Oakland Bankruptcy Attorney: Areas of Expertise
Information About Bankruptcy
Bankruptcy was created under federal law to provide help to individuals who have accumulated an unmanageable amount of debt. The process utilizes a number of methods to relieve people of most or all of their debts, and give them an opportunity to start over financially. If you are struggling with debt and are considering bankruptcy as a solution to your financial difficulties, it is recommended that you contact our legal team. An attorney from Price Law Group is available to provide you with information about the process, as well as step-by-step assistance should you decide to file. The firm possesses over 20 years of experience in protecting clients from financial crisis, and will be able to help you determine the optimum course of action for your specific situation. They provide in-depth legal representation in the following areas:
Chapter 7
Bankruptcy comes in several different forms, called "chapters." Chapter 7 is the type of bankruptcy that is chosen most often by individual debtors. If you choose Chapter 7, a bankruptcy trustee will liquidate (sell) property or assets that you own in order to obtain funds to pay off your debts. You will be able to utilize property "exemptions" during the bankruptcy to protect some or all of your assets and property from liquidation.
Chapter 13
If you have large assets that you want to protect from liquidation (such as homes or vehicles) and would prefer to pay off your debts if possible, then Chapter 13 may be the best bankruptcy option for you. When you file for Chapter 13, you create a payment plan that is designed to help you pay off your debts over a certain period of time.
Credit Repair
Bankruptcy does have a negative effect on your credit. However, there are a number of ways in which you can repair your credit after bankruptcy. They include opening a new bank account and obtaining a debit card that you use responsibly, maintaining a budget, and obtaining a credit card with a small limit that you make timely payments towards.
Foreclosure Defense
If you are in danger of losing your home in foreclosure, it is important to know that there are ways in which you can possibly prevent this from occurring. Foreclosure defense methods include short selling your home, obtaining a loan modification or deed in lieu, strategically defaulting on your mortgage, or filing for bankruptcy.
Loan Modification
Loan modification can be a very effective technique for avoiding foreclosure, but it can only be done with the agreement of your mortgage lender. It involves your lender agreeing to modify one or more aspects of your home loan, such as reducing the interest rate, getting rid of penalties that have accrued, or forgiving past due payments by adding them to the principal balance of the loan.
Short Sale Negotiation
A short sale involves a homeowner and a mortgage lender agreeing to sell a home for less than what is owed on the mortgage. The proceeds from the sale go immediately to the lender, and in return, the lender (usually) forgives the deficiency balance left over. This enables the homeowner to avoid foreclosure, but it does not give the homeowner the ability to stay in the home.
Debt Settlement Debt settlement can be a very effective method of debt relief, especially for those individuals whose financial situations are not severe enough to call for bankruptcy. It involves settling a debt with a creditor, usually for a sum that is less than the full debt mount. The settlement can be paid in one lump sum, or in installments.
Creditor Abuse
If you possess debts that you have not been able to pay towards in a timely fashion, then you may be experiencing abuse from the creditors attempting to collect those debts. Any form of creditor abuse or harassment is illegal, and you may be able to take legal action against them in order to get the abuse to stop. You may also be entitled to damages related to the emotional pain and suffering they have caused you.
Insurance Settlement
When you pay towards an insurance policy, you expect the insurance company to protect your home or business in the event of an emergency, such as break-ins or fire. Unfortunately, many insurance companies attempt to "low-ball" their policy-holders and provide them with inadequate settlements. If this has happened to you, it is to your benefit to hire an attorney who will fight for the full insurance benefits that you deserve.
Tax Resolution
If you owe taxes to the IRS and are unable to pay the full amount, there are many options available that allow you to resolve the situation. You can seek an Installment Agreement Program, in which you pay your tax debt in installments, or an Offer in Compromise, in which you pay only a portion of your tax debt. The IRS then forgives the balance left over.
Benefits of Bankruptcy
Bankruptcy is the not the dreaded, taboo remedy for debt that people assume it to be. There are actually several vital benefits that it has to offer debtors when they are in over their head financially. Learn more about the benefits of bankruptcy and how you could positively gain from it.
Do I Qualify for Bankruptcy?
Each chapter of bankruptcy has its own set of qualifications. If you are seeking Chapter 7 protection, you must pass a "means test" before you can file. This test determines whether or not you are actually experiencing substantial financial struggle. If you are filing for Chapter 13, your debt must not go above a certain amount, and you must have an income to pay be able to afford your payment plan.
How Much Does Bankruptcy Cost?
The cost of your bankruptcy will vary depending on a number of factors. These include the amount of debt you possess, and the chapter of bankruptcy you are filing for. United States bankruptcy courts have different filing fees for each chapter. It costs $335 to file for Chapter 7, and $274 to file for Chapter 13.
What is FDCPA?
FDCPA stands for Fair Debt Collection Practices Act. It is a law that protects individuals against harassment and abuse from debt collectors and creditors. The act has a set of regulations outlining what a creditor can and cannot do. If a creditor or debt collector violates the act in any way, they can be subject to legal action from the victim, and may be held financially responsible for the victim's mental and emotional pain and suffering.
Debt Relief
There are many remedies for overwhelming debt, including bankruptcy, debt negotiation, debt settlement, and debt consolidation. Unmanageable home loan debt can also be remedied, through a short sale, loan modification, or deed in lieu. A knowledgeable bankruptcy attorney can sit down with you to help you decide what debt relief option will best address your financial situation.
Bankruptcy Exemptions
Bankruptcy exemptions will allow you to keep many of your assets and possessions out of the Chapter 7 liquidation process. As bankruptcy law is governed by statutes at the local, state, and federal level, the exemptions available to you will vary according to the state that you live in.
Life After Bankruptcy
Life after bankruptcy can be very good, provided that you take the steps necessary to maintain your financial health. These steps can include keeping your job, creating savings, investing in the future, building credit, and above all, spending responsibly.
Wage Garnishment
Are you unable to pay your bills or pay creditors for your past debts? If your financial situation becomes dire and they have not gotten paid, they may begin to withhold money from your paycheck and garnish your wages. The attorneys at Price Law Group today will help you fight to hold onto your hard-earned money.
Repossessions
If your vehicle has been repossessed, or is in danger of repossession, you are not without options. It is possible for you to keep your vehicle if you act quickly. A bankruptcy attorney can assist you in seeking a vehicle loan modification that will lower your monthly payments and enable you to keep the vehicle. If your vehicle has already been taken, you may be able to recover damages if the repossession agents breached the peace in doing so.