Contact us today for a free bankruptcy evaluation.
Are you facing a mountain of debt that never seems to get any smaller, no matter how much you try to chip away at it? Maybe you have been slow to recover from credit card bills racked up while out of work, or maybe you had a health emergency that resulted in a huge medical bill. In any case, before you resign yourself to another year of living under the shadow of that debt mountain, you really should at least consider seeking debt relief through bankruptcy.
At California Bankruptcy Relief, we are a federally-approved debt relief agency that can help you use the power of bankruptcy to give yourself a new start in this new year. Call now for a free bankruptcy consultation and we’ll walk you through the two types of consumer bankruptcy that may be available to you.
Chapter 7 Bankruptcy
Sometimes called a liquidation bankruptcy, a Chapter 7 bankruptcy is a process that allows an individual to discharge all of their unsecured debts in exchange for liquidating all non-exempt assets. Examples of unsecured debts include credit card debt, medical debt, unpaid taxes (over 3 years old), utility bills, lawsuit judgments, payday loans, and personal loans. Secured debts, such as home or auto loans, may be discharged if you give up the property. Chapter 7 bankruptcy has a means test so individuals with lots of income or assets will not qualify. Individuals who do qualify can typically keep almost all of their personal property by choosing the appropriate exemptions list for their needs.
Chapter 13 Bankruptcy
Sometimes called a wage earner bankruptcy, a Chapter 13 bankruptcy is designed to help individuals who have a good income escape debts that have gotten out of control. This type of bankruptcy bundles all unsecured and secured debts into one court-approved repayment plan that lasts 3 to 5 years. The creditors get repaid in order of priority, and often this results in the last bits of unsecured debts getting discharged without payment. Individuals who file for Chapter 13 bankruptcy can keep all of their property and assets and will be protected from lawsuits, garnishments, and debt collection activities during the process.
In addition to helping you choose the right type of bankruptcy, you can also rely on California Bankruptcy Relief to make sure you fully understand all the consequences of filing for bankruptcy. If you decide to hire us as your bankruptcy attorney, we’ll make sure every step of the process gets completed as quickly as possible.
