Your Monterey Bankruptcy Attorney
All kinds of people in all kinds of financial situations file for bankruptcy...
In fact, one out of every 150 people living on the Monterey Peninsula has filed for bankruptcy.¹
For most people who are deeply in debt, bankruptcy is the only real option. Layoffs, illness, divorce or tax problems can leave people with overwhelming debts. If you are going to be spending the next 10 to 20 years of your life struggling to pay off bills, you need to consider bankruptcy as an option. While a Chapter 7 , Chapter 13 or Chapter 11 bankruptcy will affect your credit, if you are in default on many bills, your credit score is already dropping. Filing for bankruptcy may actually help improve your credit score over time because in most cases your debt is either erased or reduced greatly.
If you are considering bankruptcy, make sure you have a knowledgeable bankruptcy lawyer in Monterey at your side to guide you through this difficult process so that you will get the best possible result.
For outstanding customer service and knowledgeable bankruptcy advice, call Central Coast Bankruptcy, Inc., and schedule an appointment with our Monterey Peninsula bankruptcy attorney Jason Vogelpohl.
We understand that facing bankruptcy can be extremely stressful and frightening for many people. It is our goal to make the process as easy and stress-free for our clients as possible. We help people through all types of bankruptcy and debt relief options, answering their questions and giving them real solutions to their debt problems.
Chapter 7 Bankruptcy Attorney
Are you overwhelmed with credit card debt, medical bills or other loans? Are you tired of the creditors calling and fear your wages are going to be garnished? Get the financial freedom that you deserve and call Central Coast Bankruptcy, Inc., in Salinas, Monterey and San Jose, California. Our firm provides knowledgeable and personalized legal services for all types of debt relief. We will listen to your problems and your future goals and determine if Chapter 7 bankruptcy is right for you.
What Is Chapter 7 Bankruptcy?
Chapter 7 is the program most people think of when they think of bankruptcy. It is sometimes referred to as a "full" or "straight" bankruptcy. Those who qualify are able to discharge many debts, including:
- Credit cards
- Medical debt
- Personal loans
- Lawsuit judgments
- Car loans or leases
- Some kinds of tax debts
Chapter 7 is best suited for people with unsecured debt and few assets. If you do not own a home, do not have many valuables or investments, have a car loan or an older car, Chapter 7 may be right for you.
Compared with other bankruptcies, Chapter 7 is quicker — the entire process usually lasts only four to six months. The most important advantage to a Chapter 7 is that it makes it possible to get rid of a lot of debt relatively quickly.
There are important cautions and restrictions on the Chapter 7 program such as the following:
Certain kinds of debts can't be discharged in a Chapter 7.
Another important caution about Chapter 7 is that certain assets can be seized and sold by the court for the benefit of creditors.
Not everyone is eligible for a Chapter 7. If you have enough income to pay back some of your bills, you will not be permitted to file a Chapter 7. Click here to determine what type of bankruptcy is right for you. Many of the disadvantages described here are not present in a Chapter 13.
Bankruptcy Attorney serving Salinas and Monterey
Chapter 11 Bankruptcy Attorney
Chapter 11 Bankruptcy Attorney in Monterey
Personal bankruptcy options are typically limited to filing for Chapter 7 or Chapter 13 protection. However, Chapter 11 may be appropriate for individuals and married couples who don't qualify for Chapter 7 or Chapter 13, particularly if several properties are involved. At Central Coast Bankruptcy, Inc., our Chapter 11 bankruptcy lawyer serving Monterey County, San Benito and Santa Clara County will work closely with you to find a debt relief plan that will best suit your particular situation.
Monterey Chapter 11 lawyer, Jason Vogelpohl, specializes soley in bankruptcy law. This helps to ensure a thorough, well planned bankruptcy that can help you get out of overwhelming debt.
A Bankruptcy Attorney who will help you decide If Chapter 11 is right for You:
When filing for a Chapter 7 or Chapter 13 bankruptcy, there are certain limits to the amount of income you may have, or the amount of debt that you have. These limits are much higher with a Chapter 11 bankruptcy.
