Gives you Peace of Mind
I've been a Bankruptcy Lawyer since 1994. I've seen the Benefits that individuals, families and businesses receive from filing bankruptcy.
Before you can Build Wealth, before you can Retire, you must be Debt Free. At Retirement Time if you're not out of debt, you're going to file a Bankruptcy, and you're going to realize that you've spent years trying to pay off needless debt that you could have been squireling away into your Retirement Account instead and it's all gone.
This is a Straight Bankruptcy, also called a Liquidation Bankruptcy. Under the Bankruptcy Reforms of 2005 you must pass a complicated test called the Means Test in order to file under Chapter 7. However, in my experience most people pass. CALL TO FIND OUT IF YOU QUALIFY FOR A CHAPTER 7 BANKRUPTCY
Chapter 13 Bankruptcy or Debt Consolidation Bankruptcy can allow you to cram down the balance on your car to it's value.
Also, if you're behind in payments on your mortgage, you can cure the arrears (amounts you're behind) with a chapter 13 bankruptcy.
You can also Strip your 2nd Mortgage or HELOC, Home Equity Line of Credit off of your home.
CALL TO FIND OUT IF YOU QUALIFY TO STRIP YOUR 2ND MORTGAGE OR HELOC OFF OF YOUR HOME
While you may be able to strip these off of your home in a Chapter 13, in a Chapter 7, you may still be able to effectively ignore it and keep your home. However, the 2nd Mortgage or Heloc would still have a lien on the property. You would then have to settle the lien or in some manner deal with it later. Obviously this is Risky but if you cannot afford to pay a Chapter 13 payment plan, it may be the only way to keep your home. CALL NOW TO DETERMINE IF YOU QUALIFY FOR THIS
Business Bankruptcy is available. For most sole proprietorships and partnerships, your bankruptcy proceeds as a normal consumer bankruptcy and simply creates more work for your attorney. Small and mid-sized corporations can be treated the same in most cases. For a larger corporation where the corporation must file and desires to continue operating you may want to consider a Chapter 11 Bankruptcy. CALL TO FIND OUT WHAT KIND OF BANKRUPTCY IS RIGHT FOR YOUR BUSINESS
Evening and Weekend Appointments Available, Midnight Filing Available if Necessary
You Have Rights. You Have Options.
Chapter 13 Bankruptcy 2nd Mortgage Lien Avoidance
Also known as a Lien Strip Motion in a chapter 13 allows you to not only discharge your balance owing to the 2nd mortgage or heloc but also to remove the lien from the property.
Basically it works this way, if your home's value is less than the balance on the 1st mortgage, then you in theory strip the 2nd mortgage off the house. You have to file paperwork with the court and prove that the property's value is below the balance on the first mortgage.
However, if the value is even just a little bit over the balance on the first then you're stuck with the whole 2nd mortgage. More importantly, if the value is close to the first, what you're probably going to end up with is an expensive evidentiary hearing but that cost can probably be absorbed into the monthly payment plan of your chapter 13 bankruptcy case.
Nothing in this website may be construed as legal advice to any single individual or entity. Murrieta-Bankruptcy.com and all affiliated websites owned by Attorney David L Nelson are federally recognized debt relief agencies. Attorney David Nelson serves clients in San Bernardino, Riverside, Los Angeles, Orange and San Diego Counties. Copyright 2010 Bankruptcy Attorney David Nelson. All rights reserved.