Are you behind on your bills? Not sure how to keep making mortgage payments? Constantly worrying about how to pay off your debt? If you are overwhelmed with debt, including credit card or medical debt, bankruptcy may be an option to consider.
Attorney Melanie Tavare is an experienced attorney helping residents in Union City work through the bankruptcy process. Many residents throughout the community are struggling with finances, and The Law Offices of Melanie Tavare is proud to provide the legal guidance needed to provide a fresh start.
It is easy to accumulate debt and need to consider bankruptcy protection. From a lost job or sudden medical emergency to other difficult life events, it is common for money coming in to shrink, making it impossible to meet your obligations.
High interest rates, debt collectors, and collections lawsuits can make it difficult, rather than easier, to pay back these debts. Yet, too often debtors in California are deterred from the stigma associated with bankruptcy, but it is critical to remember that the bankruptcy process was created specifically to help people who are struggling from these types of problems.
Rather than spending years struggling to pay back debts that are simply beyond your means, bankruptcy can provide a realistic framework to help debtors pay what they can before getting a fresh start. The legal mechanics of the process can be complex, however, making it important to contact a bankruptcy lawyer in Union City for help.
There are different types of bankruptcy allowable under the law, depending on your specific situation. Each type is named based on the part of the Bankruptcy Code where the details are found. Determining what type makes the most sense for you requires an examination of your total debt, form of that debt, income, and long-term goals.
Chapter 7 Bankruptcy, also called liquidation bankruptcy, is the most popular type of bankruptcy. Under California law, a resident in Union City can use California’s system of property exemptions to protect their exempt assets. Their remaining assets are then sold or liquidated to pay off their debtors. Any remaining unsecured debt is discharged or wiped away.
For persons with substantial income or assets, Chapter 13 Bankruptcy may be a good option. Chapter 13 Bankruptcy involves paying back a portion of your debts based on a payment plan. The payment plan lasts for either three years or five years. After it is successfully completed, any remaining unsecured debts are discharged.
Because there are many complexities to determining qualification and successfully filing, it is important not to go it alone. If you are considering filing for bankruptcy, a bankruptcy attorney can help you decide if Chapter 7 or Chapter 13 Bankruptcy is a good fit for your financial situation.
If you are overwhelmed with debt or being harassed by creditors, do not wait – contact the Law Offices of Melanie Tavare today. Whether bankruptcy is a good solution depends on your individual circumstances. An experienced attorney can discuss bankruptcy with you and help you figure out your best option. Feel free to contact us online or call us at 510-255-4646 to find out how we can help
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