Oakland Bankruptcy Attorney
The decision to file bankruptcy is difficult and fraught with uncertainties and misconceptions. But if your goal is to keep and protect your assets or wipe out your debt, it is often your best option. Once you decide to file bankruptcy, you should do so right away to avoid unnecessary expense and stress.
Over the last 18 years, I have handled over 1,000 foreclosures cases. I have seen almost every scenario and I know that in almost every instance a bankruptcy can help you regain your financial footing. Most people do not realize there are different chapters under the bankruptcy code. Each chapter invokes an automatic stay that immediately prevents any creditor from taking an action against you in an attempt to collect a debt.
Generally, a Chapter 7 is best if you have little to no assets and are just trying to wipe out your debts and start over. A Chapter 13 is designed to let you keep your property and repay your debt over a three to five year period. Chapter 13 is especially useful in removing second mortgages or equity lines from your property in situations in which the balance owed to the first lender exceeds the value of your house. Chapter 11 is useful if your debts exceed the chapter 13 debt limits or need more than 5 years to repay your mortgages arrears.