What is Bankruptcy?
Bankruptcy is a proceeding that occurs in federal court. Based on your unique personal situation, you may either have all unsecured debts, such as credit cards, discharged. Or you may participate in a payment plan to provide all, or part, of the payment due.
What is the difference between Chapter 7, Chapter 13 and Chapter 11?
In a Chapter 7 Bankruptcy case, also referred to as “liquidation,” you may have all unsecured debts discharged, or eliminated. What this means is that you, after discharge of your bankruptcy, will be free of debts that the Court has discharged.
Alternatively, in a Chapter 13 Bankruptcy case, which is also referred to as “reorganization,” your bankruptcy attorney will help you develop a monthly payment plan that will provide your creditors with partial, or complete, repayment over the next 3 to 5 years. Like a Chapter 7, once a Chapter 13 is discharged, you will then be free from the debts that the Court has discharged or that were paid off.
A Chapter 11 Bankruptcy case is a reorganization for people with complicated finances or businesses.
Why choose Linda S. McAleer as my Bankruptcy Attorney?
Experience – We are a team of multi-jurisdictional Chapter 7 Bankruptcy and Chapter 13 Bankruptcy attorneys with experience in front of virtually every trustee in the district.
Simplicity – We will listen to what you have to say, examine the facts and provide the best options. We offer alternatives to bankruptcyand an unbiased opinion on what is best for your specific needs.
Price – Some firms offer one low price for bankruptcy, only to hit you with extra fees for motions, continuances, credit reports, etc. At the Law Offices of Linda S. McAleer we will tailor an affordable bankruptcy solution for your situation and tell you all fees up front, before you start the process.
Can I choose between a Chapter 7 or a Chapter 13?
In order to qualify for a Chapter 7 Bankruptcy you must meet certain financial requirements. Under the new law, people must fall below the median income for their geographic area. If you do not immediately fall under the median income, then are certain expenses that may be taken into account which would allow you to qualify for a Chapter 7. Don’t try to figure out all of the limits and exemptions yourself. Experienced San Diego Bankruptcy Lawyers and trustees argue the limits on a daily basis and it is recommended that someone with intimate knowledge of the San Diego Bankruptcy courts help you decide what to include.A Chapter 13 Bankruptcy is sometimes an option for an individual who does not qualify for a Chapter 7.
Will all of my debts be discharged?
The answer is maybe, there are certain debts that cannot be discharged. Some of those include: government guaranteed studentloans*, taxes, secured debts, debts procured by fraud or misrepresentation and family support. You will be required to continue regular payments on these debts. Again, an experienced San Diego Bankruptcy Attorney should be utilized to get the maximum relief.
How will filing bankruptcy affect my credit?
Although the bankruptcy will be noted on your credit report, it is not the end of the world. Once your bankruptcy is discharged, you can typically get credit cards again, buy automobiles, and over time, obtain a home loan. Bankruptcy wipes your financial slate clean and provides you with a new start. Many people begin rebuilding their credit immediately after discharge.