Sacramento Bankruptcy Lawyer
Schedule a Free Consultation Today
If you are overwhelmed with insurmountable debt and struggling to pay bills while supporting your family, declaring bankruptcy may be the best possible to obtain a clean financial slate. However, making this decision is not an easy one and the legal process can be quite complicated. That is why you must hire a knowledgeable and skilled lawyer to guide you through the legal process and help you get the results you desire.
If you are interested in filing for bankruptcy in Northern California, do not hesitate to let the Law Office of Jonathan Gonzales protect your rights and best interests during the bankruptcy process. Our Sacramento bankruptcy attorney can thoroughly review your financial situation, listen to your concerns, and determine your available legal options to relieve you from debt.
Call our Sacramento bankruptcy lawyer today at (916) 318-5177 or contact us online to learn how we can help you get the fresh start you deserve.
Types of Bankruptcy in California
There are two main types of bankruptcy you can declare in California: Chapter 7 and Chapter 13. Each type of bankruptcy provides different options and protections.
Chapter 7 bankruptcy is commonly known as “liquidation bankruptcy,” which enables individuals to eliminate all debts owed that are eligible for discharge. However, debts related to past due income taxes, student loans, and child support are nondischargeable.
When you file for Chapter 7 bankruptcy, an “automatic stay” will immediately go into effect, which means most creditors will be prevented from collected what you owe them. A trustee will be appointed by the court to sell nonexempt property and ensure your creditors are paid as much as what you owe.
However, if you make too much income to qualify for Chapter 7, then you could be eligible for Chapter 13 bankruptcy. This type of bankruptcy helps individuals with enough leftover cash each month to pay at least some of their debts in the form of a repayment plan. You will be able to keep all your property.
What Assets Are Protected During Bankruptcy?
Exemptions allow you to keep a certain amount of assets safe in bankruptcy, such as an inexpensive car, professional tools, clothing, and a retirement account. So cheap cars, proffessional tools, and your retirement should be safe from a bankruptcy. If you can exempt the asset, you don't have to worry about it during a bankruptcy. There are plenty of excemptions that protect specific types of property, such as a motor vehicle or furniture, up to a particular dollar amount.
Ready to Help You Get a Clean Slate
Let our Sacramento bankruptcy lawyer help you figure out if bankruptcy is right for you. We understand what it takes to help our clients get out of debt and get started on a new chapter in life.
For more information about our legal services, contact our Sacramento bankruptcy attorney today.