If you are an individual or business owner struggling with debt, you need help getting out of it. Fortunately, bankruptcy is an option available many for people facing overwhelming debt. Securing a debt discharge or reorganization plan, however, often requires having experienced legal counsel on your side.
If you want to take debt relief into your own hands, reach out to The Fuller Law Firm, PC for assistance. Our legal team has nearly 40 years of combined experience that we use to help our clients pursue debt relief through Chapter 7, Chapter 11, or Chapter 13 bankruptcy. After helping many previous clients achieve debt discharges and debt repayment plans, we know it’s possible for many to get out from underneath overwhelming debt.
We believe personalized legal assistance can lead our clients to success. That’s why we strive to evaluate each client’s financial situation on an individual level and identify legal options, opportunities, and risks that uniquely apply to them. With this information, we develop sound legal strategies that can optimize a client’s odds for the best possible outcome. Learn more about how our bankruptcy lawyers in Del Norte can help when you contact us today.
Bankruptcy Stops Creditor Harassment!
Not only can bankruptcy help you discharge or reorganize your debt, but it can also stop creditor harassment. If you’re tired of creditors demanding payments you can’t make, bankruptcy puts an end to it when a judge put an automatic stay on collection actions.
That means your creditors can no longer:
- Call you
- Send threatening letters
- Contact your family members, friends, or neighbors
- File for wage garnishment
- File for bank levies
- File for foreclosure
- Continue with foreclosure proceedings
Your creditors are prohibited from these and other activities while your bankruptcy case is open. This is a right you have under the federal Fair Debt Collection Practices Act. If you want to learn more about how bankruptcy protects you from creditors, consult with our bankruptcy attorneys in Del Norte today!
Guiding Clients Through Chapter 7 Bankruptcy
Chapter 7 is the most common type of bankruptcy, and it’s available to both individuals and businesses. Also known as “liquidation bankruptcy,” Chapter 7 can provide debt discharge after a filer’s assets are liquidated to pay off creditors. Although many people fear losing everything in Chapter 7, this simply doesn’t happen. Filers can exempt most small assets such as clothing, furniture, and other personal belongings by using either the 703 series or 704 series of exemptions. Californians can also use the homestead exemption to protect a significant amount of equity in their homes – up to an adjusted amount of $626,400 in 2022. In most cases, Chapter 7 is appropriate when one has limited assets and a significant amount of consumer debt. Keep in mind, however, that Chapter 7 is means-tested, which means it may not be available to wealthy or high-income individuals.
Navigating Chapter 13 Bankruptcy
Chapter 13 focuses on reorganizing an individual or business’s debts and repaying them over time. Repayment plans can last three to five years, and a debt discharge for any remaining balances can be ordered upon the successful completion of the plan. Chapter 13 may be advantageous to homeowners who are behind on their mortgages. Because filing for bankruptcy stops foreclosure, you can breathe a sigh of relief and work on a plan to satisfy your mortgage debt over time – this can even save your home! Because Chapter 13 requires your creditors to agree to a debt repayment plan, it’s essential to have experienced guidance during this process. Our bankruptcy lawyers in Del Norte can help you come up with a proposal that benefits you.
Assistance with Chapter 11 Bankruptcy
Chapter 11 bankruptcy is available to those who exceed the allowable limits for Chapter 7 and Chapter 13.
Chapter 11 debt reorganization can provide relief such as the following:
- Temporary deferral of pre-petition obligations
- Avoidance and recovery of involuntary transfers
- Ability to assume or reject unexpired leases or executory contracts
- Ability to sell property despite liens and interests
- Ability to borrow money post-petition to finance company
If your business is dealing with a heavy debt burden due to a recent economic downturn, Chapter 11 might be right for you. Your company might also benefit from Chapter 11 if you own leases on underperforming properties. Although businesses most typically apply for Chapter 11, individuals who own investment properties worth less than their loan balance also tend to apply. This is because Chapter 11 can “strip” second mortgages on real estate.
Get Help from The Fuller Law Firm, PC
Our experienced bankruptcy lawyers in Del Norte are waiting to assist potential clients. We understand how important bankruptcy is. For many people, it’s the first step they need to take to establish a solid foundation for rebuilding their finances.
If you’re looking for debt relief solutions, we can help you find them. Contact The Fuller Law Firm, PCtoday to learn more.
We believe each client deserves outstanding service.
We provide free phone and virtual initial consultations.
We are caring, knowledgeable, and trustworthy.
We will work quickly and guide you every step of the way.