Do You Need a Chapter 7 Bankruptcy Attorney?
It’s time to consider bankruptcy in Oakland 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 Oakland 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
Oakland 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 Oakland 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 common option for people who wish to state them bankrupt. In fact, when people speak about this subject, it is the bankruptcy as explained under chapter 7 of the code of the United States of America. Declare bankruptcy as per Chapter 7 of Bankruptcy Laws is a methodical procedure. Particularly, after the intro of the new laws in October 2005, now, it has ended up being obligatory for you to pas a Means test and go through a credit counseling procedure from a government authorized credit-counseling firm.
Finding an excellent and knowledgeable bankruptcy lawyer especially if you live in Oakland or in a nearby city.
First, you need to pass a Means test, where all your earnings and vital expenses are evaluated. The means test involves deducting the everyday vital expense (the costs that you can not live without) from the total income on a regular monthly basis. It is only if the output is less than the typical income of the state, you can declare 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 essential for you to go through a credit therapy treatment. The function of introducing this step is to examine the real financial scenario of the debtor.
The credit therapy firm will look into the financial information of the debtor and will aim to help the debtor handle their finances and get it back on track, along with paying the debts that the debtor owe to different creditors. If there is any possibility to get the financial resources of the debtor managed, the debtor will not have the ability 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 apply for bankruptcy under chapter 7 in the location where he or she is irreversible citizen. If the debtor is running an organization in a particular area, she or he need to file for bankruptcy in its principal place of business or principal assets. Overall, the main purpose of the chapter 7 bankruptcy laws is to help the debtor to obtain remedy for all the debts that he or she presently owes. In this process, the bankruptcy court selects a trustee, who even more goes on with the treatment of liquidating all the properties and homes of the debtor.
The money therefore collected is then used to settle the claims of the numerous financial institutions on concern basis, if any. The of chapter 7 bankruptcy laws offer an opportunity for the debtors to get a new beginning for their monetary life, as the bankruptcy code relating to the same, liquidates all the properties and residential or commercial properties of the debtors after allowing the exemptions, in order to settle the claims of the financial institutions in a nearby region.
This way, the court brings the wanted financial obligation relief for the debtor.
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