California Lawyers Helping You Find Debt Relief
If your debt has become unmanageable it is probably taking a toll on all aspects of your life. No one should live in fear of harassing calls and threatening letters from creditors, wage garnishment or home foreclosure. At some point, you need to find financial relief in order to live your life again.
At Boyd Contreras, LLP, we understand deciding to file bankruptcy should only be done after careful evaluation of your options. When you visit our San Diego office, our attorneys will review your financial situation. If bankruptcy is not right for you, we will tell you. It may be possible that negotiating with your creditors will yield a better results. If bankruptcy will help, though, we will guide you through the process of filing either Chapter 7 bankruptcy or Chapter 13 bankruptcy on your behalf, serving as your legal advocates throughout your case.
Bankruptcy Provides Protection Under Law
When you file for bankruptcy, you are immediately granted an automatic stay. This puts an end to:
- Creditor harassment
- Foreclosure and garnishment proceedings
- Vehicle repossession
The automatic stay allows you to focus on rebuilding your financial footing in relative peace.
Will I Lose Everything I Own?
Chapter 7 bankruptcy, or liquidation bankruptcy, is a way to make a fresh financial start. With this plan, you will be able to keep most of your personal belongings, while your unsecured debt is discharged. As long as you are current on the payments, you should be able to keep your home and vehicles if that is what you wish to do.
Chapter 13 bankruptcy is a debt reorganization plan. With this plan, all your unsecured debts are combined into one monthly payment that you make over 3-5 years. After that time, your remaining consumer debts are eliminated. You may even be able to roll past due mortgage and vehicle payments into the repayment amount, freeing up much-needed funds to make future payments.
Will Bankruptcy Destroy My Credit Rating?
Bankruptcy will affect your credit score, but if you are having trouble making payments anyway, your credit score has most likely already taken a hit. Fortunately, as soon as one year after filing bankruptcy, you may be able to obtain credit, at which time you can begin working to build your score. Oftentimes people end up with better credit after a bankruptcy filing than they had before.
We're Here to Help
To learn more about bankruptcy and how it will affect your spouse, contact us online or call our office locally at 619-378-4033 or at 949-242-0656 to schedule a free confidential consultation.
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