Are you behind on your mortgage, car or unable to pay your credit card debt or medical bills? Are you losing sleep worrying about your mounting debt? Do you feel like you have run out of options to resolve your debt?

Bankruptcy can be the solution to help you get a fresh start and allow you to sleep peacefully.

Bankruptcy can help you eliminate debt and get current on your mortgage or car. For 2,500 years, millions of people reclaimed their financial freedom through the bankruptcy process.

It’s important to find an attorney who understands the Federal bankruptcy code and has the experience and legal expertise to sucessfully file cases in the Central District of California. Look for a bankruptcy attorney who has an outstanding reputation in the bankruptcy community and a track record of helping clients effectively and seamlessly navigate the bankruptcy process to completion, so you get the fresh start you deserve.

Our Palmdale bankruptcy specialists have helped more than 8,000 people successfully file bankruptcy.

Call our bankruptcy law firm today for a free consultation. We have 25 years of experience handling bankruptcy cases. We can help you determine if bankruptcy is the right solution for your situation, and we will counsel you on other debt relief options.

WHAT IS BANKRUPTCY?

Bankruptcy is a legal process under federal law to eliminate or repay debts, depending on the type of case you elect to file . Since bankruptcy is federal law, it preempts (overrides) state law. Thus, it can eliminate most types of state court lawsuits.

Bankruptcy is simply financial planning. It allows you to reorganize your finances by eliminating debt that negatively affects your day-to-day life. Bankruptcy can sound frightening, but let our Palmdale bankruptcy attorney walk you through the process. We believe that it is imperative that every client understands the purpose of filing, what is included in the documents, what to expect during the bankruptcy, and how to rebuild your credit after the filing. We will hold your hand every step of the way.

There are two main types of individual bankruptcy: Chapter 7 and Chapter 13. Both types will put an end to collection actions, creditor calls, lawsuits, repossessions, and foreclosures actions.

CHAPTER 7 BANKRUPTCY

Chapter 7 bankruptcy is for individuals or married couples who are having difficulty paying their bills or who cannot afford to make their monthly payments.

Under Chapter 7, you can retain all your exempt assets, but it is very important to meet with an experienced bankruptcy attorney to review everything you own to make sure all your assets are protected. If you file a Chapter 7 case and fail to protect all your assets, the Chapter 7 Trustee may take an interest in the assets, which is why you need all your assets reviewed and options discussed with a professional bankruptcy attorney. You can protect $626,400 of equity in your home.

Chapter 7 bankruptcy can eliminate many kinds of debt, including credit card bills, personal loans, personal guarantees, old taxes, and medical bills. It also stops repossessions of cars, lawsuits, garnishment of paychecks, and levies of bank accounts.

Unsecured debts like medical bills and credit card debt can be eliminated, and personal guarantees can be eliminated; or you can surrender secured debt without any personal liability.

Once your debts are discharged under Chapter 7, creditors no longer have a claim against you. The debts no longer exist. This means no more collection calls, no more threats of lawsuits or property seizure, and no more worries about wage garnishment. You can get a fresh start and rebuild your credit. Our average clients credit scores are over 700 within two years of completing the Chapter 7 case.

CHAPTER 13 BANKRUPTCY

Chapter 13 bankruptcy allows you to repay your debts over a period of three to five years. It’s called the “home saver bankruptcy” because it allows you to catch up on back mortgage payments. It also allows you to catch up on delinquent car payments, taxes, and child support. In many Chapter 13 cases, you will not have to pay your unsecured debt.

Chapter 13 bankruptcy stops foreclosure of your home and repossession of your car. It also stops wage garnishments, bank levies, lawsuits, and allows you to pay back taxes without penalties. It gives you breathing room to catch up on mortgage and car payments over a period of three to five years.

With the help of your Palmdale bankruptcy attorney at the Law Offices of Kevin Simon, our office will work with the Chapter 13 trustee to come up with a repayment plan that is manageable. Our law firm has a very good relationship with all the trustees, which makes working with them much easier and provides huge benefits to our clients.

Unsecured debts, like credit card debt, medical bills, and personal loans, are included in the repayment plan. Depending on your income and expenses, you may not be required to pay these debts. This means you could pay 0% back to unsecured creditors while still saving your home and car.

After three to five years, your remaining debts will be “discharged” or forgiven, and you will no longer be liable for them.

Chapter 13 bankruptcy is a good alternative if you do not qualify for a Chapter 7 bankruptcy due to high income or not-exempt assets or if you filed a Chapter 7 in the last eight years.

Note: In June 2022, President Biden signed bill S3823 into law, increasing the debt limit to $2.75 million for individuals filing for Chapter 13 bankruptcy. The new law also allows both secured and unsecured debt to count toward the single debt limit. These changes make Chapter 13 accessible to people who have higher mortgage debt or who have large personally guaranteed personal loans.

BENEFITS OF BANKRUPTCY

Filing bankruptcy is not only a financial decision but an emotional and psychological one. Debt affects people in different ways, and every person’s situation is unique.

There is no minimum amount required to file for bankruptcy. Some people file when they owe $5,000, $50,000, or $500,000. Each person has their own unique situation. Some people file when they are current with their payments, while others wait until they are being sued. Again, each person and situation is unique for each person.

• Everyone deserves a fresh start. No one should go to sleep at night worrying about how they will pay their debt. Bankruptcy may be the right option if you want to:
• Eliminate credit card debt, old taxes, personal loans, and personal guarantees.
• Stop lawsuits, wage garnishments, and bank levies.
• Stop harassing creditor calls.
• Stop car repossession or foreclosure of your home.

Some debts cannot be discharged in bankruptcy, so you should speak with an experienced Palmdale bankruptcy attorney to determine if filing is right for you.

HOW MUCH DOES IT COST TO FILE BANKRUPTCY?

The fees for Chapter 7 vary based upon the complexity of the case, but a typical case is $1,000.00 to $1,300.00. This does not include the filing fee and credit report.

The up-front fees for Chapter 13 range from $500 up, depending on the case. The balance of the fees is paid through monthly plan payments to the trustee. You will pay the fees over a period of 36 to 60 months.

We know our clients are struggling financially, and we do everything possible to keep fees reasonable. We have developed an extremely efficient system during our 25 years as bankruptcy attorneys, which helps us keep our legal fees lower than our competition.

We will provide you with a written statement outlining what you will pay, and this amount will not change once you retain us. Our fees structure is transparent and is explained before retaining our firm.

WHY CHOOSE THE LAW OFFICES OF KEVIN SIMON IN PALMDALE, CALIFORNIA?

Our Palmdale bankruptcy attorneys and staff have decades of experience managing bankruptcy cases. We have filed more than 8,000 cases throughout Palmdale and the surrounding areas.

We treat our clients with respect, dignity, and honesty. It’s why 80% of our clients come from referrals from family, friends, and other professionals. We offer big-firm expertise at low rates, thanks to an extremely efficient system refined over 25 years as Palmdale bankruptcy lawyers.

You can call, text, or contact us online to schedule a free consultation with an experienced Palmdale bankruptcy lawyer.

We represent clients in Palmdale, Lancaster, and the entire Antelope Valley, as well as the San Fernando Valley. We also work with clients in the Greater Los Angeles area, including Glendale, Torrance, Norwalk, Ontario, and West Covina.