Butte County Bankruptcy Lawyer
Trying to deal with unmanageable debt in Chico?
Bankruptcy is a legal process that can help individuals and families to
gain control of their unmanageable debt. In many cases, falling behind
on credit card, mortgage, car and other payments can result in an inability
to catch up, leaving you sinking further and further behind, deeper into
debt. Bankruptcy or the various alternatives to bankruptcy that are available
may be a workable solution to the financial problems you are experiencing.
If you or someone you care about is drowning in debt, the best way to find
out what your options are is to speak with a highly competent bankruptcy
attorney from our firm about your situation. After a review of the issues
you are dealing with, a skilled legal representative can recommend the
most advantageous route to take and guide you through the legal aspects
of your course of action.
Bankruptcy Cases We Handle
Do I Qualify for Bankruptcy?
If you feel that your finances are crashing down on you and debt is consuming
your life, it may be a good idea to consider filing for bankruptcy. After
performing a means test and speaking with a legal representative you can
determine what the best option is for you and your family.
This type of bankruptcy is for those who pass the means test and are experiencing
drastic amounts of debt. If you have not filed for bankruptcy in the last
6-8 years you may be eligible to have your debt erased in less than 6 months.
Often called the "wage-earners bankruptcy," this classification
of bankruptcy is for those who have the capability to pay their debts
back in the form of payments. It does not liquidate all of your hard earned
possessions and property and it allows for a more flexible plan to return
the money you owe.
What Bankruptcy Can and Can't Do
While filing for bankruptcy can be an excellent option for many people
facing tremendous amounts of debts, it has some limitations. Certain financial
obligations such as child support or student loans are still required
to be paid regardless of your financial situation.
Alternatives to Bankruptcy
Sometimes bankruptcy may not be your best option and other alternatives
prove more beneficial to your current situation. In the event that this
is the case, an attorney can best guide you through other services such
as loan modification, a short sale for your home, debt consolidation,
or some other form of negotiation.
Often one of the biggest concerns when filing bankruptcy is wondering
what will happen to your possessions and assets in the process. There
are certain exemptions such as vehicles up to $20,000, furnishings, life
insurance, burial plots and various other items.
When it becomes challenging to pay collections agencies back for money
spent, they will often be ruthless in their attempt to receive full repayment.
They may treat you as if you have no rights in the matter and hound you
relentlessly, often giving threats that they have no power to follow through
on. It is important you understand that your rights are protected and
that you know how to get them to stop their harassment.
Do You Have Questions
About The Bankruptcy Process?
Fill out our free case evaluation, so that we can help you become debt-free.
Free Case Evaluation Form
The actions of creditors seeking payment are often merciless and tough
to have to deal with on top of all the financial issues you may be dealing
with. Regardless of their intimidating phone calls or other aggressive
comments it is crucial to understand that you have rights that limit the
actions they can take.
Although it may seem hopeless to ever restore your credit after experiencing
exponential debt, it is possible to begin restoring your credit immediately
after filing for bankruptcy. It is essential to establish credit soon
after filing and to be encouraged that your negative credit will not linger forever.
Making payments when you are deep in debt can be extremely difficult and
sometimes impossible. If a debt collector has threatened to take legal
action against you or a loved one, it is vital to understand what rights
you have and what they are legally able to do or not do.
Deed in Lieu of Foreclosure
When debt creeps in and threatens to take away your home it can leave
you with only a few options. In order to keep your home, it may be wise
to look into a deed in lieu, which transfers home ownership to a lender
so that your mortgage can be cancelled out. It is fairly complex and you
will most likely need legal assistance to go through with this process,
but it may save your place of residence.
Discharging Your Debt
A process known as liquidation is often the best option to completely
clear your debt. In order to qualify for this process also known as Chapter
7, you must take the means test. If you meet the requirements then your
credit cards debts and any threats of lawsuits or withholding wages.
If a foreclosure seems eminent, it is crucial to look at your other alternatives
which may allow you to keep your property or at least give you an opportunity
for a better future. When mortgage payments become too much, it is beneficial
to talk to a legal representative about other options other than foreclosure.
Whether it involves lowering a loan's interest rate or reorganizing
it to make the payments more manageable, modifying a loan can help a debtor
tremendously. Rather than having to worry about losing your car or home,
consider working with the lender to discuss a way to please the bank and
maintain your belongings.
This test is used to determine if you are eligible for Chapter 7 of Chapter
13 bankruptcy. It measures your income compared to the state's median
by looking at your disposable income compared to your expenses.
In order to keep your personal belongings from being taken by creditors,
it is wise to consider bankruptcy. When loans are not paid back on time,
credit agencies can repossess anything from television sets all the way
up to something as big as your home.
Are You Ready
To become debt-free?
We've helped countless people get out of debt, and enjoy financial freedom.
Contact Us Today
Rather than dealing with the difficulties of having a foreclosure on your
home, it may be wise to look at doing a short sale. It involves selling
your home at a lower cost than what you owe on your mortgage. The lender
then waives the rest of the amount owed and you can avoid having a foreclosure
on your record.
Despite your best efforts to make ends meet and pay back credit agencies,
there may come a time when you cannot make your payments. If enough time
passes where they have not received repayment, it is possible for them
to garner 25 percent of your wages with each paycheck. This may only further
the debt that you may be caught in.
Get a Fresh Start: Contact a Chico Bankruptcy Lawyer
The Law Office of Nikki Farris, we are a family run law firm that is committed to helping clients become
debt free through bankruptcy and other debt resolution services that are
offered. With our years of experience, we know there is a workable solution
for every case and are dedicated to finding that solution and assisting
you through the steps that must be completed. We can help to put an end
to threats and lawsuits against you. Your success is our success and we
are a compassionate team that is ready to work hard to help you pursue
a path that will benefit you and your future. For answers to your questions,
solid legal advice and effective representation in bankruptcy and other
debt resolution options,
contact our Chico firm today.