San Fernando & Santa Clarita Bankruptcy Attorney

Bankruptcy Overview

In today’s economy it is becoming harder for many hardworking families to make ends meet.  Many have been affected by a loss of a job or reduced working hours.  Possibly huge medical bills or divorce have taken their toll as well.  Bankruptcy law provides assistance for those who can no longer meet their financial obligations.  Although no one wants to face this situation, it is a sad fact that, especially in California, more and more individuals have to file for bankruptcy.  If you find yourself in this position, you need a skillful bankruptcy attorney to direct you in the proper course to take to get you back on firm ground.  At Cutter & Lax, our attorneys specialize in helping the growing number of individuals in our community of San Fernando and Santa Clarita Valleys to make the right decisions in this difficult circumstance.
Below is a brief outline of the types of bankruptcy that can be filed on your behalf.

Chapter 7 Bankruptcy

If you have overwhelming debt that you just will not be able to pay due to circumstances that have drastically affected your income, then Chapter 7 is possibly the type of filing that you need. This type of bankruptcy “discharges” your debt, which means it basically wipes it away.  It can be a somewhat lengthy process, possibly taking 4 to 5 months.  However, not all individuals are eligible to file this type of bankruptcy.  Our experienced attorneys will review all of your financial information. Any debts and assets you have will be carefully examined and all creditors will be notified of the pending action.  Some debts cannot be discharged in a Chapter 7 bankruptcy in California.  Debts such as child support, alimony, student loans and certain taxes will not be eligible to be discharged.  Should your home be in foreclosure, this can be delayed during the bankruptcy process.  As part of the bankruptcy, the best method to handle your home will be taken into consideration.  Cutter & Lax has found that each person’s situation is unique and a complete evaluation and interview with our client is necessary in order to determine exactly what course of action will be taken.  For complete information on a Chapter 7 bankruptcy filing, contact our office at Cutter & Lax.

Chapter 13 Bankruptcy

In a Chapter 13 filing, an individual normally still has a job or some type of steady income, such as a paycheck, but due to the rather large amount of debt he has, he has run into trouble paying them all.  This requires the debt to be “restructured”, which basically means that the unpaid back debts will be paid off over a period of about 5 years.  While pursuing this bankruptcy option, a loan modification can be done as well, should you own your home.  With the various issues that come into play with bankruptcy, we urge you to contact Cutter & Lax to have your questions answered.

Contact a San Fernando & Santa Clarita Bankruptcy Attorney from Cutter & Lax to discuss your bankruptcy or other legal debt relief options.