Fremont Bankruptcy Lawyers
Let us make bankruptcy an easy worry free process by scheduling a free consultation today. The decision to file for bankruptcy protection is not an easy one. Schedule a free consultation today to get the answers and superior representation from our Fremont bankruptcy attorney who have represented hundreds cases for Bay Area residents. Our Fremont office is conveniently located on Peralta Blvd. in Fremont, California. Our Chapter 7 bankruptcy lawyers in Fremont and Chapter 13 bankruptcy lawyers in Fremont will provide you with the best bankruptcy service for a reasonable fee. Call our bankruptcy attorneys in Fremont at 510-574-7320 today. Payment plans are available. The Law Offices of Lin & Wood has the experience and personal service you deserve in your time of need.
Whether you are having trouble making your mortgage payment, car payment, credit card payments or have unmanageable medical debts, bankruptcy can help. Chapter 7 bankruptcy is called many different things. It is really the liquidation chapter. All of your assets that cannot be protected will become part of the bankruptcy estate and sold for the benefit of creditors. What is not so widely known is that California has generous exemptions and most people who choose to file for Chapter 7 bankruptcy do not lose any assets because all of their assets can be protected. Ask our Fremont bankruptcy attorney about whether all of your assets can be protected. Even if all of your assets cannot be protected it is not the end of the world. You will still obtain a discharge all of your eligible debts. You may just have to give up something you probably do not really need in the first place. If the asset is a car, or something that you do absolutely need, you can purchase the asset back from the bankruptcy estate. This is delving deep into an asset Chapter 7 case. Just make sure you disclose all of your assets during your free consultation with our Fremont bankruptcy attorney and bankruptcy attorneys in Fremont.
In a Chapter 13 bankruptcy case your secured, priority and unsecured debts are reorganized. Typically unsecured creditors do not receive payment of their debt. After paying the secured creditors, then unsecured priority debts there is usually no more disposable income left over for general unsecured creditors. In Chapter 13 second mortgages and equity lines of credit can go away forever (lien stripping) along with your unsecured debts like credit cards. Also in a Chapter 13 bankruptcy how much you pay for your car can be reduced as well if the vehicle was purchased 910 days prior to the filing of the bankruptcy petition. Now that the mortgage crisis has leveled off for the most part the main driver of filing a Chapter 13 in the future will be the increased value of homes. The opposite of what took place between 2007 – 2012. We can only protect so much equity in a home. Just like other assets that cannot be protected because they are worth too much, a house can be kept and the equivalent value of the unprotected asset is paid back in the Chapter 13 Plan. For example: you have a house with a first mortgage of $700,000 and your house is worth $810,000. If you are single the homestead as of August 4, 2014, is $75,000, married or single w/dependents $100,000, over the age of 65 or disabled $175,000 can be protected. Assuming you are single we will be able to protect $75,000 of the $110,000 in equity you have in the home. You will have to pay your creditors the equivalent value of the assets, $35,000, in the Chapter 13 Plan.
In a Chapter 7 bankruptcy your debts can be discharge in their entirety. Bankruptcy may be the only way to have a good credit score in the near future. Get rid of you debts today and start being able to pay your bills every month on time every time and start to raise your credit score. Continuing to miss payments or late payments indefinitely will just indefinitely keep your credit score low. Do not wait to give us a call. Timing is everything when it comes to creditors and debtor’s rights in bankruptcy. Waiting to meet with our Fremont bankruptcy attorney or bankruptcy attorneys in Fremont can only make your choices more difficult and could lead to us to not being able to get you the best result possible.
By Ryan C. Wood