Carmichael Bankruptcy Lawyer
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Law Office of Robert W. Fong
6825 Fair Oaks Blvd #101
Carmichael, CA 95608
Five Benefits of Bankruptcy
Keep Your Home
Stops Creditor Harassment
New Beginnings & Opportunities
Right to Your Privacy
Which Bankruptcy Chapter is Right for Me?
Deciding Between Chapter 7 & Chapter 13 Bankruptcy
Although your case will most likely fall under the Chapter 7 or Chapter 13 case, there are a few other potential options to think about. Chapter 11 cases are large reorganizations that are worth looking into if you do not qualify for Chapter 13. Chapter 12 cases are specific type of bankruptcies geared towards family farmers and fishermen. Chapter 20, although technically not in the Bankruptcy Code, is a combination of Chapter 7 and Chapter 13. Choosing between the different options is something both you and your lawyer need to discuss.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy also known as “Liquidation Bankruptcy”
After the liquidation sale, the proceeds of the sale will be used to pay creditors. Under Chapters 7 Bankruptcy practically all debt will be eliminated. The creditors will no longer be able to contact you in an attempt to collect any debt that was discharged in the process of the Chapter 7 bankruptcy. However, some debt cannot be discharged for the reasons of keeping good public policy. Debt such as child support, income taxes, federally granted student loans (private student loans are dischargeable, for example, Sallie Mae), fines and restitution for criminal conduct, are some example of non-dischargeable debt.
Chapter 7 bankruptcy will stay on the filers individual credit report for 10 years from the date of filing of the petition with the district court. During these 10 years, it may be harder for the individual to get reasonable terms of credit, although high and bad debt can have the identical effect if not worse. The ability to predict future creditworthiness is difficult, however removal of debt usually improves creditworthiness both in the short and long-term.
If you have fallen behind on your bills and are being harassed by creditors contact a bankruptcy lawyer at Conlong & Fong today. Call (916) 971-8880 to see if you qualify to file bankruptcy and get a new fresh start.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy permits you to repay debts.
If you think there is a possibility that you will want to surrender your house or car (and this could actually be a wise decision) it might be best to stop making these secured payments, but check with a bankruptcy attorney in Sacramento to help you analyze the pros and cons of such strategy. You may have more flexibility with some other secured debts if you are going to file bankruptcy. Secured debts like finance company loans or store credit cards are likely to be discharged in bankruptcy, where they can often be treated the same as unsecured debts. Call Law Office of Robert W. Fong to speak with a bankruptcy attorney in Sacramento today.