Are you financial difficulties? Thinking about filing for bankruptcy? A Santa Cruz Bankruptcy lawyer will be able to help in a time when you need it most. Handling all aspects of bankruptcy, a Santa Cruz Bankruptcy attorney will provide you with the legal methods for you to wipe out your debts. They will explain the main reasons and applications of bankruptcy law and how they function. A bankruptcy lawyer from your city can give you the fresh start you need.
With five different chapters of bankruptcy to choose from, you can find a way to end your debt. Just because you are filing bankruptcy does not mean you lose everything you own. There are also Chapters 9, 11, 12, and 13. These are plans that deal with debtor rehabilitation which involves court-approved plans and payment schedules.
A Chapter 7, also known as straight bankruptcy, is one in which many are familiar. It deals with the liquidation of your assets in order to pay outstanding debts. Your bankruptcy attorney from Santa Cruz will help you turn over non-exempt assets, turning them into cash to pay your creditors.
Chapter 9 is a process used for resolving municipal debts. More of a federal process, it covers towns, cities, villages, school districts, and such. Chapter 11 is like Chapter 9, except it is used for commercial businesses. This chapter allows businesses to keep running while paying off their debts.
Chapter 12 gives much needed relief to family farmers. Your Santa Cruz attorney can submit a debt relief plan that is stretched out over three years. If this is not long enough, the court can approve an extension up to five years.
To both consumers and individuals, Chapter 13 can give much needed debt relief. Most widely used, Chapter 13 allows you to keep valuable assets, like your home and car, while still paying off your debts. This plan of action will be considered at a confirmation hearing and will be either approved or disapproved.
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A Santa Cruz Bankruptcy lawyer can help clear your debts. Whether you are facing foreclosure, repossession, lawsuits, or liens, they are there for you. An experience Santa Cruz Bankruptcy attorney can help guide you through the process and give you much needed information to decide which is best for you.