Chapter 7 and Chapter 13 Bankruptcy

Filing bankruptcy is a complex process. You will need a lawyer who specializes in bankruptcy to determine whether bankruptcy is the right solution for your situation, and, if it is, to ensure that your petition is filed successfully and with flawless execution. At Bankruptcy Legal Center, we specialize in bankruptcy, including Chapter 7 and Chapter 13, and debt relief. We have an established track record of successfully helping you get out of debt San Diego and get a fresh financial start. Take back your life and financial freedom and take the first step toward becoming debt free. Call us and speak to an expert bankruptcy lawyer who will discuss all of your options with you.

Why Creditors Are So Aggressive to Sue

Your creditors have a limited amount of time to sue you or else they forfeit the right to collect the debt by reason of the running of the “Statute of Limitations.”  Every type of legal action must be brought with a statutorily prescribed time.  A statute of limitations sets forth the time deadline for filing various types of legal actions, including a creditor’s action to collect a debt.  Once the Statute of Limitations runs (expires), your creditor is no longer permitted to use the legal process to recover the money owed to them.  By necessity, then, creditors are motivated to be aggressive and file collection lawsuits so that they don’t forfeit their right to collect.

Bankruptcy to Get Out of Debt

If bankruptcy is the right solution for your situation, we’ll help you get out of debt San Diego by filing a successful bankruptcy and then showing you how to rebuild your credit.  If bankruptcy is not the right solution, we’ll give you candid advice as to your best course of action for achieving lasting debt relief and rebuilding your credit.  Your best option may be to eliminate credit card debt with a Chapter 7 bankruptcy, or your circumstances may necessitate repaying certain debts in a Chapter 13 bankruptcy.  If you have a 2nd mortgage, you may be able to erase a second mortgage through the Chapter 13 lien stripping process, thereby reducing your monthly total home loan payments.  Bankruptcy is not the right solution for everyone.  That’s why we offer you a free attorney consultation to help you determine the right solution for your unique situation.

Repay Debt and Reestablish Credit

Contrary to what some people think, bankruptcy can, and in many cases will, increase your credit score.  Depending on where your score is right now, you may see a significant increase, or even a quite dramatic increase.  By repaying your credit card debt and other debts on time each month, you will be reestablishing credit resulting in your credit score rising.  Your present credit score is an important factor that affects the type of increase that you can expect.  Many of our clients find that they have a 600 credit score within one to two years after filing and receiving a discharge.  Before you file, we will pull a credit report with your projected future credit score to give you an idea of where you can expect your score to end up.  Some of our clients enjoy a 700 credit score within as little as three to four years after filing your case.  Reestablishing credit is an important part of implementing a complete debt relief solution.  After you successfully get out of debt San Diego, your next step will be to rebuild and reestablish your credit again.  Your lawyer can show you how to bring up your credit score and get back on the right track to financial stability.

Keep Your Home and Car

A frequent concern expressed by new clients is whether they will be able to keep their home or car.  You will be happy to know that in most cases you will keep you home and car and all of your other assets.  It is a rare case in which you may have too many assets to keep, and if that is the case for you then your attorney will definitely inform you during your initial consultation.  We will never place your assets in jeopardy of being taken by the bankruptcy court.  If there is any possibility that you may have to give up one or more of your assets, we will let you know during your consultation.  If your assets currently are not fully protected, there are a variety of legal pre-filing planning methods and mechanisms we can help you utilize in order to ensure that all of your belongings are protected when your case is filed.

Save Your Home from Foreclosure

Bankruptcy can also be a very effective means for helping you save your home from a foreclosure.  Many people are unaware that by filing under Chapter 13, you can keep your home even if you are a year or more behind in your mortgage payments.  As long as you are willing and able to repay your past due loan payments over time, then you can stop a foreclosure save your home.  This is true, even if your lender has denied you a modification and does not want to work with you anymore.

Buying a New Home After You File

Many of our clients find that after they file bankruptcy they are able to purchase a new home sometimes in as little as 1-2 years after they receive their discharge.  However, the typical timing for qualifying for a home loan is 2-3 years after your case is completed.  So if you need to file bankruptcy to get out of debt it is reassuring to know that you can still qualify to buy a home within a relatively short period of time after you file and complete your case.

Free Consultation

Our firm is dedicated to helping people in our local community and throughout the County of San Diego get out from under crushing debt.  We are experts in debt relief matters and we fight hard to protect our clients’ legal rights.  We help you get out of debt San Diego and get a fresh start for you and your family.  Call Bankruptcy Legal Center today and speak directly to an experienced bankruptcy attorney who will help you get started on the road to becoming debt free.