Call 650-577-5950 For a Free Consultation
Bankruptcy is a legal process whereby a person or organization unable to pay its creditors seeks relief for some or all of the debts. As intimidating as bankruptcy sounds, it is actually a chance for families/businesses to start afresh. There are several types of bankruptcies (known as Chapters) that can be filed by the debtor depending on his individual circumstances. However, the two most common types of bankruptcies filed in the country are Chapter 7 and Chapter 13. EH Law Group is the premier Redwood City bankruptcy attorney specializing in Chapters 7 and 13 bankruptcy and servicing customers in Redwood City and surrounding areas.
Chapter 7 is typically filed by individuals when they feel there is no way they can pay back their outstanding debts. Chapter 7 bankruptcy can discharge most of the debts owed. What can’t be discharged is paid through the liquidation of all non-exempt assets of the debtor. Some of the key features of Chapter 7 are:
When these steps are completed the remaining debts are all discharged. This can typically happen around two months after the meeting with the creditors.
The steps in Chapter 7 bankruptcy are clear and well documented. Here, we list the typical steps to expect in a Chapter 7 bankruptcy:
The bankruptcy case will be closed by the court unless the trustee hasn’t yet disposed of all non-exempt assets
Chapter 13 bankruptcy can be filed by individuals and couples even if they are self-employed or are running an unincorporated business. Chapter 13 bankruptcy is filed when a debtor is looking to reorganize his finances under the strict supervision of the court so as to pay back his creditors, usually within a period of three to five years.
Some of the key features of Chapter 13 bankruptcy are:
Once the debts have been paid within the 3 to 5 year period, the case is closed.
If you think you need to file for bankruptcy, there are several reasons why hiring a professional is the right way to go:
If you are considering a Redwood City bankruptcy attorney and think the time has come for you to file for bankruptcy, then we are the business to contact. Here’s why:
Call us today for a free consultation. We will be more than happy to answer any questions you have and dispel any lingering doubts you might have about us. And once you are satisfied, we can help you take your first step in your attempt to make a fresh start in your life.
You deserve a fresh start!
We help you get it by being there from the start all the way to the end.