Bankruptcy Lawyer in Port Hueneme, CA Easing Clients Through the Bankruptcy Process
Debt is a widespread issue in America. Many Americans struggle with various payments and wages that aren't paying them enough. There are many reasons for this high level of debt. One reason is that wages have not kept pace with the cost of living. In addition, Americans have been encouraged to use credit cards and borrow money in order to purchase items they cannot afford. This has led to a culture of overspending and indebtedness.
When it comes to debt relief options, few options are as popular as filing for bankruptcy. Bankruptcy is a legal process that allows debtors to have their debts discharged. This means that the debtor is no longer legally obligated to repay the debt. There are two primary types of bankruptcy that individuals can file for: Chapter 7 and Chapter 13. I have helped countless clients in need of debt relief file for bankruptcy under United States bankruptcy law. My services come at a reasonable price because I don't believe you should be worried about paying me for my services at the same time as you are dealing with bankruptcy. I firmly believe in the attorney-client relationship and I will do whatever I can to ease you through these trying times. Call the Law Offices of Eric Ridley today at (805) 244-5291 for a free initial strategy session and get the help you deserve.
Why Do Most People File for Bankruptcy?
There could be a lot of reasons why people file for bankruptcy. Some might have gotten themselves into too much debt, while others might have lost their jobs or experienced a major financial setback. Whatever the reason, it can be a very difficult decision to make. These are the common reasons why people file for bankruptcy:
Too Much Medical Debt
One of the biggest reasons people file for bankruptcy is because of medical debt. Even with insurance, medical bills can be incredibly expensive. If you have a lot of medical debt, it can be difficult to keep up with the payments. This can put a lot of financial strain on you and your family.
Job Loss or Reduction in Income
Another common reason people file for bankruptcy is that they've lost their job or experienced a reduction in income. This can make it difficult to keep up with your monthly bills, let alone pay off any debts you might have. If you're facing unemployment or a pay cut, bankruptcy might be the best option for you.
Divorce can be another reason people file for bankruptcy. When you divorce, your financial situation can change dramatically. If you're used to living on one income, you might have a hard time adjusting to living on half of that. This can make it difficult to keep up with your bills and pay off any debts you might have.
Too Much Credit Card Debt
Of course, one of the main reasons people file for bankruptcy is because they simply have too much credit card debt. If you're struggling to make ends meet and your credit card debt is constantly growing, bankruptcy might be the best option for you.
Filing for bankruptcy is not something that you should take lightly. It's a serious decision that will affect your financial future for many years to come. But sometimes it's the right option for people who are struggling financially.
Bankruptcy is not something that anyone wants to go through, but sometimes it's the only way to get out of a tough situation financially. If you're considering filing for bankruptcy, consult with me first to learn more about your options. I will guide you through each and every step, from the bankruptcy petition to representing you in bankruptcy court.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is also known as liquidation bankruptcy. This type of bankruptcy allows debtors to have their unsecured debts, such as credit card debt and medical bills, discharged. In order to qualify for Chapter 7 bankruptcy, the debtor must pass a means test. The means test looks at the debtor's income and compares it to the median income in the state. If the debtor's income is below the median income, they will likely qualify for Chapter 7 bankruptcy.
Once a debtor has filed for Chapter 7 bankruptcy, they will be required to attend a meeting of creditors. This is where the debtor will meet with their creditors and discuss their debts. The debtor will also have an opportunity to reaffirm any secured debts, such as a mortgage or car loan. After the meeting of creditors, the debtor's unsecured debts will be discharged and they will be free from that debt.
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is a type of debt relief that allows individuals to restructure their debts and repay them over a period of time. This type of bankruptcy is also known as a "wage earner's plan." Under Chapter 13, an individual's debts are reorganized and a repayment plan is created. This repayment plan typically lasts for three to five years.
Chapter 13 bankruptcy can be beneficial for individuals who are struggling with debt but who do not qualify for Chapter 7 bankruptcy. It can also be beneficial for individuals who are facing foreclosure or who have other assets that they wish to keep.
If you are considering filing for Chapter 13 bankruptcy, it is important to speak with experienced bankruptcy attorneys. I can help you understand the process and ensure that you are taking the right steps toward financial freedom.
Contact the Law Office of Eric Ridley Today for Compassionate and Helpful Service
Filing bankruptcy can be a difficult decision, but the Law Office of Eric Ridley will work with you every step of the way to make the process as smooth and stress-free as possible. I understand that this is a challenging time in your life, and I will do everything I can to help you get back on your feet. Bankruptcy provides individuals and businesses with a fresh start by wiping out most or all of their debts. It also stops creditor harassment and protects your assets. If you’re considering filing for bankruptcy, contact me today for a free consultation. Call the Law Offices of Eric Ridley today at (805) 244-5291 for a free initial consultation and get the help you deserve.