Roseville Bankruptcy Attorney
A Roseville bankruptcy attorney can put a stop to creditor harassment and free you from the burden of your overwhelming debt. Bankruptcy is a powerful form of legal debt relief. However, before you attempt to file for bankruptcy, it’s always best to consult with a lawyer. Learn more about California bankruptcy below.
Understanding California Bankruptcy
Bankruptcy is an issue of federal law. In a Roseville bankruptcy, the U.S. Bankruptcy Court’s Eastern District of California, will handle your case. While the bankruptcy process is rarely a joyful experience, there are significant benefits to filing bankruptcy, including:
- Filing for bankruptcy stops debt collection activities. The court must issue an automatic stay once you file — stopping those harassing phone calls, letters, and lawsuit.
- A bankruptcy discharges most of your personal debt. While you can erase most debt (including credit cards, personal loans, and medical bills), you will still have to pay alimony, child support, court-ordered fines and restitution, student loans, and most tax debt.
- Bankruptcy might not stop you from getting new loans. Sometimes, people worry that they’ll struggle to buy a new car or home post-bankruptcy. While it is more complicated, lenders might still issue you a loan — especially if you have a good income.
However, filing for bankruptcy isn’t simple. You must carefully analyze your property, assets, debts, and other factors. Moreover, it’s important to include every debt and asset you have. Otherwise, you might face unnecessary delays, challenges, and expenses.
At the Law Office of Diane Anderson, we educate our clients about their legal rights, options, and what to expect at every stage of a bankruptcy. This information will help you make good decisions and get the best possible result.
Choosing the Correct Type of Bankruptcy
Depending on your circumstances, not every type of bankruptcy will meet your needs and long-term goals. Before you make your decision, you should organize your financial information. Then, you and your Roseville bankruptcy attorney will review your options and formulate your debt relief strategy. This might include a bankruptcy under Chapters 7, 11, 12, or 13.
Chapter 7 Bankruptcy
In a Chapter 7 bankruptcy, a trustee sells your nonexempt property and distribute the proceeds to your creditors. In California, there are two exemption systems. Under both of these systems, you can keep a portion of your property, including some of the value in your home, car, and retirement accounts. Additionally, many people do not possess nonexempt property and their debts are simply discharged. Because the exemption systems are relatively complicated, you should consult with a Roseville bankruptcy attorney below you elect an exemption system.
Compared to other forms of bankruptcy, a Chapter 7 bankruptcy is relatively quick and inexpensive. For this reason, most Roseville residents elect to file under Chapter 7. However, you must meet a stringent means test to qualify. If you have questions about Chapter 7 and your eligibility, contact the Law Office of Diane Anderson today.
Chapter 13 Bankruptcy
When you file for Chapter 13 bankruptcy, you do not liquidate your assets. Instead, you negotiate a repayment plan with your creditors. Once you complete your five-year repayment plan, your remaining dischargeable debt is erased. While some people prefer Chapter 13, since they can keep their home, car, and personal items, it takes a great deal of time and discipline to successfully complete the process. During your lengthy repayment plan, most of your disposable income will go to your creditors. If you would like more information about your suitability for Chapter 13 bankruptcy, contact a Roseville bankruptcy attorney.
Chapter 11 and Chapter 12 Bankruptcy
Businesses and family farms can also file for bankruptcy. Under Chapter 11 and Chapter 12, these organizations can reorganize and rebuild their finances. Due to the complexity of a commercial bankruptcy, you should always consult with a Roseville bankruptcy attorney before you file. The Law Office of Diane Anderson helps businesses, sole proprietors, and family farms with their debt issues. Contact us for more information.
Other Debt Solutions
Not all debt relief involves bankruptcy. Sometimes, it doesn’t mesh with your long-term goals. Or, you might be ineligible under federal law. In these circumstances, we can help you evaluate the benefit of:
- Debt negotiation,
- Defaulting on your debts,
- Consolidating your debts, or
- Working with a credit counseling service.
While there are many debt solution companies in California, you should consider working with an experienced Roseville bankruptcy attorney instead. Unlike a for-profit company, a lawyer owes you an ethical obligation to look after your best interests and provide you with honest and accurate information.
Discuss Your Case With a Roseville Bankruptcy Attorney
If you’re ready to rebuild your finances, contact a Roseville bankruptcy attorney. The Law Office of Diane Anderson delivers personalized debt solutions to its clients and guides them through the bankruptcy system. If you’re looking for honest advice and an end to creditor harassment, contact us today.