San Jose Bankruptcy attorney for Debt Relief
Looking to relieve overwhelming debt?
In the wake of the economic downturn, countless individuals were forced to endure the consequences. Making mortgage payments and paying off credit card bills has now becoming increasingly difficult for a great number of people, so it is no surprise that many are exploring options of debt relief. Debt relief, commonly achieved through filing for bankruptcy or through strategically defaulting on a loan, is a viable option for those that just can't seem to get out from underneath their piling debt. In order to obtain this type of fresh start, there several opportunities that one must navigate.
Forms of Debt Relief
One of the most common forms of debt relief is filing for bankruptcy, which means that an individual can choose to file under Chapter 7 or Chapter 13. Each one has different advantages and disadvantages, but one should only initiate this process if they have incurred a serious amount of debt. Chapter 7 bankruptcy is a way for one to liquidate their unprotected assets and to eliminate their obligation to pay off any unsecured debt. In doing so, a debtor has the chance to achieve immediate debt relief and start fresh.
Chapter 13 bankruptcy is a process that does not eliminate debt, but rather reorganizes it. By doing so, an individual will have the chance to adhere to a monthly payment plan in which they slowly pay off their debt over the course of three to five years. During this time, creditors are prevented from pursuing collection, and a debtor is able to regain financially stability over a manageable period of time. In order to qualify under Chapter 13, however, one may not have more than a certain amount of both unsecured and secured debt.
Finally, in some cases an individual can decide to strategically default on a loan, or purposely fail to make payments, without having to file for bankruptcy. This usually only applies to a mortgage, however, as it is considered a non-recourse loan. If one simply decides not to continue making payments, they will likely be forced to endure a foreclosure of their home, but in many cases, this is viable option for those who have an "upside-down mortgage." For more information about what debt relief option is right for you, you should not hesitate to discuss your case with a qualified attorney.
Finding the Right Type of Debt Relief
Despite how intimidating your financial situation may appear, it is of the utmost importance to your future to consult with a bankruptcy lawyer. Having experience in dealing with debtors on a daily basis, no one understands the effects of the economy's downturn more than our firm. We spend hours upon hours each day helping struggling individuals just like you that are facing one of the most difficult times in their life. Many individuals who come to us have experienced job loss or reduced wages, outstanding medical bills, increased mortgage payments, foreclosure and extreme credit card debt.
Despite the specifics of your case, we always provide a free case consultation with a bankruptcy attorney at Capital Law Offices to discuss the legal matters at hand. When your future is on the line, you want to be certain that you are making the right choice for your financial situation, so the first step should be to contact an experienced attorney from our firm and review the facts of your case. In doing so, you can rest assured that the process will be handled quickly and effectively and that your best interests will be kept in mind the whole way through.
If you have any questions or would like to schedule a FREE initial consultation with one of our experienced attorneys, please Contact Us online or call at (408)627-4898 today!