Northern & Eastern California
Should You File Bankruptcy?
While there are many considerations as to what alternative is best, in fact it all depends on a debtor's individual situation. So there is not a one-list-fits-all set of circumstances. As a practical matter, if a debtor is feeling stressed out because the monthly debt payments are overwhelming and therefore it seems that he/she cannot meet living expenses at the end of each month, or if you need to stop an impending foreclosure of your home, repossession of your car, or wage garnishment, then certainly a Chapter 7 filing should be considered. It need not necessarily be the "last resort." Often it is the best alternative, providing for full, permanent and immediate relief as well as providing a true "fresh start." A Chapter 7 filing will stop ALL creditors in their tracks! It creates a legal "wall" between you and your creditors over which they cannot scale to reach you by phone, mailings, e-mails, lawsuits, etc., until the status of the debt and the creditor's rights to proceed are determined by the Bankruptcy Court.
A debtor must qualify based on gross income as well as net income, and some complex rules apply. We must consider the effect on your home, car and other personal assets, since some are exempted (protected) and some are not. A Chapter 7 filing does not prevent foreclosure if the arrearages are not cured promptly. We must also determine which of your debts can be discharged (terminated) in a Chapter 7 filing and which are not.
Legal fees will vary depending on complexity of the case. We are not a "discount house" - but our fees are competitive and our services are competent and professional! Court filing & credit report fees are extra.
BEST ADVICE: Call for a free office consultation to discuss your particular situation, answer all your questions and concerns, set fees and consider the alternative courses of action. The final decision to proceed (or not) is solely yours.
Home and weekend appointments available based on needs.