Do You Need a Chapter 7 Bankruptcy Attorney?
It’s time to consider bankruptcy in San Jose 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 San Jose 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
San Jose 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 San Jose 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 people who wish to state them insolvent. In fact, when people speak about this topic, it is the bankruptcy as described under chapter 7 of the code of the United States of America. Filing for bankruptcy according to Chapter 7 of Bankruptcy Laws is an organized procedure. Specifically, after the intro of the brand-new laws in October 2005, now, it has ended up being obligatory for you to pas a Means test and go through a credit therapy process from a government authorized credit-counseling company.
Finding an excellent and knowledgeable bankruptcy attorney especially if you live in San Jose or in a nearby city.
First, you need to pass a Means test, where all your earnings and necessary expenditures are examined. The means test includes deducting the everyday vital expense (the expenses 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 mean earnings of the state, you can apply for bankruptcy under the Chapter 7 of US Bankruptcy Laws. However, in case, the output is more than the average income of the state, the bankruptcy court will ask you to file under chapter 13 of the code.
Before you proceed 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 evaluate the real financial situation of the debtor.
The credit counseling agency will check out the monetary information of the debtor and will attempt to help the debtor handle their financial resources and get it back on track, in addition to paying the debts that the debtor owe to different creditors. 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 needs to declare bankruptcy under chapter 7 in the area where he or she is irreversible local. If the debtor is running a business in a particular location, she or he ought to apply for bankruptcy in its principal place of business or primary assets. Overall, the main function of the chapter 7 bankruptcy laws is to assist the debtor to obtain remedy for all the financial obligations that she or he currently owes. In this process, the bankruptcy court appoints a trustee, who further proceeds with the procedure of liquidating all the assets and properties of the debtor.
The money hence gathered is then used to settle the claims of the different lenders on top priority basis, if any. The of chapter 7 bankruptcy laws provide a chance for the debtors to get a clean slate for their financial life, as the bankruptcy code concerning the exact same, liquidates all the possessions and residential or commercial properties of the debtors after enabling the exemptions, in order to settle the claims of the lenders in a nearby region.
In this manner, the court brings the wanted debt relief for the debtor.
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