You want to be debt free, and you may have more options than you realize. While bankruptcy can help you wipe your debt clean, it can also provide immediate relief in other ways as well. If you want to put an end to foreclosure, stop creditor harassment, stop lawsuits, wage attachments, and prevent repossession, bankruptcy may be right for you. At the Southern California, San Diego law offices of the Debt Relief Legal Clinic, our attorneys can help you understand the total benefits of bankruptcy.
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Fighting to maintain minimum payments on a major debt amount can happen to anyone. Whether you are a college student who has amassed a large amount of credit card debt or you cannot keep up with your medical bills after an illness or accident, or for any other myriad reasons, bankruptcy can provide immediate relief and a long-term financial plan.
Benefits of Chapter 7 Bankruptcy
- A fast process that normally concludes within three to four months, if you qualify for Chapter 7 bankruptcy, you could have most, if not all, your entire debt wiped clean. Chapter 7 bankruptcy provides the following benefits:
- Cheaper than Chapter 13
- Free of most or all debt when it is finished
- Most or all secured debts wiped away after 90 days, after return of the collateral
- Most or all unsecured debt wiped away after 90 days
- Stops wage garnishments, repossessions and foreclosures
Benefits of Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a viable debt relief option for people making more than the median income level, but without enough cash to pay off their debts, in full. While it takes longer than Chapter 7 bankruptcy, Chapter 13 bankruptcy provides a number of additional benefits, including:
- Discharge of most or all remaining debts after a 3-5 year payment plan
- Stopping foreclosures
- Stopping wage garnishments and repossession
- Reduction or elimination of interest
- Reduction or elimination of principal
- Restructure of automobile loans
- Restructure of arrears owing on home loans
- Stripping away junior deeds of trusts, in some cases
- Elimination of interest and penalties paid to the IRS or FTB
Dedicated to tailoring our approach around the needs of our clients, our lawyers and experienced staff will be there to answer your questions and provide you with straightforward legal counsel and advice. With offices in San Diego, Bonita and Vista, we help a diverse set of clients throughout Southern California. Call 877-663-3287 or contact us on-line today for a free initial consultation.