San Diego Bankruptcy Lawyers
There are six different types of bankruptcy (or chapters). Most people in San Diego file for bankruptcy under Chapters 7, 11, or 13 and use experienced bankruptcy lawyers.
A San Diego Chapter 7 allows a debtor to discharge their non-exempt assets (a home or car are often exempt from bankruptcy). A trustee appointed by the court sells the debtor’s non-exempt assets and pays the proceeds to the creditors. Chapter 7 is available to individuals and businesses. While the Bankruptcy Code will allow the debtor to keep certain “exempt” property, the trustee will sell the debtor’s remaining assets.
Thus, the filing of a bankruptcy petition under Chapter 7 debt relief may result in the loss of property.
Most people in San Diego go to a bankruptcy lawyer to:
- STOP foreclosure on your home
- STOP wage garnishment
- STOP harassing credit card companies
- STOP overwhelming medical bills
- STOP IRS tax liens
- STOP judgement collection
San Diego debt relief lawyers can make advise whether Chapter 7 is right for you!
Partnerships and corporations usually file Chapter 11, which provides for a reorganization of a business. An important benefit of Chapter 11 debt relief is the ability to continue operating a business while a payment plan is implemented and confirmed by the court.
Chapter 13 in San Diego enables individuals with regular income to develop a debt relief plan to repay all or part of their debts. Under this bankruptcy chapter, debtors propose a repayment plan to make installments to creditors over three to five years.
Congress intended Chapter 13 of the Bankruptcy Code to be utilized for San Diego debt relief by individuals with regular income for the purpose of adjusting the debts of all creditors in payment of those debts over an extended period of time. Chapter 13 was designed to protect overextended individual wage earners desiring to repay their debts through the automatic stay and provide financial relief through a fresh start. In essence, a Chapter 13 bankruptcy plan is a contract between the debtor and the debtor’s creditors that enables the debtor to extend and adjust his debts. Upon completion of a Chapter 13 plan by your bankruptcy lawyer, the debtor is entitled to a broad discharge of his or her obligations.
An experienced San Diego bankruptcy lawyer will determine if Chapter 13 debt relief is right for you.
At Thompson | Wedeking, we are bankruptcy lawyers who have helped thousands of people in San Diego get the debt relief they deserve. Call us TODAY at 619.615.0767 to stop harassing creditor phone calls, foreclosure, or wage garnishment..