Bakersfield Bankruptcy Attorney

If you are mired so deeply in debt you believe you will never be able to find your way out, you are not alone. In 2016, nearly 800,000 people filed for bankruptcy in the U.S. Depending on your particular circumstances and type of debt you have, there may be a type of bankruptcy that will work for you.

The two most common types for individuals are Chapter 7 and Chapter 13. The good news is that on the day you file a bankruptcy petition, all collection action must stop. If a creditor does call you, answer the phone and say you have filed for bankruptcy. They must say good-bye not call you again during the pendency of the proceedings.

Chapter 7 Bankruptcy

A Chapter 7 Bankruptcy may work for you depending on your type of debt. It is referred to as “fresh start” or “liquidation” bankruptcy. It is a complex process, but for a basic overview, you file a petition with the bankruptcy court where you list all of your income, assets and debts.

A trustee is assigned to your case to review your documents and investigate to be sure what you said is true. At the end of the proceedings, certain debts are discharged, meaning you know longer owe them. Debts that will be discharged include:

  • Credit card debt.
  • Medical bills.
  • Personal loans.
  • Past due rent and utility bills.
  • Any unsecured debt.
  • Taxes more than three years old.

You will still owe any past due child support or alimony, outstanding student loans and any court fines or judgments imposed against you.

Chapter 13 Bankruptcy

This is designed for those who have fallen behind in paying their debts, but if given some relief, they can reorganize their financial life and repay most of their debts over a three to five-year period of time. If the court accepts the  repayment plan, the debtor makes one payment to a trustee who will then pay the creditors. The debtor will likely not be required to repay the full amount of the debts.

Contact William Olcott a Bakersfield Bankruptcy Attorney

The only way to really know if bankruptcy will work for you, and which Chapter will provide you the relief you need, is to consult with a bankruptcy attorney. William Olcott, a bankruptcy attorney, has the experience you are looking for. His office is located in Bakersfield, CA, and he serves all those in Kern, Tulare and Inyo Counties. Call him today at (661) 322-1733.

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