The Temecula Law Firm of Bloom & Rudibaugh provides expert legal advice and counsel on the many issues surrounding bankruptcy. These issuies include: tangible and intangible debtor assets, creditor rights, and the execution of Automatic Stays (an injunction that automatically stops lawsuits, foreclosures, garnishments and all collection activity against the debtor the moment a bankruptcy petition is filed).
Our law firm focuses on the following types of bankruptcies: Chapter 7 Bankruptcy, and Chapter 13 Bankruptcy. Here is more information about these two types of bankruptcy.
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is the most common form of bankruptcy filing, sometimes known as “Straight Bankruptcy”. Under Chapter 7 of the Bankruptcy Code, all exempt property of the debtor is kept by the debtor. In most Chapter 7 cases, the debtor keeps his assets and gets a “fresh start”.
Under Chapter 7 Bankruptcy, the debtor receives a discharge on all dischargeable debts, and is able to reaffirm certain debts like auto loans.
Chapter 13 Bankruptcy
This chapter of the Bankruptcy Code provides for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.
Chapter 13 Bankruptcy is a debt adjustment procedure for individuals with regular income, who have unsecured and secured debts at certain statutory limits.
Filing For Bankruptcy
Filing bankruptcy can only be done in federal court, and the individual states are not authorized to enact their own bankruptcy laws. Certain variations are allowed to individual states relating to what assets an individual debtor is allowed to keep (“exemptions”).
Will My Creditors Stop Harassing Me?
Yes they will. By law, all actions against a debtor must cease once the Bankruptcy Petition is filed. Creditors cannot initiate or continue any lawsuits, wage garnishes, or even telephone calls demanding payments. Secured creditors such as banks holding e.g. a lien on a car, may request relief from the stay under certain circumstances.
Schedule a Bankruptcy Consultation
Call our Murrieta/Temecula office at 951-296-5360 to discuss your bankruptcy needs with our staff of experienced attorneys. We are here to help you.