California Bankruptcy is a last option for people who face insurmountable debt, foreclosure, and other severe financial difficulties due to unexpected medical expenses, changes in employment, or other unforeseen circumstances. While bankruptcy can enable people to make a fresh start, it also impacts many areas of your life and affects future options for many years to come. Gregory S. Masler can assist you with your bankruptcy, and then can help you reestablish your credit so that you can move on with your life.
Orange County Chapter 7 Bankruptcy Attorney
If you are facing unmanageable levels of consumer debt, credit card debt, tax debt, debt due to high medical bills, or debt due to any other circumstances, Chapter 7 bankruptcy may allow you to eliminate it, and we can guide you through the process step by step.
Chapter 7 Bankruptcy is known as "liquidation". In a bankruptcy case under Chapter 7, you file a petition asking the court to discharge your debts. The basic idea in a Chapter 7 bankruptcy is to wipe out (discharge) your unsecured debts in exchange for your giving up certain property which exceeds certain limits called "exemptions". "Exempt" property is property which the law allows you to keep when you file bankruptcy. In most cases, all of your property will be exempt. But property which is not exempt is sold, with the money distributed to creditors. If you want to keep property like a home or a car and are behind on the payments on a mortgage or car loan, a Chapter 7 case probably will not be the right choice for you. That’s because Chapter 7 bankruptcy does not eliminate the right of mortgage holders or car loan creditors to take your property to cover your debt. A Chapter 7 may be filed individually or by a married couple filing jointly.
Let our bankruptcy expertise work for you. Newport Beach Bankrutpcy Attorney Gregory S. Masler will be happy to assess your situation. Please call (949) 679-7180 or contact us online.
Newport Beach Chapter 13 Bankruptcy Attorney
Chapter 13 Bankruptcy is designed for individuals to reorganize debt, and recover via a court authorized repayment plan. Filing bankruptcy under chapter 13 stops bill collectors, and prevents foreclosure of your home and repossession of your motor vehicle, among other things.
Often, most people seek bankruptcy protection due to illness, loss of work, divorce, or just plain bad planning. Please do not feel guilty or ashamed. Keep in mind that you have been subjected to numerous professional sales people who have surrounded you with seductive messages urging you to buy. The credit card companies have spent billions urging you to accept their easy credit so that you can live beyond your means. The result is that you are tied down because they want to make huge profits on your purchases and interest payments.
Please understand that there is more to life than a perfect credit rating and if you are considering bankruptcy, your credit rating is probably already gone. What is important is your family, friends, and neighbors. It is not easy to always manage perfectly on finances and why should you be any different in this era of multibillion-dollar bailouts for poorly managed companies.
Chapter-13 of the Bankruptcy Code is designed to enable individual debtors under court protection and supervision to apply a portion of future earnings to the payment of all or a portion of their debts over an extended period of time. The debtor is protected from creditors by an automatic stay while a plan of repayment is developed and carried out. It is similar to Chapter-11 Business Reorganization. In fact, Chapter-13 is sometimes called "Consumer Debt Adjustment".
Chapter-13 was intended to give the wage earner a reasonable opportunity to arrange installment payments out of future income so that creditors would receive more money than they otherwise would receive in liquidation. If you are even thinking of Bankruptcy, contact our office for your debt evaluation.
Contact Orange County Bankruptcy Lawyer
If you are facing unmanageable debt or other financial difficulties and would like to discuss your situation, please call (949) 679-7180 or contact us online. Let our bankruptcy expertise work for you. Gregory S. Masler will be happy to assess your situation. From our offices in Newport Beach, California, we represent clients throughout Orange County and across Southern California.
Contact Newport Beach Bankruptcy Lawyer
(949) 679-7180
Click here to contact us using our online bankruptcy form
Email Us: info@maslerlaw.com
