Millions of Americans are struggling with unmanageable debt. In many cases, this is the result of urgent and sudden medical care, job loss, or substantial pay cuts. If you are struggling with this, filing for bankruptcy can be a very effective method of partially or fully disposing of your debt.
Filing for bankruptcy has many benefits. Your debt maybe virtually wiped out and you’ll be free from creditor harassment, property repossessions, and foreclosure. You’ll be able to reestablish a healthy credit score, allowing you to eventually obtain full credit and take out loans for vehicles or a home.
How We Can Help
You have options to consider when filing for bankruptcy.
Chapter 7 is the preferred method of bankruptcy for the majority of individuals that decide to file. Under this chapter of the bankruptcy code, all your non-exempt properties are liquidated, with the proceeds being distributed to the individual’s creditors. In many Chapter 7 cases, the person filing has no substantial assets to lose, which makes the debt discharge happen sooner.
Meanwhile, the Chapter 13 process involves the restructuring of debt by way of a payment plan. Rather than attempting to pay many different creditors, you can make one lump sum payment each month to a bankruptcy trustee, who will then disburse that payment to your creditors. Upon completion of the plan, your debt will be considered satisfied, closing your bankruptcy case.
Both Chapter 7 and Chapter 13 bankruptcy provide significant benefits to those struggling with debt. However, these benefits differ between the two, as each chapter is intended to serve individuals with specific financial situations. Choosing the correct chapter for you depends on your long and short-term financial goals.
If you are considering bankruptcy, or have already decided to file, a skilled attorney will guide you through the complex process. With over 10 years of combined experience in bankruptcy law, the Law Office of Garry Barbadillo can help you determine if bankruptcy is the right choice for your situation and assist you in the process towards freedom from debt.
If you have any questions or would like to schedule a FREE initial consultation with Garry, contact us online or call (408) 772-5469 today.
The Law Office of Garry Barbadillo serves the cities of San Jose, Campbell, Cupertino, Gilroy, San Martin, Morgan Hill, Los Gatos, Sunnyvale, Milpitas, Alviso, Mountain View and the whole Santa Clara County.