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Affordable bankruptcy Riverside to provide you peace of mind and a fresh financial start

Various situations may require you to file for bankruptcy, like high personal loans, or business debts, foreclosure for not making mortgage payments, loss of employment, unexpected medical emergencies, etc. Filing for bankruptcy in Riverside, California, can provide the much-needed financial relief when debts become unmanageable. However, filing for bankruptcy can be financially challenging, as it involves attorney fees that can range from $1,000 to $4,000. Additionally, a damaged credit score can make it harder for you to get loans and pay for mortgages.  

Those filing for bankruptcy are already in financial distress, and high filing costs can prevent them from filing. Without affordable bankruptcy Riverside, they may not access financial relief which is available to them under the US Bankruptcy Code, and may fall into the web of debt settlement companies. Moreover, delaying bankruptcy can lead to more wage garnishments, lawsuits, and seizure of assets.  

Financial distress can lead to anxiety, depression, and strained relationships. Affordable bankruptcy Riverside services by experienced bankruptcy attorney at Recovery Law Group can help reduce the burden, offering a clear path to financial recovery. Your Recovery Law Group attorney may request the court to waive the filing fee for Chapter 7 if you meet income limits, or allow you to pay the filing fee in smaller payments.  


Means Test and Exemptions  

Affordable Chapter 7 bankruptcy will eliminate most of your unsecured debts, such as credit card debts, medical bills, unsecured personal loans, and utility bills. Chapter 7 is designed for those who cannot afford to repay their debts, and need immediate relief. To qualify for Chapter 7 affordable bankruptcy Riverside, the filers must pass a Means Test, which compares income to the state median. A meeting with the creditors is required, known as 341 Meeting, is usually held within 30 – 45 days of filing for affordable bankruptcy Riverside. Non-exempt assets (such as second homes or luxury items) may be sold to repay creditors.  

However, certain assets are exempt under Chapter 7. These include home with an equity value of $27,900, vehicle of an equity value of $4,450, and household goods and appliances, of up to $14,875. These are federal exemptions; actual exemptions vary from state to state.   

 

Debt Restructuring under Chapter 13  

On the other hand, Chapter 13 affordable bankruptcy Riverside helps you reorganize your debt, and repay it over a period of three to five years. Chapter 13 is always an option for those who fail to qualify for the Means Test for Chapter 7. Debts are restructured into a court-approved plan, and the filer can keep all their property, including homes and cars. It also helps filers to catch up on missed payments and avoid foreclosure or repossession. 

The debtors are allowed to spread tax debt, child support, and alimony payments for up to five years. As payments are based on income, debt repayment becomes more manageable. One of the most significant benefits of Chapter 13 affordable bankruptcy Riverside is that you can keep all your assets, and also catch up on past due payments over time.  

Another major advantage of affordable bankruptcy Riverside is that it brings automatic stay into force. So, no creditor can contact the filer for debt recovery, or continue with any collection activities, harassment calls, or threatening behavior, once bankruptcy is filed. If they continue to do so, your Recovery Law Group’s attorney providing affordable bankruptcy Riverside will sue them for violating automatic stay, and seek compensation.   

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