Bankruptcy Lawyer in Ventura, CA Lessening the Burden of Bankruptcy for Clients
When people are suffering from serious debt, they may feel like they have no other options left. Filing for bankruptcy can provide some relief by liquidating assets and discharging certain debts. However, it is important to speak with an experienced bankruptcy lawyer to find out if this is the right option for you.
There are a few different types of bankruptcy that can be filed, and each one has its own benefits and drawbacks. Chapter 7 bankruptcy is often the best option for those who want to start fresh, as it liquidates all non-exempt assets and clears most of the debtor’s debt. Chapter 13 bankruptcy is a good option for those who want to keep their assets, as it allows the debtor to create a repayment plan over a period of three to five years.
No matter which type of bankruptcy you choose, it is important to work with an experienced lawyer who can help you navigate the process. I can help you understand what debts can be discharged and what assets can be kept. I can also help you prepare for bankruptcy court and represent you during any necessary proceedings. If you are struggling with serious debt, contact the Law Office of Eric Ridley today for a free consultation. I can help you figure out if bankruptcy is right for you.
When Should I File for Bankruptcy?
Most people who are considering bankruptcy are in a difficult financial position. They may be struggling to keep up with their bills, facing foreclosure or repossession, or dealing with collection agencies. If you’re in this situation, you may be wondering if filing for bankruptcy is the right solution for you.
There is no easy answer to this question. Every person’s financial situation is different, and what works for one person may not work for another. That said, there are some general guidelines that can help you decide if bankruptcy is the right choice for you. If you’re struggling to keep up with your bills, you may want to consider bankruptcy. This is especially true if you’re behind on essential bills like your mortgage or car payment. If you are also struggling with medical bills, filing for bankruptcy can help relieve your debt as well.
Am I Eligible for Chapter 7 Bankruptcy?
To be eligible for Chapter 7 bankruptcy, you must pass a “means test”. The means test will evaluate your income and expenses to determine if you can repay your debts.
If your income is below the median income for your state, you will automatically qualify for Chapter 7 bankruptcy.
If your income is above the median income, you will need to provide detailed information about your expenses to determine if you qualify.
Some of the factors that will be considered include:
- Your housing costs (mortgage or rent)
- Your utility bills
- Your transportation costs
- Your food and grocery expenses
- Your medical expenses
- Your child care expenses
I can further examine your situation to ensure you are eligible for Chapter 7 bankruptcy. Let me advise you throughout the bankruptcy process to ensure you discharge your outstanding debt effectively.
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is a type of consumer bankruptcy that allows debtors to repay their creditors over time, usually three to five years. Under Chapter 13, debtors must propose a repayment plan to the bankruptcy court. The plan must provide for full payment of all priority debts, such as child support and alimony, within the repayment period. It must also provide for payment of at least some portion of non-priority debts, such as credit card debts and medical bills. Creditors are allowed to object to the proposed plan, but if the court approves the plan, creditors must abide by its terms.
Chapter 13 can be an attractive option for consumers who are behind on their mortgage payments or other secured debts, such as car loans, and also have a steady income.
What Do Bankruptcy Lawyers Do?
Bankruptcy attorneys help individuals and businesses file for bankruptcy protection under the federal bankruptcy code. Bankruptcy lawyers can also help you if you are having trouble paying your bills or if you are being harassed by creditors by enforcing the automatic stay, which prohibits creditors from harassing you for outstanding debt. An experienced bankruptcy attorney can explain your options and help you decide if filing for bankruptcy is right for you or which type of bankruptcy fits your needs. I can guide you, from the initial petition to the final discharge – and every step in between. My law firm is at your disposal whenever you need it throughout your case. Let me help you move forward with your life.
Contact the Law Office of Eric Ridley Today for Compassionate and Helpful Service
If you need debt relief through bankruptcy in Ventura, CA, I can help you build a better financial future. Whether your debt stems from credit card debt, personal loans, or other unsecured debts, I will simplify the bankruptcy process for you by advising you every step of the way. Call the Law Offices of Eric Ridley today at (805) 244-5291 for a free initial strategy session and get the help you deserve.