The Law Office of Jennifer L. Field

As a consumer who is considering filing bankruptcy with a Bankruptcy Attorney, you must have a lot of questions and may not be sure what the advantages could be- if any, for filing bankruptcy protection. Besides the obvious advantage of not having the debt hanging over your head everyday, there are several distinct advantages for you to consider. Granted, your credit report will be damaged for 7 to 10 years by filing bankruptcy but there are many different aspects to consider before making a final decision. Choosing the right option is not always easy and the fact that you are looking for information is certainly the right step.

The Automatic Stay

When you file for a Chapter 7 or Chapter 13 bankruptcy, a petition is filed and an automatic stay goes into effect which requires the creditors by law to cease all activities of collecting the debt. The benefit to you is that they have to stop calling you and they cannot leave messages, or mail you collection notices as soon as they are notified of your intentions. Creditors can be penalized by the court system if these tactics continue. That is why it is best that your case be handled by an experienced bankruptcy attorney to make sure creditors understand you are not alone despite your financial circumstances.

A Fresh Start

A bankruptcy gives you a frest start in life. Chapter 7 bankruptcy is a better option for debtors who have little or no property and mostly unsecured debts. You can choose
what debts you wish to file Chapter 7 bankruptcy. This includes both secured and unsecured debts. Unsecured debts are those like medical bills and credit cards. A secured debt is when you have decided to use collateral such as your home, car, or other major assets that you own. A Chapter 7 bankruptcy is often referred to as liquidation. It is not a perfect solution and there are some unsecured debts that do not qualify for this type of bankruptcy protection including school loans. If you qualify, most of your unsecured debts will be forgiven. With a secured debt the creditor is entitled to collect the debt by seizing and selling certain assets to satisfy the debt.

If you have a regular income stream, a Chapter 13 bankruptcy may provide a better solution for you especially if you have secured debts and do not wish to lose your property. Through this type of bankruptcy you are allowed to submit a plan to the bankruptcy court to repay your debts within a three to five year period.

Learning Opportunity

Whether filing a Chapter 7 or Chapter 13 bankruptcy petition, you are required to take some classes pertaining credit counseling and debtor education. It helps you figure out what may have gone wrong and also help you find new ways of budgeting, paying bills, and spending your money so that you do not run into the same financial difficulty in the future. These classes will teach you how to protect yourself against identity theft and how to read and monitor your credit report.

Call Today for a Free Consultation – (909) 625-0220

Filing a Chapter 7 consumer protection petition is certainly a tough decision for any individual but may be the only recourse you have to protect yourself from financial ruin.  Under this type of bankruptcy protection, it means you can keep certain property that is exempt.  Any assets that are not exempt are going to be sold off by the trustee in order to pay back the creditors and should you have other types of unsecured debts will be canceled.

You must be prepared, however, in that there may be some unsecured debts that you are still going to have to be responsible for.  This includes child support, taxes, most student loans and any fines or restitution that you are responsible for regarding any crime you might have committed.

Filing for bankruptcy gives you the opportunity to be able to start again because most of your debts will be forgiven under law. Your credit worthiness will take a hit as your credit report will show the bankruptcy for 10 years.  Not the ideal but it is certainly better than having the stress and financial burden in your life.  Obtaining good loans and other types of credit will be more difficult and less accessible to you for a while.

The following reasons are the most common for filing bankruptcy:

• Unemployment

• Large Medical Expenses

• Seriously overextended credit

• Marital problems

No one thinks this possible could happen to them until reality sets in and bankruptcy is the last resort.  There is nothing to be ashamed of and this may be your best chance to protect your family.

For this reason, we offer a Free, No-cost evaluation of your case. It may help you get back on the right financial track.

Call Today for a Free Consultation – (909) 625-0220

Finding yourself in a difficult financial situation can be scary and you may decide that you want to consult a Bankruptcy Attorney. Facing the possibility of dealing with bankruptcy can be even scarier, especially since most individuals or businesses don’t spend time making themselves aware of the legalities that go along with the process. Many debtors feel ashamed of the situation and often fear asking too many questions regarding the process or in some instances do not know who to turn to for answers. As a a Bankruptcy Attorney we fully understand your circumstances.

