Glendale Bankruptcy Lawyer
Are you presently confronting financial difficulties, weighed down by substantial debt, dealing with creditor harassment, or confronted with the imminent risk of foreclosure or repossession? If you identify with any of these circumstances, contemplating bankruptcy could be a sensible course of action. Here at RJB Law Offices, we understand the challenges you're facing. Our devoted team of Glendale bankruptcy lawyers is dedicated to aiding you in this challenging period, offering compassionate guidance to navigate the complex bankruptcy process. We are here to support you in making informed decisions that contribute to both your future and your family's well-being.
Call (888) 256-8581 or contact us online to schedule a consultation with our team today.
Understanding Bankruptcy: A Path to Financial Renewal
Bankruptcy serves as a legal remedy crafted to aid individuals and businesses in effectively handling burdensome debt, providing a renewed opportunity for those struggling to fulfill their financial commitments. In the state of California, this legal process specifically tackles issues such as foreclosure, repossession, and creditor actions, delivering relief and the potential for a more secure and stable financial future.
Types of Bankruptcy
Chapter 7, referred to as "liquidation" bankruptcy, entails the potential liquidation of nonexempt assets to satisfy creditors. However, California's lenient property exemptions often enable individuals to safeguard all their assets, resulting in a "no-asset" bankruptcy scenario. Typically concluding within three to six months, Chapter 7 discharges qualifying debts, although certain obligations such as student loans and alimony endure.
On the other hand, Chapter 13, known as "reorganization" bankruptcy, necessitates a structured three- to five-year debt repayment plan contingent on income, expenses, and debt type. After this period, any remaining eligible debts receive discharge. Chapter 13 proves advantageous for those confronting foreclosure or repossession, triggering an automatic stay that suspends all creditor collection actions. Moreover, it offers a chance to rectify overdue mortgage or car payments.
Significantly, Chapter 13 caters to individuals ineligible for Chapter 7 due to the means test comparing income against the state median. Even if income surpasses the median, eligibility may still be attainable if disposable income falls short of debt repayment requirements. In cases where Chapter 7 isn't a viable option, filing for Chapter 13 remains a practical alternative.
Navigating the Bankruptcy Filing Process
The process of bankruptcy initiation begins with submitting a comprehensive petition to the bankruptcy court, detailing information about income, expenses, debts, and property. It is essential to disclose financial transactions over the preceding two years, covering aspects like income, property transfers, and creditor payments. Upon submission, an automatic stay is triggered, putting a halt to all creditor collection actions, including foreclosure and repossession.
If creditors continue to contact you, it is recommended to direct them to your bankruptcy lawyer. Seeking the expertise of a professional is imperative for effectively navigating the intricate aspects of bankruptcy proceedings.
Call (888) 256-8581 or contact us online to schedule a consultation with our team today.
The Benefits of Bankruptcy
Bankruptcy provides numerous benefits, such as the elimination of qualifying debts, the automatic stay that halts collection actions, and the opportunity to keep your home and car. Additionally, it offers a pathway to address overdue mortgage and car payments, serving as a foundation for the rebuilding of credit.
Exploring Bankruptcy Alternatives
When facing financial challenges, it becomes essential to consider alternatives to bankruptcy. Two viable options include Tax Resolution andDebt Settlement. Tax resolution tackles IRS tax debt issues through structured installment agreements or offers in compromise, offering a route to debt relief and forgiveness. In contrast, debt settlement entails negotiating a lump sum payment, often a fraction of the initial debt, to satisfy creditors. This strategy proves beneficial when making full payments is difficult, and creditors may accept the settlement to avoid protracted legal processes. A comprehensive understanding of these alternatives empowers individuals to make well-informed decisions aligned with their financial circumstances.
Contact Our Glendale Bankruptcy Lawyers
RJB Law Offices understands the challenges that come with financial difficulties. Our Glendale bankruptcy attorneys are committed to providing compassionate and effective legal representation, guiding you toward a brighter financial future.
If you are considering bankruptcy or need assistance with debt relief in Glendale, contact RJB Law Offices today. Schedule a consultation to discuss your unique situation and take the first step toward achieving financial stability.
Call (888) 256-8581 or contact us online to schedule a consultation with our team today.
