Bankruptcy is a complex process. It is intended to give honest debtors a fresh financial start in life. If you are considering bankruptcy, consult Thomas Hogan Law Office Sacramento. Our Sacramento bankruptcy attorneys can assist you. Filing for bankruptcy without the assistance of a bankruptcy attorney is something which you should avoid at all costs.
- Is filing for bankruptcy the only option for me?
- What are the statute of limitations on a credit card debt?
- What are the Pros and Cons of filing for bankruptcy?
- What happens to my debt if/when I die?
- Do you feel that you are being discriminated by your landlord?
For a FREE fifteen-minute consultation with our Sacramento office expert bankruptcy lawyers, give us a phone call at (916) 756-0243.
Sacramento Bankruptcy – Consider All Options
If you are unable to pay off your debts, don’t rush to file for bankruptcy. Speak to the bankruptcy attorneys of Thomas Hogan Law Office Sacramento. We will review your situation and advice you of your options. Use bankruptcy as your last options. Furthermore, some debts cannot be discharged in bankruptcy. Therefore, before you take the decision to file for bankruptcy, you should review you circumstances and consider all options.
Most individual debtors file for bankruptcy under Chapter 7. Our bankruptcy attorneys will review you finances to determine if you are eligible for filing under Chapter 7. Before the introduction of the Means Test, there were no eligibility criteria for filing a Chapter 7 bankruptcy. Now an individual wanting to file for bankruptcy protection under Chapter 7 must qualify under the Means Test. If you do not pass the Mean Test, you must file under Chapter 13. A Chapter 7 bankruptcy is commonly referred to as a liquidation proceeding. A bankruptcy trustee appointed by the court will administer your case. The trustee will sell your non-exempt assets and pay off your debts. You will be allowed to retain certain assets which are considered as exemptions.
If you do not qualify for a Chapter 7 bankruptcy, you can file for bankruptcy protection under Chapter 13. Chapter 13 is essentially a form of repayment. In a Chapter 13 bankruptcy, the debtor makes periodic payments, generally monthly to the trustee who then distributes them amongst the creditors. The payments are made according to a court approved payment plan. The debtor must develop the plan and submit it to the court for approval. Generally the payment plan is of three years. However in some cases, the court may approve a five year payment plan. Our Sacramento bankruptcy attorneys can assist you develop a Chapter 13 bankruptcy payment plan.
Filing for bankruptcy to prevent foreclosure
Our bankruptcy attorney experts can assist you in preventing foreclosure by filing for bankruptcy. Remember, there are many options to prevent foreclosure and bankruptcy should be your last resort. While a Chapter 7 bankruptcy will delay the inevitable foreclosure for some time, if you want to save your home, you must file for bankruptcy under Chapter 13. You should include your mortgage payments in your payment plan. Once you make the payments under the plan, you will receive a discharge.
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You can avail a free 15-minute consultation with our Sacramento attorneys. Give us a call at (916) 756-0243 and we will schedule a consultation at your most convenient time.
Thomas Hogan Law Office Sacramento, CA
700 University Avenue, Suite 130 Sacramento, CA 95825
Phone: (916) 756-0243
Business Hours: Monday – Saturday 9am – 6pm