Modesto Chapter 7 Bankruptcy Attorneys
Chapter 7 bankruptcy is a process under United States bankruptcy law, by which you may be entitled to eliminate your debts and receive a fresh start.
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Chapter 7 bankruptcy may remove your personal liability for most kinds of unsecured debts, including credit cards, medical bills, personal loans, car accidents (if unintentionally caused), and repossessions.
While getting rid of your debt, Chapter 7 may allow you to keep all of your property. Most people do not lose their furniture, electronic equipment, jewelry, or appliances. People who are current on their house and car payments when they file Chapter 7 bankruptcy, and who keep making those payments after filing, usually keep their houses and their cars, while wiping out all of their unsecured debts. Read below about the benefits of Chapter 7 bankruptcy. If after reading about it and you want to learn more about bankruptcy, then phone us to schedule a FREE, no-obligation consultation with one of our chapter 7 bankruptcy lawyers at Greenwell Law in Modesto, CA.
Stop the Harassment!
If creditors are bothering you at work, calling at all hours, and constantly stressing you out, you can end it by hiring Greenwell Law. Upon retaining us, you can refer your creditors to us. We can significantly reduce or eliminate harassment by creditors, even if you have already stopped paying them immediately after hiring us. We can restore you serenity.
Rebuild Your Credit
Despite what you might hear on TV or from friends and family, your credit will not necessarily be “ruined” if you file bankruptcy. In fact, your credit might actually get better if you file bankruptcy. “Credit” is the ability to borrow money or to finance purchases of goods and services. If you have late payments, charge-offs, judgments, or repossessions on your credit report, then you probably cannot borrow money very easily; in other words, you have bad credit. But bankruptcy effectively wipes those late-payments, charge-offs, judgments, and repossessions from your credit record, because, after going through bankruptcy, you are debt-free. Since lenders know you are now debt-free and cannot receive a bankruptcy discharge (the wiping out of debt through bankruptcy) for another eight years, they may be much more likely you loan you money (i.e., your credit may have gotten better) than before you went through bankruptcy.
Stop Wage Garnishment
If a creditor garnishes your wages, then your pay check is reduced or taken entirely, and you can’t afford to pay your rent or feed your children. Chapter 7 bankruptcy is one of the best ways to immediately stop garnishments of your hard-earned wages. By filing Chapter 7 bankruptcy and stopping the garnishment, you don’t have to worry anymore about whether you will have a roof over your head and food on the table; in fact, you can start thinking about saving money.
End Lawsuits and License Suspensions
Lawsuits can be extremely stressful and expensive, even if you ultimately win. If you are being sued, a Chapter 7 bankruptcy can stop the lawsuit in its tracks. The laws of many states allow your driver’s license to be suspended if you do not have liability insurance at the time of an accident, regardless of whether there is proof that you were at fault. I can help you get your license reinstated if it was suspended because of an uninsured car accident or unpaid parking ticket. Chapter 7, or another form of bankruptcy can stop a lawsuit immediately, prevent your creditors from receiving a lien on your home, or from garnishing your hard-earned wages.
Keep Your House, Car, and Personal Belongings-Reaffirmation
Home and automobile lenders would rather get monthly payments from you than repossess your property, even if you file bankruptcy on your other debts. Continuing to make your monthly house or car payments, despite going through bankruptcy, is called “reaffirming” your home or auto debt. When you reaffirm your debt to a home or auto lender, they know that you have few or no other debts, that you cannot get another bankruptcy charge for another eight years, and that you must continue to pay the original principal loan amount plus interest, in order to keep your home or car. They are therefore happy to work with you. Paying off your car or making your house payment for an extended period will look very positive on your credit report. I can arrange for you to reaffirm your debts on your home, car, or other household goods that you are financing. By doing this, you can keep your stuff and rebuild your credit.
Restructure Your Car Loan
If you now owe more than your car is worth, we may be able to help. I offer two paths to lower your car payments. First, I might be able to force the car lender to accept a payoff for only the current value of the vehicle, even if you owe a lot more than the vehicle is worth. We can even help arrange new financing for the Chapter 7 “redemption” of your vehicle. Alternatively, Chapter 13 bankruptcy can be used to reduce your car payments, so that you only pay the current value of the vehicle over time, plus interest, even if you owe a lot more. Any money owed to the finance company above the car’s current value can often be paid, if at all, at pennies on the dollar. Even if your car has already been repossessed, we may be able to force the finance company to return your vehicle and still reduce your car payment. The longer you wait, however, the less likely this becomes.
Eliminate Deficiency Balances
Once your car is repossessed, the lender usually sells your car at an auction to generate some cash. The vehicle is generally sold for 50-60% of its real value. You are still legally liable to pay the difference between the auction price and the amount of your car loan, called a “deficiency balance”. Chapter 7 bankruptcy can eliminate your liability for the entire deficiency balance, no matter how large.
A Free Consultation and Reasonable Fees
If you want to learn more about bankruptcy, I offer a FREE in-person consultation with an experienced bankruptcy attorney. Not with a paralegal or a document preparer, but a Modesto, CA bankruptcy attorney with over 30 years experience. There is no obligation, and I will not pressure you to file bankruptcy or retain me. But if you believe that I am the right person to guide you through bankruptcy, then I will charge you a fee for my services that is fair to all concerned, and I offer flexible payment plans that will allow you to pay in full over time before your bankruptcy case is filed. Knowledge is power. Let me empower you!