Do You Need a Chapter 7 Bankruptcy Attorney?
It’s time to consider bankruptcy in Lancaster CA, if your life has been taken over by looming foreclosure, constant badgering phone calls from creditors, lawsuits or garnishments of your wages or property. Or maybe your debt has you trapped due to the amount of each payment and the extent of the debt. There are many kinds of debt that can get you into these situations, including medical bills, credit card balances, falling behind on your mortgage, loans and back taxes owed to the government and even car repossessions.
Chapter 7 Bankruptcy Lawyers Near Me in Lancaster CA
Experienced, professional bankruptcy attorneys understand the difficulties and worries you face. We know your best options. We are here to help and will work with you to alleviate your financial uncertainty. Even before your bankruptcy petition is filed, an attorney can help shield you from creditor harassment. In a non-judgmental and supportive way, we can help you understand your options, the process of filing for bankruptcy, and help lift the burden of financial uncertainty.
Free Bankruptcy Consultation – Call Now (855) 997-4655
Lancaster Bankruptcy Attorney, The Bankruptcy Experts, are dedicated BK Lawyers with over 10 years experience in dealing with the complex issues concerning bankruptcy. We have the skills and expertise to handle any type of bankruptcy problems you might be experiencing. We proudly offer our services to businesses and individuals throughout Lancaster and the surrounding areas.
You may feel hopeless, and at the mercy of a faltering economy, but don’t despair. Relief is available, and there is no shame in using the law to protect yourself when you are buried under a pile of debt. You aren’t responsible for the economy, and you didn’t create the mortgage crisis. So use the law to protect yourself and your family.
A Second Chance
Bankruptcy laws are in place to help Americans get a second chance when they are snowed under by economic pressures. You have rights, including the right to be free from harassment by creditors. If your creditors are hounding you, you can make them pay. And if your debt has become more than you can manage, you may be able to file for bankruptcy.
The Chapter 7 Bankruptcy Laws are the most typical alternative for individuals who wish to declare them insolvent. In fact, when individuals discuss this subject, it is the bankruptcy as explained under chapter 7 of the code of the United States of America. Filing for bankruptcy as per Chapter 7 of Bankruptcy Laws is an organized procedure. Specifically, after the introduction of the brand-new laws in October 2005, now, it has become obligatory for you to pas a Means test and go through a credit counseling process from a federal government approved credit-counseling company.
Finding an excellent and knowledgeable bankruptcy lawyer especially if you live in Lancaster or in a nearby city.
First, you need to pass a Means test, where all your earnings and vital expenditures are examined. The means test includes subtracting the daily vital expenditure (the costs that you can not live without) from the total earnings on a regular monthly basis. It is only if the output is less than the typical earnings of the state, you can apply for bankruptcy under the Chapter 7 of US Bankruptcy Laws. Nevertheless, in case, the output is more than the median income of the state, the bankruptcy court will ask you to file under chapter 13 of the code.
Before you go ahead and file under Chapter 7 Bankruptcy Laws, it is necessary for you to go through a credit counseling procedure. The purpose of presenting this action is to assess the real financial circumstance of the debtor.
The credit therapy company will look into the monetary information of the debtor and will try to assist the debtor handle their finances and get it back on track, together with paying the debts that the debtor owe to various financial institutions. If there is any possibility to obtain the financial resources of the debtor managed, the debtor will not be able to declare bankruptcy under Chapter 7. In such case, the court will ask the debtor to file under chapter 13 bankruptcy.
When To File Bankruptcy Under The Chapter 7 Bankruptcy Laws
The debtor must file for bankruptcy under chapter 7 in the location where she or he is permanent homeowner. If the debtor is running a company in a particular location, she or he should declare bankruptcy in its principal place of business or primary assets. Overall, the primary function of the chapter 7 bankruptcy laws is to help the debtor to get relief from all the debts that he or she presently owes. In this process, the bankruptcy court designates a trustee, who further proceeds with the treatment of liquidating all the possessions and properties of the debtor.
The cash hence gathered is then utilized to settle the claims of the various creditors on concern basis, if any. The of chapter 7 bankruptcy laws use a chance for the debtors to obtain a clean slate for their monetary life, as the bankruptcy code regarding the exact same, liquidates all the assets and residential or commercial properties of the debtors after permitting the exemptions, in order to settle the claims of the financial institutions in a nearby region.
By doing this, the court brings the preferred financial obligation relief for the debtor.
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