East Palo Alto Bankruptcy Lawyer
During your FREE consultation or FREE PHONE consultation our experienced East Palo Alto bankruptcy lawyers will give you the information you need to make a good decision. Bankruptcy may not be right for you and your family, but at least you will know how bankruptcy may be able to help. We have filed bankruptcy for hundreds of Bay Area residents. Call us toll free at 1-877-963-9543.
Meet our attorneys: Ryan C. Wood and Kitty J. Lin
We are committed to providing you with the best bankruptcy experience for a reasonable fee.
Chapter 7 bankruptcy is the most common form of bankruptcy. For most it is the complete discharge of eligible unsecured debts like creditor cards or medical bills. The average person does not own too much, so there is usually nothing to lose if you qualify to file a chapter 7 bankruptcy based upon your income, expenses and assets. California has generous exemptions that protect the stuff you own. If you a car payment you can still keep the car if you can afford to make the car payment each month. The same is true of a home. If you can afford to make the loan payment each month you can keep the home and still discharge your credit cards debts and other unsecured debts.
Chapter 13 bankruptcy is usually filed to save a house from foreclosure by making the missed mortgage payments in the chapter 13 plan of reorganization. The missed mortgage payments are spread out over either three or five years to make them affordable while you still make the normal mortgage payment each month. Chapter 13 can also get rid of an underwater second mortgage or home equity line of credit. Chapter 13 can also be a powerful tool to help out with taxes owed the Internal Revenue Service or Franchise Tax Board. Chapter 13 can even reduce the amount you pay for a vehicle too. How bankruptcy can help you is based upon your income, expenses and assets. Unfortunately life has many hardships that lead people to file for bankruptcy protection. Most of the hardships lead to a reduction or loss of income.
By
Ryan
C. Wood