Filing Chapter 11 May be Right for You:
If you have a significant household income
If you own a significant amount of property
If your debts exceed the Chapter 13 debt ceilings.
If you have in excess of $1,149,525.00 in secured debt and/or $383,175.00 in unsecured debt.
Chapter 11 is thought of as a "Super 13" filing.
Filing for Chapter 11 and can give you the protection you need to hold onto your valuable assets, while giving you time to get your financial situation under control.
How Does Chapter 11 Bankruptcy Work?
Chapter 11 requires that you have the ability to repay the secured debt you intend to retain and the ability to repay a portion of your unsecured debt (in most cases).
Payments to creditors are negotiated and a Plan is presented to the Court and creditors for approval, once the Plan has been approved payments must be made to creditors in accordance with the Plan.
The term of repayment plan varies from case to case and on ability to pay required debt.
You can strip/remove junior lienholders from real property if certain criteria are met.
You can "cram down", or reduce the amount owed on any rental and/or other investment properties.
The criteria for corporations are the name as above; however debt amounts do not apply. Corporations may owe less than the amounts listed above and still file for Chapter 11 Bankruptcy.
If you are struggling with debt, we can help. Contact our California Chapter 11 bankruptcy Lawyers.
Monterey Peninsula Chapter 13 Bankruptcy Attorney
Chapter 13 is a flexible debt reorganization plan. It accommodates a variety of different situations and is a good option for those who can afford to pay back some, but not all, of their bills. Chapter 13 bankruptcy is different from Chapter 7 in that you do not simply walk away from your debts which have become unmanageable, but instead propose a "best efforts" plan to pay off your bills over a three- to five-year period.
Are you considering filing Chapter 13 bankruptcy? Contact an experienced Salinas Chapter 13 bankruptcy attorney at Central Coast Bankruptcy, Inc. Your initial consultation is always free. Call 831-783-0260 or send us an e-mail.
Benefits to Filing Chapter 13 Bankruptcy
There are many benefits to Chapter 13 bankruptcy, including:
People with considerable assets — such as homes, real estate property, boats, RVs, investments, etc. — often choose Chapter 13 bankruptcy, so they can keep their assets.
With a Chapter 13, you can include just about any kind of bill when filing your bankruptcy plan, including car loans, taxes, student loans, child support arrears, home loan arrears and more.
You may be able to keep your home and car by reorganizing your mortgage debt or car loan.
At the end of your three- to five-year plan, all remaining debts will be discharged.
If you are considering bankruptcy, contact Central Coast Bankruptcy, Inc., and find out if Chapter 13 bankruptcy is right for you. Chapter 13 is a type of personal bankruptcy that is only available to those who have a reliable source of income and who are able to propose a reasonable plan for debt repayment. But when working with an experienced firm like Central Coast Bankruptcy, Inc., it is usually possible to build a monthly payment program which is much more affordable than any other solution.
What is a Lien Strip?
So many people are upside down in their homes these days, meaning they owe a lot more on their mortgage than the home is actually worth. Many families took out 2nd or even 3rd mortgages or HELOC loans when the housing market was doing well, and now have come across hard times and cannot make the payments. A "lien strip" can eliminate the 2nd, 3rd, or HELOC if the home's value is current appraised value is less than what is owed on the home. While the client is responsible for paying off the first mortgage, often we are able to completely eliminate the 2nd, 3rd or HELOC with a lien strip, saving our clients substantial amounts of money.
"Lien Stripping" is a very powerful tool, and it is possible with a Chapter 13 or Chapter 11 Bankruptcy.
What Would Your Monthly Payments Be in a Chapter 13 Bankruptcy Filing?
It's impossible to say without a careful review of your assets and liabilities, but the Chapter 13 payment is intended to be affordable and is usually based on your monthly income and ability to pay. Once you are in a Chapter 13 plan, the only other payments you need to make each month are your rent (or mortgage), food, utilities, etc. All car loan payments, taxes, mortgage arrears and most other bills are included or rolled into in your monthly Chapter 13 bankruptcy payment.
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