditors. The US Bankruptcy Code governs all bankruptcies in the country, which are heard in special federal courts.  

 

As you will come to know during your bankruptcy consultation Sarasota in Florida, it gives you a second chance to bring your financial life back on track. Chapter 7 and Chapter 13 bankruptcies are most commonly filed by individuals, while Chapter 11 bankruptcy is largely for businesses in distress. Chapter 7 bankruptcy will discharge most of your unsecured debts by liquidating your assets, and also credit card bills, personal loans, and medical bills. It is the quickest type of bankruptcy relief that you can get but you must qualify for this. Your attorney providing bankruptcy consultation Sarasota would inform you that you must pass Part 1 and Part 2 of your Florida’s Means Test.  

Means Test for bankruptcy  

If your household income is less than Florida’s median income, you qualify for Chapter 7 bankruptcy, provided you meet other eligibility criteria, and also get the benefits of automatic stay. If your income is more than the state’ median income, then you will be given a chance to pass Part 2 of the Means Test. You will be required to document all your allowable expenses for the previous six months, and your attorney providing bankruptcy consultation Sarasota will subtract that from your income. What will then be left will be your disposable income, and if you then qualify, then you will become eligible for Chapter 7 bankruptcy, and also get benefits of automatic stay.  

 

Repay your debt over an extended period of three to five years  

If you are left with enough income and do not qualify for Chapter 7 bankruptcy, your attorney providing you with bankruptcy consultation Sarasota may suggest you Chapter 13 bankruptcy. Also known as reorganization bankruptcy, you will be allowed three to five years' time to repay your debts under the supervision of a court-appointed trustee. Your property will not be liquidated, but you must have regular income to make the required monthly payment. You can’t take any loans during the repayment period. If you default in payment, your discharge may be rescinded.  

 

If you approach experienced bankruptcy attorneys, such as those available with Recovery Law Group, they will ensure that you get all benefits of automatic stay. Automatic stay will protect you from mortgage foreclosure, vehicle repossession, wage garnishments, collection letters, lawsuits, and more. This way, benefits of automatic stay are not limited only to protect you from harassment by creditors but will also save you from financial stress. Your life will become easier, and you will get the much-needed peace of mind.