Stockton Bankruptcy Lawyer
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You are not alone, thousands of people are seeking help from the bankruptcy court.
There are millions of people who file for bankruptcy every year, people just like you. We understand that certain unforeseen life-changing events can significantly alter your financial situation. This explains why millions of people are seeking help from the Bankruptcy Court. Bankruptcy is a Constitutional right, given to all residents in the United States. Our experienced Stockton bankruptcy attorney has worked with thousands of clients that have filed for bankruptcy, and they were successful at providing our clients a Fresh Start and a new financial beginning. We ensure that you understand the ins and outs of your case and that you are not a victim of lender and other agencies scams.
You might already be aware of Chapter 7 and Chapter 13 bankruptcy proceedings. Chapter 7 filing is also sometimes referred to as “Liquidation Bankruptcy”. It is a legal filing that involves discharge of debt through liquidation of certain eligible possessions and assets. The proceeds of the sale of personal property will be used to pay down down owed to creditors. Not all property is eligible, some property is exempt.
Chapter 13 bankruptcy is also known as “reorganization” bankruptcy. This bankruptcy involves individuals who wish to repay creditors their debt at a lower rate. The debt is often reduced and the the filing individual is allowed to keep his property, i.e., vehicle, house, personal belongings, while working to repay the debt with a single consolidated payment.
Upon filing the pleadings with the district court the creditor and collection agency telephone calls to your residence or your place of employment will cease. The filing will trigger what is called an automatic stay, which will prohibit any contact by the creditor or collection agencies. Any creditor who violates this stay will held in contempt of court and attorneys fees and money damages may be awarded against that creditor. Another benefit of a bankruptcy filing is that it allows for protection of your personal and real property including your wages from unsecured debt.
Consult with a Stockton Bankruptcy Attorney
Stockton bankruptcy lawyer Robert Fong is committed to helping people protect their assets while discharging their debts in Bankruptcy. Stockton bankruptcy attorney at the Law Office of Robert W. Fong will determine if Bankruptcy is a viable option for you, and if so, provide proficient, accurate, and protective representation. Robert W. Fong has represented thousands of people in Bankruptcy cases, and has over 20 years of legal experience. We have the experience that is necessary to properly evaluate, prepare, and file your case.
If you are having financial hardship, have fallen behind on your bills and are being harassed by creditors call (209) 475-0499 for a FREE confidential bankruptcy consultation. Protect your legal rights. Call NOW.
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Law Office of Robert W. Fong
1151 West Robinhood Drive, Suite B15
Stockton, CA 95207
Phone: (209) 475-0499
Benefits of Bankruptcy
There are multiple benefits to filing bankruptcy under either of the Chapters of the Bankruptcy Code. After the petition is filed with the district court, the Judge usually issues an order prohibiting the creditors from contacting the Petitioner in an attempt to collect any debt that is the subject matter of the bankruptcy. The creditors who violate this automatic stay issued by the court will held in contempt of court and attorneys fees and money damages may be awarded against that creditor. This will allow the court process to proceed in an orderly fashion and give Petition the time to address these concerns.
This may include credit card debt, bank loans, medical bills, most court judgments, and deficiencies on repossessed vehicles.After the proceedings are completed with the district court the debt will be discharged (Chapter 7 filing) or lowered (in the event of Chapter 13 filing). Chapter 7 bankruptcy also known as “Liquidation Bankruptcy” will allow discharge of personal debt after liquidation of certain eligible assets that you may own. However, certain property is exempt from liquidation. After the liquidation sale of non-exempt property, the proceeds of the sale will be used to pay creditors. Under Chapters 7 Bankruptcy practically all debt will be eliminated.
Chapter 13 bankruptcy, also known as “Reorganization Bankruptcy” or “Wage Earners Plan” will allow income-receiving individual to keep his personal and real property and negotiate with creditors to repay his/her individual debt at lower rates, and sometime pay pennies on the dollars owed. In general, creditors will get significantly less money than they would without the Chapter 13 bankruptcy proceeding.