A bankruptcy is one of the most important financial decisions you will ever make, therefore, it is essential to have the correct information before starting the process.

If you are affected by wage garnishment, foreclosure, repossession or debt collection harassment, speaking to a qualified bankruptcy attorney can free you from debt. Now is not the time to short change your financial future by trying to complete a bankruptcy filing on your own. As an experienced bankruptcy lawyer, it is our privilege to be able to provide you with helpful information about all bankruptcy issues.

We will make every effort to assist you to regain control over your debts. Bankruptcy is not always the best-suited answer for debt crisis. Credit counseling, payment plans through your creditor or expense reduction can all be methods of debt relief that does not involve bankruptcy.

A Bankruptcy Attorney will help you evaluate your financial situation and assist you in choosing the right path to free you from debt.

If in fact bankruptcy is the best suitable choice, we can assist you with the file of your claim. If you do not have the ability to make payments to pay off your debts, filing a chapter 7 bankruptcy petition may be your last option. Your assets will be sold in order to pay of your debts and your debts will be discharged. If you have the ability to make payments and have a steady income-filing chapter 13 may be more appropriate for your situation. The court will create a transaction plan of who will be paid, the amount and the time frame (often 3 – 5 year period) to repay your debts in full. After the debts are paid in full your debts will be discharged and your payment plan discontinued.

Please remember, by speaking to a bankruptcy attorney you will be guided towards financial freedom in the best method for your financial situation.

The economic downturn has caused many people in California to lose their jobs and as a result many families are going through severe financial difficulty and you may be wondering is Bankruptcy right for you. You may be one of those families or know of someone who is in this predicament. Have you lost your sole source of income? Are you going through a divorce?

Are you buried in debt because of a recent medical emergency? Or you simply have an overwhelming debt that you cannot hope to pay.

Under many of these difficult circumstances, filing bankruptcy may be your last resort to help you and give you a chance for a fresh financial start under Federal Law.

Is Bankruptcy Right For You?

Times are hard and there is no need to feel embarrased by your current circumstances. Your focust is to protect your yourself and your family. Thousands of people in California are taking advantage of these laws and have moved on with their lives without the crushing debt they faced prior to bankruptcy. For many years we have helped clients in serious financial trouble by resolving their problems through a variety of legal tools available right now.

Call us today: 1.909.625.0220

Bankruptcy is a financial practice that allows you to officially declare that you cannot repay your debts now and do not see how it will ever be possible in the future. Declaring Bankruptcy is a big step.  If you decide ‘yes’ to the “Is Bankruptcy Right For You?” question, it may be your best option for getting out of debt sooner than you think.

First, it is important to learn as much as you can about the bankruptcy process. For individuals, chapter 7 and chapter 13 are the two types of bankruptcy that can be filed. There are other options for businesses and entities. Learning the differences and how they work should help you decide what is best for your situation.

When is Bankruptcy right for you?  You must be aware of your obligations and your lenders’ choices.

• Benefits of Bankruptcy
• Bankruptcy Overview
• Filing For Bankruptcy
• Bankruptcy Process
• Why Hire a Bankruptcy Lawyer?
• Chapter 7 Bankruptcy
• What’s a Means Test?
• Chapter 13 Bankruptcy
• Bankruptcy Myths
• Will I Lose My Home?
• Your Alternatives to Bankruptcy
• Restoring Your Credit
• Creditors Bothering You?
• Debt Relief
• Debt Consolidation

Call us today: 1.909.625.0220

Under bankruptcy law, there are specific requirements for eligibility for declaring bankruptcy. If your debts are too high and your income too low, you probably will not qualify for chapter 13 bankruptcy. On the other hand, if your income is too high and your debts too low, you probably will not qualify for chapter 7 bankruptcy.

Consider all of your property and debts if you do qualify. What will happen to your home? Your car? Your retirement plan? Every state has different specification when to comes to this, so make sure that you understand how your property will or will not be taken. Also, it is important to begin compiling lists of your assets and debts. Remember that some debts cannot be wiped out, like child support payments. The good news is that we can help you with all this.

