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Sacramento Bankruptcy Lawyer

Bankruptcy is a serious matter and one that typically requires the help of an attorney. Regardless of the reasons you are considering bankruptcy, a Sacramento bankruptcy lawyer can help you navigate the process, ensure your schedules are filled out accurately and help you determine which chapter of bankruptcy best meets your needs and goals.

A Sacramento Bankruptcy Lawyer Explains Chapter 7

Chapter 7 bankruptcy allows consumers who have successfully completed a credit counseling course and passed the required means test to have certain debts completely discharged. This means credit card payments or other unsecured debts do not have to be repaid to creditors. It is important to understand that mortgages, child support payments, most tax debt and student loans are not eligible for discharge under Chapter 7 rules. An attorney can help you with the required means test and finding an approved credit counseling service.

What You Need to Know About Chapter 13

If a Sacramento bankruptcy lawyer determines you are ineligible for Chapter 7, you can still consider Chapter 13 bankruptcy.  Chapter 13 is also known as wage earners bankruptcy because depending on your income, you can restructure your debt so that any past-due amounts are paid back over a period which cannot exceed 60 months. Your lawyer can help you determine how to structure a repayment plan and present it to the court. Once the court approves your plan, you will be required to make regular payments to a bankruptcy trustee who will then make the appropriate payments to your creditors.

Determining Which Chapter is Right For You

While bankruptcy does negatively impact your credit for a certain period of time, consumers who have suffered serious financial setbacks due to job loss, medical issues or even divorce may find bankruptcy is their best option. This is particularly true if you are facing eviction or foreclosure since filing will put an automatic stay in place. Your Sacramento bankruptcy lawyer can help you determine which chapter of the bankruptcy codes is best for your specific financial situation.

There are some debts like tax debts, student loans and child support payments that cannot be discharged through bankruptcy but may be reorganized to be more affordable. Speak with an attorney who understands the bankruptcy code to determine what steps you can take to get your finances back in order to help you rebuild your credit and get you on a more solid financial footing.