Mountain View Chapter 13 Bankruptcy Attorney
Many Californians, of all ages, have regained control of their finances through the bankruptcy process. The stigma that once existed around bankruptcy filing has disappeared as more and more people learn the benefits of getting a fresh start.
If you are thinking about filing for bankruptcy, the law offices of Gemma V. Reyes, Attorney at Law, provides clients with straightforward answers to their bankruptcy questions. Attorney Reyes is a San Jose Chapter 7 bankruptcy attorney with more than 10 years of experience representing clients in California. Contact our bankruptcy firm to set up an appointment.
Benefits of a Chapter 7 Bankruptcy
The bankruptcy means test determines if you qualify to file for Chapter 7. The test looks at your monthly income and compares it to median income in California. If your income is less than or equal to the median income, then you can file for Chapter 7. Even if you do not pass this part of the means test, you may be able to file if you can pay off some of your creditors.
Individuals, partnerships and corporations can file for Chapter 7 and there is no limit on the amount of debt that can be discharged. In Chapter 7, you may be able to discharge all of your loans. It is important to note, however, that student loans, alimony, child support and taxes cannot be discharged in bankruptcy.
It is important to have an experienced attorney help you with your bankruptcy. Once you begin a Chapter 7 bankruptcy, you cannot back out of the process without waiving your right to file in the future. Our bankruptcy firm will help you determine if Chapter 7 is the right type of bankruptcy for you and if this is the right time to file.
Advantages Filing for Chapter 13 Bankruptcy
In Chapter 13 bankruptcy, there is a limit to the amount of debt you can have when you file. The maximum amount is $307,675 for unsecured debt and $922,975 for secured debt, such as car loans and mortgages. Unlike Chapter 7, however, you can back out of the bankruptcy process without risking your right to file again at a future time.
Chapter 13 allows you to develop a manageable payment plan for all of your loans. If you are facing foreclosure, you may be able to keep your primary residence and stall the trustee sale. Attorney Reyes will then negotiate with your mortgage provider to keep you in your home by modifying your mortgage.
Honesty Is Essential in Bankruptcy
It is important to file your bankruptcy properly by listing all of your debts. Hiding debts will only harm you. Debts not listed in your bankruptcy will still exist and can have negative consequences on your road to financial freedom. Attorney Reyes can help you understand the consequences of hiding debts and help you file your bankruptcy the right way, the first time.
For honest answers to your bankruptcy questions, contact Gemma V. Reyes, a Mountain View Chapter 13 bankruptcy lawyer. She can help you get the debt relief you need.
