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Chapter 7 and Chapter 13 filing
California bankruptcy law can stop garnishments, foreclosure, and harassments from creditors. Our office specifically handle these types of cases. Attorney Anita Khachikyan has helped thousands of people navigate the bankruptcy process and successfully obtain a complete discharge of debts.
Chapter 7: This type of bankruptcy wipes out all debts that are considered dischargeable. Certain debts are non-dischargeable by law, which includes student loans, some taxes, child support, debts incurred by fraud, etc. In exchange for the complete discharge, debtors are required to turn over any asset that are considered "excess" under California property exemption law. Since debtors do not have a right to dismiss a case once it has been filed, their properties are at stake once a case is filed. Always consult with a bankruptcy attorneybefore filing for bankruptcy. For most debtors, Chapter 7 is the most attractive means of getting a fresh start.
Chapter 13: This is also called "reorganization" bankruptcy. Some debtors with higher-than-average income are limited to Chapter 13. In a Chapter 13, the bankruptcy case administrator (also called the bankruptcy trustee) collects monthly payments from the debtors and then re-distribute them to creditors. In most cases, debtors are only required to re-pay back a fraction of their total debts. The remaining unpaid debts are discharged (meaning they are wiped out). Since every Chapter 13 Plan must be drafted from scratch, an attorney's assistance is usually required to properly file.
Foreclosure: A Chapter 13 bankruptcy can also stop a foreclosure sale. If a debtor is behind on his or her mortgage, a Chapter 13 can be used to catch-up. The bankruptcy code allows up to 5 years to catch-up on a delinquent mortgage. While a debtor in a Chapter 13 payment plan, federal law prohibits lenders from foreclosing on that property. Chapter 13 can only stop a foreclosure sale as long as the bankruptcy case was filed before the actual foreclosure sale date. If you are facing foreclosure, don't wait!
If you are stressed or worried, call today to set-up a free in-person consultation with an attorney.