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Benefits of Bankruptcy. Bankruptcy Lawyer In Citrus Heights

Citrus Heights Bankruptcy Lawyer

Benefits of Bankruptcy – Citrus Heights, CA

There are multiple benefits to filing bankruptcy under either of the Chapters of the Bankruptcy Code.

  • First and foremost, the automatic stay will go into effect which will prohibit the creditors from attempting to collect past due debts.
  • Second, bankruptcy filing allows for protection of real and personal property and income from unsecured debt. Contact and experienced Citrus Heights bankruptcy lawyer at our firm for more information.

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.

Bankruptcy filing allows for protection of real and personal property and income from unsecured debt.

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 Citrus Heights bankruptcy lawyer at our firm for more information.

Chapter 7 & Chapter 13 personal bankruptcy can eliminate overwhelming debt.

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.

Additional Protection Under Bankruptcy Code

Finally, among the relief granted in paragraphs above, there are other types of protection also allowed by the Court. For example, if your driver’s license or professional has been suspended or revoked for failure to pay your debts, the court in most cases will allow for reinstatement of that license. Contact an experienced Citrus Heights bankruptcy lawyer at our firm for more information.

This relief will allow an individual to get a fresh start, and begin to work toward a new future without the stress and havoc created in individuals life by debt.

By contacting our law firm you will be able to speak with an experienced Citrus Heights bankruptcy lawyer who will help you determine what types of relief are available to you. We will discuss your individual situation and determine the best course of action.

If you are having financial hardship, contact experienced bankruptcy lawyers at our law firm by calling (916) 971-88809. We offer FREE confidential bankruptcy consultation.

Click here to fill out our FREE Confidential Bankruptcy Case Consultation form.

 “We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”

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