The Law Offices of Ripley & Associates is located in Victorville, Ca. and services clients throughout the San Bernardino county and Inland Empire area, including the cities of Adelanto, Apple Valley, Barstow, Big Bear Lake, Chino, Chino Hills, Colton, Fontana, Grand Terrace, Hesperia, Highland, Loma Linda, Montclair, Needles, Ontario, Rancho Cucamonga, Redlands, Rialto, San Bernardino, Twentynine Palms, Upland, Yucaipa, Yucca Valley.
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Bankruptcy Law
Despite your growing debt, piling unpaid bills and nonstop phone calls, there are options to help you regain control. If you take immediate action, you can get help before it is too late. Bankruptcy is a federal law that allows individuals, married couples, and businesses to eliminate or restructure their debts when they have financial difficulties.
The law provides for several different types of bankruptcy, called chapters, because the provisions that govern them are contained in different chapters of the Bankruptcy Code. You can file for bankruptcy without a lawyer, but because of the complications, it is not generally advised. Mistakes can be very costly.
Filing for bankruptcy is just among many options to help you recover from your financial challenges. In order to make the best decision for your unique situation, call the Law Offices of Ripley & Associates to schedule an appointment with an experienced and knowledge bankruptcy attorney so you can make the best decision.
Chapter 7 & 13
There are two main bankruptcy options offered to individuals in financial crisis. Chapter 7 offers the opportunity to discharge unsecured debts and Chapter 13 allows for the repayment of debts over a period of time.
Chapter 7 Bankruptcy is the most common form of bankruptcy. It is a proceeding in which the debtor's non-exempt assets are sold by a trustee and the proceeds are distributed to creditors according to the established priorities. In other words, the debts are wiped out, though certain debts cannot be discharged.
During a Chapter 7 Bankruptcy proceeding, about a month after you file the case, there is a meeting of the creditors. Three to six months later, you receive notice that your debts are discharged.
Chapter 13 is a repayment plan for individuals that meet certain requirements. The debtor keeps his property and makes regular payments to a trustee out of future income over about a 3 to 5 year period. Repayment in Chapter 13 generally ranges from 10 percent to 100 percent, depending on the debtor's income and the type of debt. The court decides how you will repay your creditors.
In Chapter 13 bankruptcy, you file a proposed payment plan with the court, describing how you will repay your creditors. You then meet with creditors to discuss your plan, and afterwards, the judge will decide whether or not to accept your repayment plan. If you follow your repayment plan, the remaining portion of your dischargeable debt will be wiped out at the end of the repayment period.
Most people who file for bankruptcy file for Chapter 7 because all dischargeable debts are wiped clean. However, there are reasons to file for Chapter 13 bankruptcy. First, if you have filed for bankruptcy within six years, you have to file under Chapter 13. Also, if you have valuable nonexempt property that you want to keep, under Chapter 7, it would be liquidated, but under Chapter 13, you can keep it. Furthermore, if you are behind on a mortgage or car loan, under Chapter 13, you can keep it and repay through your repayment plan. Our office will help determine if Chapter 7 or Chapter 13 is the best option for you.
Determining whether to file Chapter 7 or Chapter 13 bankruptcy is an important decision. The Law Offices of Ripley & Associates can help you decide what the best option for your individual situation.
Contact our office to set up a consultation with an experience attorney to help you make the best decision with all of your credit and debt problems.
