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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.

Chapter 7
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.

Chapter 13
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.

Bankruptcy Exemptions
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.

Collections Defense
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.

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About The Bankruptcy Process?

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Creditor Harassment
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.

Credit Restoration
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.

Debt Litigation
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.

Foreclosure Defense
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.

Loan Modification
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.

Means Test
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.

Repossessions
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.

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To become debt-free?

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Short Sale
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.

Wage Garnishment
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

At 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.