Milpitas Bankruptcy Lawyer
Bankruptcy is a legal and honest solution to problems with debts. Whether it is credit cards, a vehicle loan, a home mortgage, unpaid taxes, lawsuits or wage garnishment bankruptcy can help. Many residents in the Bay Area are struggling with too much debt. The best thing to do is schedule a free consultation with our Milpitas bankruptcy attorneys or bankruptcy attorneys in Milpitas before borrowing money from a retirement account or taking a payday loan to help with debts. Qualified retirement accounts are 100% protected in bankruptcy. We will do everything possible to make sure you are put in the best financial position after filing for bankruptcy protection. We are committed to providing each client with all available options to deal with their burdensome debts, even if that means not recommending bankruptcy.
Most of our clients are not familiar with the bankruptcy process. That is normal and why we provide free consultations to review your income, expenses, assets and debts to find out how and if bankruptcy can help. We are experienced Milpitas bankruptcy attorneys and bankruptcy attorneys in Milpitas, California. Partners Ryan C. Wood and Kitty J. Lin have combined filed over 1,000 bankruptcy cases in California. Mr. Wood has also administered anywhere from 800 – 1,000 chapter 13 cases when he was employed as staff counsel by the Chapter 13 trustee for the San Francisco and Santa Rosa Divisions of the Bankruptcy Court for the Northern District of California. For your free consultation we require that you fill out our Client Information Form and provide a couple of recent pay statements. One of the most important factors is the amount of your gross income. Not your net income, but gross, before taxes and other deductions are made.
Many Milpitas bankruptcy attorneys and bankruptcy attorneys in Milpitas charge their clients high fees for the two courses that must be completed when filing bankruptcy and for a credit report. We only charge our clients what it costs us to obtain single or joint credit reports for our clients. Regarding the required courses, the first course, Credit Counseling, will cost $5.00 if completed on the internet. If completed over the phone it will be around $25.00. This course must be completed prior to filing the petition for bankruptcy protection. Once you complete the course a certificate of completion will be issued by the credit counseling course provider. The second course, Financial Management, is only $7.00 if completed on the internet and must be completed after the bankruptcy petition is filed with the Bankruptcy Court. You will not be eligible for a discharge of your debts if you do not complete the second required course. We are always trying to find ways to save our client’s money and cut the costs of filing for bankruptcy protection. All our fees are put into writing and there are no surprises. Other Milpitas bankruptcy attorneys and bankruptcy attorneys in Milpitas will charge $150 or more for these same services and not disclose that they are making additional money off you through hidden processing fees.
One of the most common questions we are asked about bankruptcy is the difference between the different chapters. Chapter 7 bankruptcy is commonly called the liquidation chapter. This is because if you have assets that cannot be protected by California exemptions the unprotected assets can be sold off or liquidated and the resulting funds paid to those you owe money to. In reality most people who file Chapter 7 do not have assets that cannot be protected. That means there is nothing to liquidate and you debts are just discharged and life goes on debt free. Now that homes values have increased recently some homeowners now have equity in their homes. It is very important to obtain a comparative market analysis or appraisal prior to filing for Chapter 7 bankruptcy. Chapter 13 is the reorganization of debts chapter. In a Chapter 13 case our Milpitas bankruptcy attorneys and bankruptcy attorneys in Milpitas can reduce the amount owed on a vehicle loan (car must be purchased at least 910 days before the case is filed), get rid of underwater equity lines of credit or mortgages, pay back unpaid taxes without penalties and interest and much more. Most Chapter 13 bankruptcy filers also discharge a most if not all of their unsecured debts too. A Chapter 13 myth is that you have to pay back all of your debts when filing a Chapter 13 case. This is absolutely not true. You pay back what you can afford and nothing more.
If you are having trouble paying your monthly bills to live and your minimum payments on your debts it is time to do something about it. Please do not take a loan from a retirement account or start using payday loans to keep things going. Our Milpitas bankruptcy attorneys and bankruptcy attorneys in Milpitas are available for free consultations today.
By
Ryan
C. Wood