Do You Need a Chapter 7 Bankruptcy Attorney?
It’s time to consider bankruptcy in Long Beach 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 Long Beach 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
Long Beach 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 Long Beach 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 want to state them bankrupt. In fact, when people talk about this topic, it is the bankruptcy as described under chapter 7 of the code of the United States of America. Filing for bankruptcy as per Chapter 7 of Bankruptcy Laws is a methodical procedure. Especially, after the intro of the new laws in October 2005, now, it has become compulsory for you to pas a Means test and go through a credit counseling procedure from a government approved credit-counseling firm.
Finding an excellent and knowledgeable bankruptcy attorney especially if you live in Long Beach or in a nearby city.
Initially, you need to pass a Means test, where all your earnings and essential expenses are examined. The means test involves subtracting the daily essential expenditure (the expenditures that you can not live without) from the total income on a regular monthly basis. It is just if the output is less than the mean earnings of the state, you can declare bankruptcy under the Chapter 7 of US Bankruptcy Laws. Nevertheless, in case, the output is more than the typical earnings of the state, the bankruptcy court will ask you to file under chapter 13 of the code.
Prior to you go on and file under Chapter 7 Bankruptcy Laws, it is vital for you to go through a credit therapy treatment. The function of introducing this step is to assess the actual monetary scenario of the debtor.
The credit counseling firm will look into the monetary details of the debtor and will try to assist the debtor handle their finances and get it back on track, along 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 handled, the debtor will not have the ability to apply for 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 declare bankruptcy under chapter 7 in the location where she or he is permanent resident. If the debtor is running a service in a specific location, he or she need to declare bankruptcy in its primary place of business or primary assets. In general, the main function of the chapter 7 bankruptcy laws is to help the debtor to get remedy for all the debts that he or she presently owes. In this process, the bankruptcy court appoints a trustee, who further goes ahead with the treatment of liquidating all the properties and properties of the debtor.
The money thus gathered is then utilized to settle the claims of the various creditors on priority basis, if any. The of chapter 7 bankruptcy laws provide a chance for the debtors to obtain a new beginning for their financial life, as the bankruptcy code concerning the same, liquidates all the assets and properties of the debtors after enabling the exemptions, in order to settle the claims of the creditors in a nearby region.
This way, the court brings the desired debt relief for the debtor.
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