Skip to main content

Bankruptcy attorney San Diego to help you get rid of financial burden and mental stress

Bankruptcy is a legal process that allows individuals and businesses experiencing financial distress to get a fresh financial start by discharging or restructuring their debts. One of the primary benefits of bankruptcy is that it will discharge your unsecured debts, such as credit card bills, personal loans, and medical bills. Along with the elimination of debt, your experienced bankruptcy attorney San Diego in California, such as the ones available with Recovery Law Group, will also help remove the burden of your stress, and help you get back on a healthy financial track. Your certain assets remain exempt under bankruptcy, that will safeguard your crucial assets like homes and vehicles from repossession and foreclosure.   

  

Under Chapter 7 bankruptcy, a court-appointed trustee will sell your nonexempt possessions, and the proceeds will be used to repay your creditors. To qualify for Chapter 7 bankruptcy, your bankruptcy attorney San Diego will ask you to appear for a Means Test. In order to pass this test, your average monthly income for the past six months should be less than or equal to the median income of the size of your household in California. Moreover, you will have to undergo a meeting with your creditors under section 341 of the US Bankruptcy Code. Your creditors may ask you questions about your assets and ability to discharge debt. You will also have to complete the required debtor education class from an approved provider. At the end of discharge bankruptcy proceedings, all remaining debts will be eliminated, and you will not be obliged to repay them.   

  

Your creditors can’t contact you directly   

If you earn regularly and are left with sufficient money each month after meeting your necessary expenses, then your bankruptcy attorney San Diego may recommend you file for Chapter 13 bankruptcy, instead of Chapter 7. A court-appointed trustee will work out a repayment plan wherein you will be required to repay your outstanding debts over a period of three to five years. You will make monthly payments to the trustee who will distribute money to your creditors. Your bankruptcy attorney San Diego will ensure that your creditors are prohibited from contacting you directly, and go through the trustee instead.   

  

Provision to protect the co-signers   

A judge will review your petition and decide if you have the means to follow through with your repayment proposal. If you fall behind on your mortgages, and are in danger of foreclosure, Chapter 13 bankruptcy will help save your home by giving you time to make up those payments. Secured debts such as car loans can be restructured and extended over the span of Chapter 13 repayment plan. Chapter 13 also has a special provision that protects co-signer to consumer debt. While you complete a repayment plan, you will be allowed to keep your property that you are making payments on.   

  

Your Recovery Law Group’s bankruptcy attorney San Diego will notify all your creditors that you have filed for bankruptcy, and they must stop all collection activities as per the US Bankruptcy Code. If they continue to do so, they are liable to pay compensation

Comments

Post a Comment

Popular posts from this blog

Bankruptcy consultation Austin TX to provide relief to individuals from overwhelming debt burden

  Many people facing the challenge of managing their overwhelming debts resort to bankruptcy to get relief from debts that they cannot repay. This legal process is designed not only to give relief to the creditors but also ensure that creditors receive some payment based on the borrower’s financial situation and assets. One of the key benefits of bankruptcy consultation Austin TX with an experienced law firm, such as Recovery Law Group, is that your attorney will help halt all creditor actions against you, including foreclosure, repossession, wage garnishments, and harassment calls .         Majority of bankruptcy cases filed in Austin TX are under Chapter 7 of the US Bankruptcy Code. It allows for the complete elimination of covered debt, and is available to those whose monthly income is below the state’s median income for their household size. If your income is above the state’s median income, you may still qualify for Chapter 7 during your bankruptcy c...
Post a Comment
Read more

Know your rights against debt collectors discrimination while filing for bankruptcy in Denver

If you are struggling with debt, wage garnishments, tax liens, foreclosures, or mortgage payments, filing bankruptcy Denver in Colorado could be the right option for you that will help you put your finances back on track. Most of the individual bankruptcies in the USA are filed either under Chapter 7 or Chapter 13. Chapter 7 bankruptcy will discharge most of your unsecured debts, such as credit card bills and medical bills. However, you must liquidate your property to repay some or all of your unsecured debts if you have nonexempt assets, such as a second home, or investments like stocks and bonds. However, if you have no valuable assets and only exempt property, such as household goods, your specialist bankruptcy attorneys at Recovery Law Group can help you in repaying no part of your unsecured debt.    For filing bankruptcy Denver , you need to pass a Means Test. However, if you do not qualify for Chapter 7 bankruptcy, you may be advised to file for it under Chapter 13, also...
Post a Comment
Read more

Hire bankruptcy attorney in Reno, Nevada to get rid of your overwhelming debts and creditors’ harassment

Bankruptcy provides financial relief to debt-ridden individuals in the form of restructured debt repayment plan, or liquidation of certain assets to help pay a portion of debt to creditors. Bankruptcy is a court-supervised process wherein one legally declares their inability to pay outstanding debts. The US Bankruptcy Code governs all bankruptcies in the country, wherein a federal judge oversees the court and makes all the important decisions. A court-appointed trustee will either have debts settled by selling off the debtor’s assets, or work out a new repayment plan for your creditors.   When you hire bankruptcy attorney Reno in Nevada from trusted law firm, such as Recovery Law Group, you may be suggested two options for this – which are Chapter 7 or Chapter 13 bankruptcies, which are the most common forms of individual bankruptcies filed in the USA. Under Chapter 7 bankruptcy, you are required to sell your property which is not exempt. The list of exemptions varies from st...
Post a Comment
Read more