San Diego Bankruptcy Attorneys
For those who are living month-to-month or paycheck-to-paycheck, a sudden job loss or extended illness can be all it takes to disrupt the ability to make ends meet. For others, it is all too easy to overextend your credit while trying to live the American dream. If you find yourself overwhelmed with bills and mounting debt that is growing beyond your reach, the attorneys at Banker’s Hill Law Firm in San Diego can help you find financial freedom and protection from creditors with a Chapter 7 or Chapter 13 consumer bankruptcy.
LASTING, EFFECTIVE DEBT RELIEF
Get a Fresh Start with Chapter 7 “Straight” Bankruptcy
In a Chapter 7 proceeding, which is the most popular form of consumer bankruptcy, eligible individuals are able to obtain a complete discharge of their debts and make a fresh start with their finances. The Chapter 7 process involves selling off non-exempt assets to pay down debt, and then receiving a discharge, or forgiveness, or any remaining debt. Fortunately, California offers multiple ways to exempt assets from a Chapter 7 sale, or liquidation as it is often known. These bankruptcy exemptions allow you to keep some of the equity in your home and car and exempt many different types of personal property, cash and investments. In fact, many people are able to get a discharge of their debts without having to sell any property at all. Banker’s Hill Law Firm can help you through the process of getting rid of medical bills and credit card debt while simultaneously protecting your assets.
It is important to know that not all people qualify for Chapter 7, and not all kinds of debt are dischargeable under Chapter 7. If your income is too high for Chapter 7, or if your debts are mostly secured with collateral that you don’t want to lose, you may prefer to file for Chapter 13 relief instead.
Manage Your Debts with a Chapter 13 “Wage Earner’s Plan”
If you take the Chapter 7 means test and find that you have enough disposable income left over after meeting expenses each month to put toward paying your bills, then a Chapter 13 bankruptcy may be the answer to your problems. In a Chapter 13, you develop a plan that allows you to pay off your creditors more comfortably over a three or five year period. Many debts such as credit card bills, medical bills or signature loans, can be adjusted downward or forgiven as part of the plan. Your creditors are required to submit to an approved plan and must accept the payments in the plan – they cannot go after you through lawsuits or collections, and they cannot continue to charge you interest on your debt. If you are in default on a home mortgage or behind on car payments, Chapter 13 allows you to catch up on those missed payments and save your car from repossession or keep your home from foreclosure. If you have a steady job but are having trouble getting by and meeting your commitments, Chapter 13 may be the key to your financial security.
Call Today to Get Started with Lasting, Effective Debt Relief
At Banker’s Hill Law Firm, we use our knowledge of U.S. bankruptcy laws to advise you on the solution that is right for you and guide you through the process to financial freedom. We will not try to push you into one chapter or the other, and if we believe you will benefit from pursuing an alternative to bankruptcy, such as a negotiated debt settlement, then we will let you know that too. Trust the attorneys at Banker’s Hill Law Firm to provide relevant, practical advice and representation designed to meet your unique, individual needs. In San Diego, call 619-230-0330 to speak with one of our compassionate and dedicated bankruptcy lawyers.