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Getting People Debt Relief Through Bankruptcy

People in financial distress face all types of problems, including foreclosure, repossession, garnishment and lawsuits. If you are considering filing for bankruptcy, you need a lawyer who understands bankruptcy laws and how they apply to your unique situation. With offices in Woodland Hills and across California, Williams Law Group, A.P.C., provides skilled legal representation to people in financial distress.

Many people are worried about what filing for bankruptcy will cost. The firm offers reasonable rates and payment plans. To learn more about the firm’s bankruptcy fees, please view the following page.

What Type Of Bankruptcy Is Best For Me?

Most people with debt problems file either Chapter 7 or Chapter 13 bankruptcy. In either type of bankruptcy, once you file your petition, the automatic stay begins. This means that your creditors cannot take any further action to collect their debts.

Chapter 7 bankruptcy discharges your unsecured debts (such as credit cards and medical expenses). Before you can file Chapter 7 bankruptcy, however, you must prove that you qualify under the means test. If your household income is less than the median income in California for a household of the same size, you can file Chapter 7 bankruptcy. The next step is to look at your assets. In Chapter 7 bankruptcy, any assets that are not exempt, or protected, must be sold and the proceeds distributed to your creditors.

Most people who file Chapter 7 lose few, if any, of their assets in bankruptcy. If Chapter 7 is right for you, the next step is to file for bankruptcy relief. Chapter 7 bankruptcy is typically completed in four to five months.

To get answers to some of your questions about bankruptcy, please review the firm’s FAQ page.

How Does Chapter 13 Bankruptcy Work?

If your assets exceed the amount that the state allows you to have, Chapter 13 is a great option because Chapter 13 may allow you to keep your assets. Chapter 13 can be a payment plan over the course of 3 to 5 years. If secure debts, such as mortgage payments or car payments are past due and in jeopardy of being repossessed or foreclosed, then Chapter 13 is a method by which you can buy time to catch up and keep them. Debts that don’t go away in a chapter 7, such as taxes, can be paid back interest free in a Chapter 13 payment plan. As your attorney, Allan S. Williams will help you determine what type of bankruptcy is right for you.

Is Bankruptcy Always The Right Choice?

In some situations, working with your creditors to repay your debts may be the best decision. If negotiating with your creditors is in your best interests, Allan S. Williams can help you work out a sensible repayment plan or negotiate the debt down.

Contact Williams Law Group, A.P.C.

Call 800-717-7830 or complete the online contact form to set up your free initial consultation.

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