Roseville, California Bankruptcy Lawyers
Roseville California Bankruptcy Lawyer Ron Holland has helped over 12,000 clients and consumers with their debt problems since 1982. Call (916) 749-6456 today!
If you are thinking of filing for bankruptcy, the Roseville bankruptcy lawyers at Holland Law may be able to help you. Bankruptcy is a legal protection offered to individuals who can no longer pay their debts or bills. The legal process can give you a chance to start over if you find yourself in over your head with bills and debts. There are many reasons why people find themselves struggling to pay bills and debts. Inflation, unexpected medical bills, a sudden lost job, the birth of a new child, the death of a loved one, divorce, and other unexpected life events can result in individuals and families struggling to make ends meet. Bankruptcy is a legal option available to both individuals and businesses. During the bankruptcy process, the courts will evaluate your assets and liabilities (debts), determine what you can afford to pay, pay back creditors by liquidating assets, and potentially putting you on a payment plan depending on the types of debts you hold. In many bankruptcy cases, individuals are permitted to keep their property and some assets, and get a clean slate. Bankruptcy laws allow individuals to keep certain household goods, tools for their trade, and a personal vehicle (up to a limited value). If you are not sure whether bankruptcy is right for you or are considering filing for bankruptcy, you may want to speak to a bankruptcy lawyer in Roseville, California at Holland Law today. Our bankruptcy attorneys in Roseville, California can review your situation, help you understand your options, and assist you with the next steps. You deserve to be free. Contact Holland Law, a bankruptcy law firm in Roseville, California today.
Types of Bankruptcy
For most consumer debt, there are two main types of bankruptcy: Chapter 7 bankruptcy and Chapter 13 bankruptcy. The type of bankruptcy you’ll file will depend on your unique financial situation. Chapter 7 bankruptcy allows individuals to clear away medical debt and credit card debt. With Chapter 7 bankruptcy you’ll be required to sell all non-exempt assets, pay off as much of your debts as you can, and then receive a clean slate. You are permitted to keep certain items with Chapter 7 bankruptcy. These items include personal household items, work tools, and your personal vehicle if it is under a certain value.
If you earn too much money or own a home you would like to keep, Chapter 13 bankruptcy may be a better option. With Chapter 13 bankruptcy, the court helps you set up a feasible debt-repayment plan. In Chapter 13 bankruptcy, a person is typically put on a five year repayment plan and is permitted to keep a home and property, as long as the person continues to pay the mortgage and debts.
Once a person successfully files for bankruptcy, he or she is no longer legally required to pay any debts included in the bankruptcy. Any creditor listed in your bankruptcy can no longer take collections actions or legal action against you. While many debts can be discharged in bankruptcy, some types of debts like alimony payments, child support, tax debts, and most student loans cannot be eliminated through bankruptcy. With student loans, a bankruptcy lawyer in Roseville, California at Holland Law may be able to assist certain clients facing unique financial burdens.
Bankruptcy can have some major legal consequences. You’ll likely face a lower credit score for up to 10 years, and the bankruptcy can stay on your record for this long. Having a bankruptcy on your record can make it more challenging to get credit, to get good interest rates, to get a mortgage, get a loan for a car, or secure other types of loans. It is important to think carefully before you pursue bankruptcy because of these consequences. That said, for individuals facing untenable bills and major financial challenges, bankruptcy can sometimes offer a fresh start.
If you have questions about whether bankruptcy is right for you, reach out to the Roseville, California bankruptcy lawyer at Holland Law today. Our bankruptcy lawyer can review your situation and help guide you through the next steps. We are here to help.
There are certain situations where bankruptcy may be your best choice. If you have struggled to pay bills and your credit score has suffered as a result, bankruptcy may not lower your credit score as much as you think and may even offer you the opportunity to rehabilitate your score sooner than if you had tried to “tough out” your debt. In fact, within two years some individuals can raise their credit score above 600 within two years following bankruptcy.
Bankruptcy is not for everyone and it does carry financial consequences. A bankruptcy attorney in Roseville, California can help you determine if bankruptcy is right for you. Contact our attorneys today to learn more and to take steps in breaking free of debt. You deserve to be free. Let us help you start over. We are here to help.
