Experienced Ventura County Bankruptcy Attorney Providing You With The Knowledgeable Guidance You Need
Law Office of Michael H. Raichelson provides affordable and efficient legal services for people in Oxnard, Ventura, Ventura County and Los Angeles County who are struggling with money troubles and overwhelming debt. In today's economy, many hardworking people find their careful financial planning in disarray due to a major event beyond their control, whether it is a sudden illness, losing a job, divorce or other family problems or simply a credit card or medical bill that escalated too quickly. While many people wrongly assume filing for bankruptcy is something to be ashamed of, our Oxnard & Woodland Hills bankruptcy attorneys have helped countless people take responsibility for their financial future and turn their lives around.
Understanding California Chapter 7, Chapter 13 and Alternative debt solutions
Since the writing of the Constitution, federal bankruptcy laws of the United States have been in place to protect individuals and businesses unable to repay their debts. There are multiple forms of bankruptcy, each with its own process and advantages. Chapter 7 bankruptcy is commonly known as “clean slate” or “liquidation” bankruptcy and allows the consumer to eliminate debt and start anew. Chapter 13 bankruptcy is often called a “wage earner's plan” or a “repayment plan.” The eligibility requirements for Chapter 13 are in some ways more lenient than those of Chapter 7. As a result, people in Van Nuys with regular monthly income can prevent foreclosure or repossession of their house or car while consolidating all of their outstanding debt into one manageable repayment plan lasting from three to five years. While available to individuals, Chapter 11 is more common in business bankruptcy.
There are certain types of debts that cannot be discharged, including alimony and child support, government-backed or government-issued student loans, secured debt and debts incurred from criminal activity or other malicious conduct. If your debt falls into these categories, loan modification may still be a viable option. Nevertheless, many people in Northridge and Encino are pleasantly surprised by what types of unsecured debts can be eliminated through Chapter 7 bankruptcy:
- Credit card debt
- Medical bills
- Tax debt more than three years old
- Certain court judgments
If you are a Ventura or Los Angeles County resident seeking advice on which debt solutions will work for your situation, the Woodland Hills & Oxnard bankruptcy lawyers at the Law Office of Michael H. Raichelson can help you regain control of your financial wellbeing.
Personal bankruptcy Stops creditor harassment immediately
One of the major benefits of filing for bankruptcy is an automatic stay, where the court prevents attempts from creditors and other bill collectors to obtain payment. For the duration of the bankruptcy proceeding, the phone calls, letters in the mail and other forms of creditor harassment stop, as do foreclosures, repossessions and wage garnishments.
The California bankruptcy court also consolidates your various debts and creditors under a single plan. Rather than dealing with the demands and requests of multiple obligations, you can handle them all at once. While creditors do have rights during the approval process, once the bankruptcy court approves a discharge of debt or a repayment plan, your creditors are then legally bound to accept them and can be subject to serous penalties if they come after you for payment.
Let experienced Ventura County bankruptcy attorneys help you get a fresh start
The attorneys at the Law Office of Michael H. Raichelson practice in every aspect of bankruptcy law to serve clients in Oxnard, Ventura County and Los Angeles County. Whether you are looking to put an end to creditor harassment, eliminate crushing debt or figure out a way to manage your obligations within a budget, our lawyers can help you through every step of the way and provide you with sound advice and planning that helps preserve your new financial standing and make life after bankruptcy as smooth as possible. For more information about our bankruptcy law services, contact the Law Office of Michael H. Raichelson by phone at 818-444-7770 or online today for a free initial consultation.