By Ryan C. Wood
It is 2014 and things a looking better for the economy and housing market in the Bay Area. That does not mean everyone has recovered from the mortgage meltdown and sluggish economy. Our Hayward California bankruptcy attorneys and lawyers are ready to discuss your circumstances during a free consultation right now. We have offices in Oakland, California and Fremont, California for your convenience. We will also conduct free phone consultations to determine if bankruptcy is right for you. We have helped many clients from Hayward California area become debt free and live happier, healthier lives. Please give us a call at 1-877-9NEW-LIFE to schedule a free consultation.
Chapter 7 Bankruptcy Case
Many people call this a straight bankruptcy and liquidation bankruptcy case. I honestly do not know why people call Chapter 7 bankruptcy straight bankruptcy. Are other chapters bent? Now calling this type of bankruptcy a liquidation case makes more sense. In a Chapter 7 bankruptcy case exemptions protect your stuff or assets. If what you own is worth more than can be protected then the Chapter 7 trustee assigned to your case can take that stuff and sell/liquidate it for the benefit of those that you own money, your creditors. If there is a bankruptcy estate with assets those assets are liquidated. During your free consultation our Hayward California bankruptcy attorneys and lawyers will discuss your assets with you and what exemptions are available to protect the stuff you own. Most Chapter 7 cases are cases without any assets to turnover. California’s exemptions are generous and usually will protect all of your assets, so the only thing that happens if your debts and discharged. Whether you qualify to file a Chapter 7 case and discharge all of your debts depends upon your assets, expenses and income. A typical Chapter 7 case from the date of filing the petition to the court signing the order of discharge will take around 100 days approximately. The only appearance you need to make, and our Hayward California bankruptcy attorneys and lawyers will be appearing with you, is at the Section 341 of the Bankruptcy Code meeting of the creditors. The Chapter 7 trustee randomly assigned to your case from the standing panel will ask a series of questions to verify information in the bankruptcy petition and investigate your financial circumstances. The 341 meeting of the creditors usually only takes about 5 to 10 minutes. You must have a valid unexpired identification card and proof of your social security number for the meeting of the creditors.
Chapter 13 Bankruptcy Case
Chapter 13 is the chapter of the Bankruptcy Code that allows individual and small business owners to reorganize their debts in a Chapter 13 Plan of reorganization. During your free consultation our Hayward California bankruptcy attorneys and lawyers will explain the reorganization process. Filing a Chapter 13 case is usually more expensive given there is more work involved. A typical Chapter 13 plan will last between three to five years depending upon your circumstances. There are many reasons why filing a Chapter 13 case may benefit you financially. Chapter 13 will allow you to catch up on missed mortgage payments, missed car loan payments, pay back taxes without interest or penalties, discharge taxes, discharge unsecured debts, get rid of underwater mortgages or home equity lines of credit and much more. Even if your income is high and you can afford to pay back your debts Chapter 13 can help. Unsecured debts like credit cards are paid back in a Chapter 13 plan without paying any interest. This is a huge savings and will allow you to pay back your debts in 5 years instead of the 20 years it will take when adding in interest each month. Our Hayward California bankruptcy attorneys and lawyers have filed hundreds of Chapter 13 bankruptcy cases in the Bay Area. We have free consultations available to discuss your finances today. Do not wait until you are sued or wages are garnished to act. Find out how bankruptcy can help now to help you make better decisions going forward.