Bankruptcy Attorneys in Upland CA
In a general sense, bankruptcy is a legal process that allows a person who cannot repay their debts to, depending on his or her income, discard the debt completely or otherwise make a plan to repay the debts over a period of years (usually 5) under the protection of the federal bankruptcy court. Even if you filed before, you may be eligible to file again, or file under a different Chapter of bankruptcy.
Chapter 7 Bankruptcy – Credit Card / Medical Bills
Many hardworking, honest people from all walks of life run into seemingly unmanageable financial difficulty through absolutely no fault of their own. A challenging divorce, job layoff/termination, or costly medical expenditures can rapidly push you over the financial edge. You may despairingly think to yourself, “How will I ever manage to eliminate this debt and get back my cherished financial stability and freedom?” While you may be feeling somewhat hopeless, this apparently unending hardship does have a viable solution. By working with our bankruptcy lawyer around Rancho Cucamonga and Ontario to file for Chapter 7, you can get significant debt relief, stop the awful threat of foreclosure or repossession, and find yourself with more disposable income to spend.
The Law Offices of Phillip Myer, APC has the best bankruptcy attorney near Upland CA who can help you successfully take back control of your financial future. We will carefully evaluate your particular situation in a free consultation and determine whether it is right for you to file under Chapter 7 or Chapter 13. Both options may free you from your debts and give you the fresh financial start you need. Chapter 7 in particular is ideal for those that require a new financial beginning yet do not have significant assets.
In a Chapter 7 bankruptcy, the bankruptcy trustee will cancel many or all of your debts. Most property owned by Chapter 7 debtors is either exempt or otherwise worthless for raising money for the creditors. Few debtors have to surrender property, but in some rare instances the trustee may also sell some of your property to repay creditors. A Chapter 7 bankruptcy takes between four and six months and usually requires one trip to a trustee hearing with your attorney present. If you have any secured debts, including houses and automobiles, you can keep the property so long as you continue making your payments after filing for Chapter 7 bankruptcy.
The first step to a Chapter 7 is determining whether you are eligible based on your income. To determine whether you qualify for Chapter 7 bankruptcy, you measure your current monthly income (the average of your income from the last 6 months) against the median income for a family of your size in California. If your income is higher than the median, you must pass the means test to qualify for Chapter 7.
With a Chapter 7 bankruptcy you will be able to:
- Eliminate your mounting credit card debt
- Eliminate taxes owed that are more than 3 years old***
- Eliminate medical and other unsecured debts
- Free up income that had previously gone toward payments on your credit cards
- Keep your house, car and personal possessions if you are current in your payments for them
- Begin the process of rebuilding your credit score
- Get the fresh financial start in life you deserve
***Whether your taxes can successfully be discharged depends on your individual circumstances. We will need to evaluate your particular tax situation to make a proper determination.
Chapter 13 Bankruptcy – Restructuring Debt
Filing for Chapter 13 bankruptcy with the help of our bankruptcy lawyer around Upland is an extremely powerful way to protect yourself as a borrower and allow for an essential restructuring of your numerous financial obligations. Bankruptcy has the added benefit of preventing creditors from taking action by imposing a legal protection called the “automatic stay,” which immediately stops most creditors from trying to collect on the unpaid debt. This means that, at least temporarily, creditors cannot foreclose on your home, take your car, empty your bank account, garnish your wages, or cut off your utilities. If you have a pending foreclosure sale on your home, filing for bankruptcy will automatically postpone that sale.
In the case of a successful Chapter 13 bankruptcy proceeding, you as the debtor will have a span of several years in which to make up for any mortgage payments that remain overdue. Second liens on your residence can be eliminated if such liens are deemed to be “under water” and the home is worth less than the obligation secured by the first trust deed. By bringing “motions to value,” the Law Offices of Phillip Myer, APC can also assist you by reducing the mortgages on rental properties to the current market value of the rental real estate.
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Experienced Bankruptcy Lawyers near Rancho Cucamonga, Ontario
If you are currently dealing with extreme financial distress and feel as though you’ll never be able to get out from under the massive debt you’ve accumulated, the Law Offices of Phillip Myer, APC can help turn things around. Our top-notch bankruptcy attorneys nearby Ontario and Rancho Cucamonga have decades of combined experience helping clients successfully petition for Chapter 7 and Chapter 13 bankruptcy. We know what it takes to win these cases, and we are committed to getting you much-needed relief from your substantial financial burdens.