Chapter 7 and Chapter 13 Bankruptcy

What is Bankruptcy? What is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?

Bankruptcy is a generalized term for a federal court procedure that helps consumers and businesses get rid of their debts and repay their creditors. If you can prove that you are entitled to it, the bankruptcy court will protect you during your bankruptcy proceeding. In general, bankruptcies can be categorized into two types: Chapter 7 “liquidations” and Chapter 13 “reorganizations.”

Chapter 7-Liquidation

If your household is being crippled by high credit card debt or medical bills, Chapter 7 may be a way for you to discharge those debts. Also known as “liquidation,” “debt wipe-out” or “fresh start,” Chapter 7 cases are typically resolved 4 months after the filing date. You will receive a Bankruptcy Discharge and your obligation to the discharged debts will be over. Together, we will determine if liquidation is the best course of action for you. Call the Law Offices of Lyons & Lyons at (559) 636-8122 to set an appointment for your free consultation!

Chapter 13-Reorginization

If your income is determined to be too high for a Chapter 7 procedure, but you are facing foreclosure on your home, auto repossessions, wage garnishments or tax debts, Chapter 13 can help give you the breathing room you need in order to get your debts under control. The vast majority of debtors who file Chapter 13 are able to keep their assets. This may also be the best option for joint husband/wife filings. Chapter 13 is a reduced monthly repayment plan that allows you to pay all, or some, or hardly any of your bills and stops all attempts by your creditors to seize your property or garnish any of your wages. Chapter 13 can even stop the I.R.S. and the California Franchise Tax Board from taking your money. Call the Law Offices of Lyons & Lyons at (559) 636-8122 to set up your free consultation in order to determine whether Chapter 13 is right for you!

Finding Out Your Best Option

If you are a candidate for bankruptcy relief, we will discuss your options, give you an estimate of cost, and, most importantly, ease your mind with the knowledge that the solution to your financial problems is in good hands.

Call the Law Offices of Lyons & Lyons at (559) 636-8122 for a FREE consultation, or come to our convenient law office at 1010 West Main Street in Visalia California. You will get an honest evaluation of your situation and an understanding of where things stand. Our bankruptcy attorneys can help guide you through the decision making process. Every person’s situation is different, and we will not recommend bankruptcy of any type unless we believe that it is right for you. Our aim is to provide the very best counsel to our clients and we will be as objective as possible about your options. At the end of your consultation, if you decide that bankruptcy is the best option, we will quote you at a very reasonable rate. Payment plans are also available.

Call the Law Office of Lyons & Lyons at(559) 636-8122 to schedule a FREE appointment with a bankruptcy attorney. You will be provided with a clear explanation of your legal rights and options, including possible removal of 2nd and 3rd mortgages from your property, and all the information necessary for you to decide between and chapter 7 and chapter 13, if, in fact, you need to file any bankruptcy proceeding at all.

What if I am in Foreclosure?

Frequently, those who file bankruptcy and keep their homes are able to recover their lost equity. Together, we can help protect your greatest investment.

How Much does it cost to file for bankruptcy?

Just like a contractor needs to look at a house and its condition to give an estimate for his labor and materials, a reputable bankruptcy attorney needs to evaluate each client’s situation before providing an estimate of cost. We offer a free, personal consultation, and very reasonable rates if you choose to file for bankruptcy. Payment plans are also available. For More information, call us for your free appointment at (559) 636-8122.

Your Free Bankruptcy Consultation

Your free consultation will include a comprehensive evaluation of your financial life. We will ask probing questions (completely confidential) to determine whether bankruptcy is the best option for you. For example, we want to know what the problem is, as you see it. What are your debts, your assets, your income, and your expenses? We also want to know what your questions are and what you hope to achieve from the process. At the end of the personal meeting, you will have all the information you need to take the next steps.

Your Questions Answered

Filing bankruptcy is always a difficult decision to make, and the process can be very complicated. There is a lot of information to process and a lot of questions to ask. We are here to help. Our experienced bankruptcy attorneys have answers to all of the most commonly asked questions. Call us at (559) 636-8122. We will happily answer all of your questions

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