Is Bankruptcy right for you?  Our firm offers a Free 45 minute Consultation to learn about your situation, clarify the bankruptcy process and discuss your options for your benefit. Should you decide to hire us, creditors will no longer have the option to contact you directly. We work hard to expedite the process and to make these headaches go away.

How is Bankruptcy right for you?  You will breathe a sigh of relief and be in a fresh financial position, virtually clear of debt where you can begin to rebuild your credit.

We have also put together a series of videos clarifying some of the most Frequently Asked Question and questions very few know to ask. Simply fill the contact form details and we will be sure to send you this valuable information right away.

We are highly experienced and bring many times the value at very affordable rates. It is critical that you act quickly because the longer you wait the more serious your circumstances may become. Are you foreclosure or facing a lawsuits? We are here to help.

Call us today: 1.909.625.0220

We’ll help you answer the question: Is Bankruptcy Right For You?

Bankruptcies can be called “reorganizations” or “liquidations,” depending on which type of bankruptcy you decide to do. Both a Chapter 7 Bankruptcy (a “Chapter 7″) and a Chapter 13 Bankruptcy (a “Chapter 13″).

bankruptcy are federal court processes that are meant to assist businesses or consumers to get rid of their debt or to repay the debt with protection provided by the bankruptcy court.

A Chapter 7 bankruptcy is considered a “liquidation”. If you own property, it is sold (liquidated) and the profit is used to pay off as much of your debts as possible and leaving you with enough to start over.

A Chapter 13 bankruptcy is a “reorganization” and is by far the most common type of consumer bankruptcy. Consumers who file a Chapter 13 typically repay their debts over a period of three to five years under the protection of the bankruptcy court.

If you are considering bankruptcy, you should understand that both variations of bankruptcy have exceptions regarding which types of debts are covered, who is eligible to file for a bankruptcy and what property you will be allowed to keep during a bankruptcy.

Chapter 7 Bankruptcy

For individuals or businesses that are convinced there is no way to get themselves out of the debt theyve gotten into, a liquidation bankruptcy (also called a Chapter 7), can be filed.

When you file Chapter 7 Bankruptcy you will probably be required to sell some of your property (if you own any) in order to pay down some of your debt. When you do this, the Chapter 7 bankruptcy will then erase most (if not all) of your unsecured debts. Some property is considered exempt under the state and/or federal laws- meaning you probably will not have to sell your clothing, car or household furniture. If you donít happen to own very much, your case may be considered a “no asset” case, and what property you do have will likely be considered exempt.

Recent changes to the bankruptcy law mean that any debtor wanting to file for a bankruptcy must first undergo credit counseling, budgeting and debt management counseling with approved counseling companies before debts will be removed. Individuals with higher income levels will not be permitted to file a Chapter 7 Bankruptcy and instead will be required to pay at least some of their debt under a Chapter 13.

Chapter 13 Bankruptcy

A Chapter 13 bankruptcy is for individuals who are earning money. It “reorganizes” the debt to make it possible for the individual to make payments to start paying off the excessive expenses with installments and over a period of three to five years.

Using Chapter 13 bankruptcy is a good way to repair your financial situation, and keep your home if you have one. Under a Chapter 7 Bankruptcy, you are almost always required to sell your home; while a Chapter 13 can keep you from going into foreclosure.

Credit Counseling Requirements for Chapter 13 and Chapter 7 Bankruptcy

Credit counseling must be completed through an agency that is approved by the United States Trustee’s office before any person or business entity will be entitled to file for a Chapter 7 or Chapter 13. The reason this is required is because many individuals discover after theyíve undergone the counseling that they do not need to file bankruptcy, and can get themselves out of debt using an informal repayment plan. While you are required to participate in the counseling programs prior to filing for a bankruptcy, you are not required to use the repayment plan the agency might propose to you.

When the bankruptcy case has ended, you are required to attend another counseling session that teaches you about personal finance management.

This session is designed to help you from getting into financial difficulties again with effective financial management by giving you the Fundamentals of Chapter 13 and Chapter 7 Bankruptcy.