• Are you heavily in debt, with little prospect of relief in the near future?
• Have you had, or are your creditors threatening, a foreclosure on your home, a repossession of your car or other legal action to take your property?
• Have you experienced a dramatic drop in income?
• Are you frequently late paying bills?
• Do you only pay the minimum on your credit cards?
• Are you unable to make even the minimum payments?
• Do you have to sacrifice basic necessities to make ends meet?
• Are you paying more money than you make on basic living expenses?
• Are you losing sleep at night wondering how you’re going to make it?
• Have you bounced more than one check in the last two months?
• Are your wages currently, or in jeopardy of, being garnished?
• Have you recently become sick, or partially or totally disabled?
• Are you going through a divorce resulting in a decrease of income but an increase in expenses?
People with high incomes and even higher debts can also qualify for debt relief through bankruptcy. If your answer to one or more of the above questions was a “Yes”, you should call me immediately. I can help you.
Bankruptcy chapter 7 or 13 can eliminate your debt and give you a fresh start to rebuild your credit within a relatively short period of time. A clean slate is the ultimate tool of empowerment. It enables you to take back control of your finances, and plan for the future. A good night’s sleep may also be one of the benefits of “getting your life back together again”, and that is worth a lot.
For many people, the decision to pursue bankruptcy protection is not easy to make. Somehow, you want to save face and “do the right thing.” You continue to struggle along while your creditors turn up the heat. Pretty soon, with all the late fees, penalties and mounting interest, it becomes impossible to keep your head above water. You feel you are drowning, and financially, you probably are.
Your next step is to talk to a qualified bankruptcy attorney to assess your rights and determine if bankruptcy is right for you. Bankruptcy is not for everyone, but you need to be an informed consumer to make the right decision. Don’t you think it’s time to take a good hard look at your own financial situation? Taking a close look at the bottom line takes courage, but it’s a necessity. Don’t wait until your wages are being garnished or your car is repossessed. You and your family deserve better. Be proactive and resolve the situation now.
Even if you are in the early stages of experiencing mounting debt problems, call my office today. As an experienced bankruptcy attorney, I can help separate panic from reality and assist you in identifying all of your options. You may even find out that you have more options than you thought!
So what happens, when your attorney files a Bankruptcy on your behalf?
Before filing your case, the law requires that you receive a briefing from a certified credit-counseling agency to explain financial management to you, alternatives to bankruptcy, and how to do a budget analysis. Although there are some hardship exceptions to this rule, most debtors will have to get this briefing. Our office subscribes to an approved online service provider, and we set you up with the necessary login information. This usually takes less than 30 minutes and can be done at home or in our office.
Next, your attorney files the petition in local bankruptcy court. When this occurs, the court appoints a bankruptcy trustee to your case and an “Automatic Stay” is entered. This is a court order prohibiting all creditors from taking any further action against you outside of bankruptcy court. This action is designed to:
Stop harassing calls and bills from creditors
Protect your property from seizure
Prohibit or suspend creditor lawsuits against you
Prevent foreclosure of your home
Stop wage garnishments
Block the repossession of your automobile.
The automatic stay can be waived if the creditor is a government agency, or has a security interest in real or personal property, such as a mortgage or auto loan. However, they do have to file a court motion to lift the stay, which gives you and your attorney time to consider various options, including a possible loan modification, or amortizing delinquent payments through a chapter 13 plan over five years, or both.
Bankruptcy will eliminate all unsecured debt. This includes credit card debt, medical bills, personal loans, judgments resulting from car accidents, deficiencies on repossessed vehicles, Payday loans and even some older income taxes, provided it meets very specific criteria. However, you will still be liable for debts on Child support, Taxes, and Student loans.
If you need help in resolving your financial problems, easing that debt load, and want to improve your credit scores, call the bankruptcy lawyer that people trust. Call the Law Offices of Paul M. Allen, and schedule a free consultation. Two convenient locations to serve you. Glendale: 818-334-5445 or Cerritos: 562-356-9931.
(This article is for information purposes only, and does not necessary reflect the company’s opinions and views on general issues. We make no warranty, prediction nor representation, nor do we assume any legal liability for the completeness of any information and its effect on any case. Each case is different and results depend on the facts of each case. Consult with and retain counsel of your own choice if you need legal advice.)