Protect Your Property
If you have a vehicle or vital possessions which are being sought to be repossessed, a house or other residences which are the subject of a foreclosure, filing a petition will hinder creditors efforts. Under Chapter 7 the repossession or foreclosure will be halted until such time that the district court decides what real property and personal property is to be liquidated to repay the creditors. Chapter 13 will allow the Petitioner/filer to mating control of the real and personal property and allow an opportunity to repay debt.
Also, the court order will protect any garnishments against your wages which are the subject of the court bankruptcy proceedings. Contact an experienced Stockton bankruptcy lawyer at our firm for more information.
Which Bankruptcy Chapter is Right for Me?
It is difficult if not impossible to determine which bankruptcy (Chapter 7 or Chapter 13) is right for you without discussing your individual situation, goals, and financial abilities. If you are an income-receiving individual who wishes to repay his debt but needs help with negotiating with creditors directly or timing of repayment, Chapter 13 might be right for you.
However, if you do not have many or any valuable personal or real property, have little or no source of income, and simply cannot repay the debt, Chapter 7 might be the right chapter for you. “Self-help” is not the answer in this situation with serious consequences. Without having a full legal knowledge of court procedures, the relevant statutes, published cases on the subject matter, and experience dealing with creditors and courts you will not be successful in your efforts.
At the very least you will fall short of retaining all the benefits under the bankruptcy chapters, and the creditors will not hesitate to take advantage of uninformed or misinformed individual. The small and trivial detail are curtail in accomplishing the desired result. If you are having financial hardship and are considering filling for bankruptcy , speak with an experienced Stockton bankruptcy attorney first. Call our office at (209) 475-0499 and discuss the options available for you.
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy of the US Bankruptcy Code is the Bankruptcy Code’s “liquidation” chapter.
Chapter 7 Bankruptcy cases generally proceed very quickly. Chapter 7 is available to individuals, married people filing alone, married people filing together, partnerships and also corporations. Once your bankruptcy case is filed, your creditors, once they are notified of the bankruptcy, must cease any and all collection activities. This means they cannot proceed with: lawsuits, wage garnishments, bank levies, placing liens on your home, calling you on the phone, or any other collection activities.
As with anything, one size does not fit all. You may not qualify due to the types of assets you own, your income being too high, or for a variety of other reasons. There are definitely pit falls to avoid. We highly recommend that you speak to an experienced bankruptcy lawyers in Stockton prior to taking any action on a bankruptcy case.
Chapter 13 Bankruptcy
The most common misconception regarding Chapter 13 is that it is a “repayment plan”.
Chapter 13 is chosen for a variety of reasons. Some of these reasons include the following:
- Your income may be too high to qualify for a chapter 7 Bankruptcy;
- You may have the kinds of assets which cannot be protected in a chapter 7 bankruptcy;
- You may have the kinds of debts that cannot be discharged in a chapter 7 but may be dischargeable in a chapter 13; or
- You may wish to pay a portion of your debts back to your creditors.
In addition, Chapter 13 can help you do many things. For example it can help you stop a home foreclosure or car repossession by allowing you to make up missed payments over time. You may also, in certain circumstances, use chapter 13 in order to wipe additional mortgages (like a second and third mortgages not a first mortgage) on a home.
Once your bankruptcy case is filed, your creditors, once they are notified of the bankruptcy, must cease any and all collection activities. This means they cannot proceed with: lawsuits, wage garnishments, bank levies, placing liens on your home, calling you on the phone, or any other collection activities.
The foregoing is only a very brief overview of Chapter 13. There are many other ways a Chapter 13 Bankruptcy can benefit you. You should speak to bankruptcy lawyers in Stockton and have them evaluate whether a chapter 7 or chapter 13 Bankruptcy makes the most sense for your particular situation.
As with anything, one size does not fit all. There are definitely traps for the unwary. We highly recommend that you do not rely on this webpage or any other webpage for purposes of bankruptcy planning. You should speak to experienced bankruptcy lawyers in Stockton prior to taking any action on a bankruptcy case. Our bankruptcy attorneys will speak to you for free about your situation.