Murrieta Bankruptcy Lawyer
Our law firm has been helping residents of Murrieta CA to file forChapter 7 bankruptcy andChapter 13 bankruptcy protection for half a decade. We have an experienced legal staff that can help you examine your options and make an informed decision. Our focus is on examining your financial situation and facts and explaining the different options available to help you resolve your situation. Every client's situation is different and it is important that we look at their overall facts and background to determine what is the proper course of action. Often people choose to sell their property and use all of their savings and retirement beforeconsidering bankruptcy as an option. Bankruptcy should not be the last resort to consider, but should be an option that will help you protect your savings, assets and retirement from creditors.
Chapter 7 and Chapter 13 Bankruptcy
The bankruptcy code was developed to assist individuals and businesses in eliminating debt and rebuilding their financial future. Chapter 7 and Chapter 13 bankruptcy are the main chapters used by individuals to eliminate or reorganize their debts.
A Chapter 7 bankruptcy is often referred to as a liquidation bankruptcy where unexempt assets are liquidated to pay creditors. In the majority of cases creditors do no receive any distributions and no assets are liquidated. In most Chapter 7 bankruptcy cases the California bankruptcy exemptions protect assets from creditor liquidation.
A Chapter 13 bankruptcy is referred to as a reorganization bankrutpcy and offers a number of benefits to clients. Through a Chapter 13 bankruptcy our clients have the opportunity to pay past due arrears on their home through a structured 3 to 5 year payment plan, remove second mortgage and homeowners association liens, and structure a payment plan to pay IRS and state tax debt over a 3 to 5 year term. Determining your qualification to file for Chapter 13 bankruptcy protection is based on examining your income and expenses and determining whether there is available disposable income to distribute to creditors. During the iniital consultation we will complete a review of your income and expenses to evaluate whether Chapter 13 bankruptcy is feasible and beneficial for you.