There are many factors that can push a person or family towards seeking out a bankruptcy attorney in Riverside. Unforeseen medical expenses, job loss, and business troubles can trap you in a cycle of debt that is nearly impossible to escape.
Over the last year, millions of Americans lost work for many months. Unfortunately, bills continue to accrue after a person is unemployed. It is incredibly easy to rack-up credit card debt in these circumstances, and predatory interest rates compound your payments month after month.
Many businesses also faced dire circumstances during the COVID-19 pandemic. Starting a small business is already difficult, but in 2020, a higher percentage of companies were forced to permanently close than in other years. Some economists estimate that 200,000 more business folded than in an average year.
If you or your business is saddled with insurmountable debt, you may want to consider filing for bankruptcy. Bankruptcy can give you time to reorganize your debts, or even have them discharged altogether.
If you live in Riverside, the Certified Bankruptcy Specialists of Janus Law can help you file for bankruptcy and start down the path to financial freedom.
What are the Bankruptcy Chapters?
There are different forms of bankruptcy, called chapters. Each one applies to a different set of financial circumstances, and proceeds towards a unique outcome. You should consult with a Riverside bankruptcy attorney to determine which chapter is right for you.
The two bankruptcy chapters that most individuals use are:
- Chapter 7 Bankruptcy: Also known as “liquidation bankruptcy.” In Chapter 7, your nonexempt assets will be sold, and the proceeds used to repay your creditors. You will be assigned a trustee, who oversees the sale of your property. Over 96% of Californians who file for Chapter 7 do not have any nonexempt property (meaning they keep their home, car, etc.).
- Chapter 13 Bankruptcy: In Chapter 13 bankruptcy, your trustee will work with your creditors to create a payment plan for your debts. The terms of your repayment plan will last from 3 to 5 years. If you make all your payments on time, your unsecured debts can be entirely discharged even if they are not paid in full.
Do I Need a Local Bankruptcy Attorney?
While it is possible to file for bankruptcy on one’s own, it is a risky proposition. Bankruptcy law is complicated, and small mistakes on your application could cause your petition to be denied.
Not to mention finding an attorney can be overwhelming, as there are thousands to choose from in Southern California.
Remember that you are hiring your lawyer, and you can (and should!) shop around until you find someone you are comfortable with. Lawyers are people, and not everyone’s bedside manner will work for you. It is vital that you choose an attorney with whom you can be completely honest.
What Questions to Ask Before Hiring a Riverside Bankruptcy Lawyer
Here are a few questions you can ask your prospective bankruptcy attorney:
- How long have you been practicing law?
- Do you usually handle bankruptcies?
- Have you ever worked any cases like mine? What was the outcome?
- How do you charge for your time? Do you require a retainer?
- How long do you expect my case to take?
Riverside Bankruptcy Law Firm
The attorneys with Janus Law are your local Riverside bankruptcy experts who can help you navigate every part of the process. From filing your petition to your last monthly payment, we’ll be by your side.
Additionally, Larry Simons is, himself, a Chapter 7 trustee in the Riverside Division of the Central District of California. His experience with all sides of bankruptcy proceedings, plus his relationships with other Riverside trustees, is invaluable to his clients.
If you’re struggling with debt, you don’t have to escape it alone. Contact Janus Law right now at (951) 686-6300.
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