Bankruptcy Attorney - Ventura, California
Bankruptcy is filed by many individuals in Ventura County each year. At some point, many successful individuals have had to enlist the assistance of a bankruptcy attorney to help them remedy their financial issues. Choosing to file for bankruptcy is a difficult decision.
Some of the main reasons for filing bankruptcy:
Your creditors are prevented from gaining rights to your assets,
Your wages may not be garnished,
Your bank accounts will remain unaffected by debts
Your property can’t be foreclosed upon
You’ll be safe from other financial actions being taken against you.
The decision on whether or not filing a bankruptcy is right in your case should only be made after consultation with an experienced bankruptcy attorney. When searching for a bankruptcy attorney Ventura can be a difficult area to search due to the large number of law practices. Carefully selecting your representation will help you avoid disaster. Some debtors have inadvisably filed on their own, with the help of a non-attorney (paralegal), or with an attorney ill equipped to properly provide sound legal advice. The laws are constantly changing. As a result, you need an attorney who will stay current with the evolution of bankruptcy law. Without the right experience, it is all too easy to lose your home or other assets.
Not all bankruptcy cases are equal. Because each individual’s financial circumstances are unique, each case presents a new challenge for the bankruptcy attorney who must carefully evaluate the client’s scenario.
Does bankruptcy law differ in Ventura County compared to the rest of California?
Ventura County residents are bound by California Bankruptcy Law [http://www.californiabankruptcy.info]. Various district courts oversee Bankruptcy cases throughout California, but the laws remain uniform throughout California.
Chapter 7 Bankruptcy
Chapter 7 is the most frequently exercised form of bankruptcy. Chapter 7 allows a person to liquidate debts such as property foreclosures, credit card, automobile, hospital bills, and others. In simple terms, Chapter 7 is the typical option for a person whose income is not great enough to cover their assorted debts. While an individual’s debts may be erased, the bankruptcy will be recorded against their credit for as long as a decade in some instances.
Chapter 13 Bankruptcy
Chapter 13 is even more complex than Chapter 7 because it involves creating a long-term arrangement between the debtor and the various parties whom are owed payment. In the arrangement, all parties agree that certain payments will be made over the course of several years. At the conclusion of the agreement, all debts will be repaid.
By filing for Chapter 13, an individual will often succeed in retaining possession of certain assets and property. The bankruptcy will be struck from the individual’s credit significantly sooner than a Chapter 7 Bankruptcy. To be eligible for Chapter 13, an individual may need to demonstrate that they possess income substantial enough to satisfy their debts.
Filing for bankruptcy is a difficult experience. Let us help you navigate the process and schedule a free consultation with one of our bankruptcy attorneys today. Payment plans are offered on bankruptcy cases to make the experience as easy as possible for you. The Law Offices of Steve Pell is one of the most proficient law firms in Ventura and has the experience to expertly guide you through a bankruptcy filing.