Benefits of Bankruptcy
Chapter 7 filings provide the following benefits:
- Much of your debt will be eliminated so you will no longer owe the money
- Foreclosures, wage garnishments, bank levies, evictions and repossessions will be stopped, pending further court action
- No more harassing phone calls from debt collectors
- No more letters demanding payment of your bills
- Increased ability to pay your remaining bills on time
- Increased ability to save money
- Relief from the stress of crushing debt
- You will have a fresh startThe characterization of a debtor’s status after bankruptcy, i.e., free of most debts. (Giving debtors a fresh start is one purpose of the Bankruptcy Code.)
A Chapter 13 Bankruptcy can give you benefits including:
With a Chapter 13The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.) Click for more: Chapter 13 Bankruptcy reorganization bankruptcy filing, you will have the opportunity to pay off much of your debt over time. This may be helpful to individuals who are concerned about losing their home after their mortgage payments suddenly increased, or who have back payments that they are unable to catch up.
- Providing you with enough time to pay off back debt
- Eliminate the balance of the debt owed
- No more harassing phone calls from debt collectors
- No more letters demanding payment of your bills
- Increased ability to pay your remaining bills on time
- An increased possibility of keeping your home from foreclosure
- The possibility of reducing the amounts owed on certain bills
- Time to recover financially and get your finances in order
A Chapter 11 Bankruptcy can give you benefits including:
Grant’s note on pdf was to add brief description of Chapter 11The chapter of the Bankruptcy Code providing (generally) for reorganization, usually involving a corporation or partnership. (A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.) Click for more: Chapter 11 Bankruptcy benefits. What text to put here?
Discuss your options with a seasoned Orange County Bankruptcy Lawyer.
Many Californians are facing the need to file for bankruptcy due to a variety of reasons. However, how the bankruptcy laws relate to your situation is often confusing. Also, everyone does not qualify to file a Chapter 7The chapter of the Bankruptcy Code providing for "liquidation,"(i.e., the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors.) Click for more: Chapter 7 Bankruptcy or 13 bankruptcy. So, in order to understand how a bankruptcy may help you solve your personal financial problems, contact an Hallstrom, Klein & Ward LLP at (949) 450–8500 today for your FREE consultation. We will thoroughly discuss your situation, review available bankruptcy options, and talk about other possible solutions, such as mortgage lien stripping, deed in lieu, short sale and other foreclosure defenses. We understand the pressure and pain you feel. You are not just another client to us.
