When you have insurmountable debts and constant creditors’ harassment and threat of lawsuit, consult experienced Fairfield Bankruptcy Attorney Muoi Chea serving Fairfield CA. The worst thing you can do is ignore your financial or legal problems even though you feel overwhelmed. Ignoring a problem can make it worst, limit your options and prolong your stress. Keep in mind everyone faces overwhelming problem in their life and there are professionals who are eager to help you.
If you call me, I will take the time to thoroughly discuss Bankruptcy and nonbankruptcy options that is applicable to your situation and whether bankruptcy is right for you. This Bankruptcy Attorney Office is NOT A MILL. I will personally meet with you at the consultation and answer all your questions after the consultation and even after the completion of your case. I am always accessible to my clients. Of course, the initial consultation is free to determine what is right for you. If you decide that you want to file for Chapter 7 or 13 Bankruptcy, I will quote you a reasonable attorney’s fee because I understand you are facing financial problems and I want to help you end the struggle.
Here are some of the benefits of Bankruptcy.
Stop creditor’s lawsuit and harassment. Some example of dischargeable debts are credit cards, medical bills, deficiency from car repossession, unsecured personal loans, some tax debt depending on whether you file for Chapter 7 or 13 Bankruptcy. Call for more information.
Stop creditor’s harassment
Stop wage garnishment (except priority debts, which are nondischargeable, like child support and alimony and nondischargeable debts)
Stop bank levy
Remove Judicial Lien from your House or Real Estate (if you meet the requirements)
Stop foreclosure by paying your mortgage arrears plus ongoing mortgage payments in monthly payment plan up to 60 months.
Stop IRS debt tax levy by paying priority tax debt in a monthly payment plan up to 60 months. You may be able to eliminate some of your tax debt.
Stop car repossession by paying the balance in a monthly payment plan up to 60 months. You might be able to reduce the interest rates or the principal balance of the car loan or both. Usually, Chapter 13 Bankruptcy will reduce your monthly car payment.
Keep your business operating during Bankruptcy without fear of the Bankruptcy Trustee liquidating or taking control of your business
Keep all your assets that would otherwise be liquidated in Chapter 7 Bankruptcy while restructuring your debt. If you are worried that the bankruptcy trustee might confiscate your assets because you have too much equity in your house or too much assets in general, you might want to consider Chapter 13 Bankruptcy.
Restructure your debt when you do not qualify for Chapter 7 Bankruptcy Discharge. You should consider Chapter 13 Bankruptcy if you filed a Chapter 7 Bankruptcy within the last 8 years and do not yet qualify for another Chapter 7 Bankruptcy but need bankruptcy protection. Another reason is that your income is too high for Chapter 7 Bankruptcy.
More debts are dischargeable in Chapter 13 Bankruptcy than Chapter 7 Bankruptcy.
1. Do both spouses have to file for bankruptcy together?
No, both spouses do not have to file for bankruptcy. One spouse can file alone but it might be beneficial for both spouses to file together. Call for more information.
2. Will I be able to keep my home if I file for bankruptcy?
It depends on how much equity you have in the house and which California exemptions is applicable to your case. If you have equity in your house that are nonexempt after taking into account the cost of sales, you risk losing your house if you file for Chapter 7 Bankruptcy, which is the bankruptcy that liquidates nonexempt assets or assets that are not protected by the California exemption to repay your debts. The bankruptcy code provides for protection for so much assets in consideration of your creditors. Here is another reason why bankruptcy is not a do-it-yourself project and you should call an experienced Bankruptcy Attorney.
3. Will I be able to keep operating my business when I file for bankruptcy?
If you own a business, you should be careful when considering which bankruptcy chapter you should file. If it is a small business will very little assets and the value of the business is fully covered by the California exemption as well as all your other assets, you might be able to file a Chapter 7 Bankruptcy without the Chapter 7 Trustee liquidating your business or business assets. However, most of my sole proprietor clients who own a business that generate significant income tend to fall under Chapter 13 Bankruptcy. Generally, they have significant business assets or their business can be sold for more than what the California exemption can protect. Keep in mind, that only sole proprietor can file for Chapter 13 Bankruptcy and not business entities like corporation, limited liability company, partnership. However, business entities can file for Chapter 7 Bankruptcy but they cannot use the exemptions. Business entities that file for Chapter 7 Bankruptcy usually do so to liquidate their assets to pay their creditors and closed their doors. Business entities that want to reorganized usually file for Chapter 11 Bankruptcy to keep their assets and continue operation. This office does not represent debtors in Chapter 11 proceeding.
This website is not intended to take the place of a bankruptcy attorney and cannot fully cover the complexity of bankruptcy. For more information, call Muoi Chea who is an experienced Fairfield Bankruptcy Attorney serving Fairfield California and Solano County CA.