Simi Valley Bankruptcy Attorney
Are you drowning in credit card debt? Do threats of lawsuits keep you up at night? Are you at risk of losing your home or car? If you’re overwhelmed by debt and don’t see a way out, bankruptcy may be the solution to help you get a fresh start.
Bankruptcy is a legal proceeding under federal law that can help you eliminate debt and get current on your bills.
If you’re considering filing bankruptcy, it’s critical to work with an experienced Simi Valley bankruptcy attorney, who understands bankruptcy law and how it pertains to the Central District of California. Look for an attorney with an outstanding reputation in the community and a track record of success.
Our Simi Valley bankruptcy lawyer has represented more than 8,000 people successfully file bankruptcy and helped their clients financially, psychologically and emotionally.
Call us today for a free bankruptcy consultation. We have 25 years of experience helping Simi Valley clients successfully navigate the bankruptcy process. Our team will help you determine whether bankruptcy is right for your situation and counsel you on all your debt-relief options.
What Is Bankruptcy?
Bankruptcy is a legal proceeding under federal law that allows you to eliminate much of your debt or creating a repayment plan to catch up on back mortgage, car payments or tax payments.
Bankruptcy can put an end to lawsuits and collection actions. Since it is a federal process, bankruptcy overrides state law, which means you can be able to put an end to lawsuits filed in state court.
Chapters 7 and 13 are the most common types of consumer bankruptcy.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy can help you eliminate debt without repaying anything to creditors. It is for individuals and married couples who are having trouble paying their bills or who cannot afford to make their monthly payments. Chapter 7 can eliminate many types of debt, such as:
- Credit card bills
- Personal loans
- Old taxes
- Medical bills
Once you file a Chapter 7 bankruptcy case, the court issues an “automatic stay.” This prohibits creditors from trying to collect from you. It also puts a stop to repossessions, wage garnishments, and bank levies.
Our Simi Valley bankruptcy law firm has good relationships with the local trustees assigned to your case and will ensure your assets are protected throughout the bankruptcy process.
Chapter 7 is the fastest path through bankruptcy. From start to finish, the process takes approximately 90 days.
Once your debt is discharged under a Chapter 7, you can get a fresh start and rebuild your financial profile. Your house is protected in a Chapter 7 bankruptcy even if you have equity, current law allows you to protect $626,400 of equity in your home.
Chapter 13 Bankruptcy
Chapter 13 allows you to repay your debts over a period of three to five years. It might be right for your situation if you do not qualify for Chapter 7 due to high income. If you’ve filed a Chapter 7 in the last eight years, or if a Chapter 7 is not a sound legal option.
Also called the “home saver bankruptcy,” Chapter 13 stops the foreclosure process and lets you keep your home. It also stops wage garnishments, bank levies, and lawsuits, and it allows you to pay back taxes without accruing penalties.
Chapter 13 gives you breathing room to catch up on past due mortgage, car or tax payments over a period of three to five years.
The repayment plan includes unsecured debt like credit card bills, personal loans, and medical bills. Depending on your income and expenses, you may not be required to pay these debts at all. In fact, many Chapter 13 filers end up paying nothing or pennies on the dollar for their unsecured debts. The only requirement is to pay secured debt like your mortgage or car.
Once your debts are discharged after three to five years, you will have a fresh start. You can now move forward and start rebuilding your financial profile. Your credit score should be a 700 within 2 years.
Our skilled Simi Valley bankruptcy lawyer will help you determine whether Chapter 13 is right for your situation. We have good relationships with the local trustees and will guide you through the process.
Note: In June 2022, the debt limit was increased to $2.75 million for individuals filing for Chapter 13 bankruptcy. Both secured and unsecured debt now counts toward the single limit. These changes make Chapter 13 accessible to more people.
Benefits of Bankruptcy
Bankruptcy is more than a financial decision. For many people, it’s also a deeply personal one.
Some people hesitate to file for bankruptcy because they see debt as a personal failing, but it’s important to know that “bankruptcy” has been around for over 2,500 years. Debt forgiveness is prominently mentioned in the Old &New Testament as a fresh start and its engraved in our society.
Many people file for bankruptcy after an unexpected event causes them to go into debt, such as divorce, job loss, inflation, or illness.
Regardless of how you got into debt, you deserve a fresh start. No one should go to sleep at night worrying about how they will pay their debt. There are many benefits to filing for bankruptcy. It can:
- Stops the emotional and psychological pain caused by debt.
- Eliminate credit card debt, old taxes, personal loans, utility bills, and personal guarantees.
- Stop lawsuits, wage garnishments, and bank levies.
- Stop harassment by creditors.
- Stop car repossession and foreclosure of your home.
Not all debts can be discharged in bankruptcy. For example, spousal support, child support, and student loans cannot be eliminated in bankruptcy. That’s why it’s important to speak with an experienced Simi Valley bankruptcy attorney to understand what bankruptcy can and cannot do and to decide if filing is right for you.
Why You Need a Bankruptcy Expert
Bankruptcy laws are complex. It’s not enough just to have an attorney. You need someone who specializes in bankruptcy law and understands how it pertains to the Central District of California.
There are many ways a bankruptcy case can go wrong. Don’t trust just anyone with the word “attorney” attached to their name.
An inexperienced lawyer may not properly protect your assets. They may not have experience dealing with local trustees or judges or the skills needed to help you create a solid bankruptcy strategy.
Here’s how to protect yourself when choosing an attorney:
- Make sure they have experience in Chapter 7 and 13 bankruptcy and ask to see court dockets or cases they have filed.
- Meet with the attorney for at least one hour before deciding to retain them.
- If the attorney refuses to meet with you or only spends a few minutes with you, move on; this is a red flag for future problems.
- Ask family, friends, or other trusted professionals for a referral.
- Check the California State Bar website to see if the attorney has been disciplined or sued.
- Read online testimonials and reviews of the attorney.
If you decide to retain the attorney, get a plan of action in writing. Ask the attorney to explain anything that is unclear or confusing, and never sign anything you don’t understand.
If you feel uncomfortable for any reason, it’s okay to walk away and find another attorney you feel is honest and forthright.
Why Choose the Law Offices of Kevin Simon?
Most of our clients come from referrals from family, friends, and other professionals. We think that speaks volumes about the quality of our work and integrity of our process. We treat our clients with dignity, respect, and honesty.
Our Simi Valley bankruptcy lawyer has more than 25 years of experience helping clients navigate the complex and often stressful process of filing for bankruptcy. We have legal skills, resources, and savvy to help you get the best outcome.
We strive to keep our rates as reasonable as possible because we know you’re already struggling financially. Our experience helps us get things done efficiently to keep costs lower than our competitors.
Call, text, or contact us online to schedule a free consultation with an experienced Simi Valley bankruptcy attorney. We serve clients in Simi Valley, Moorpark, Somis, Camarillo, Thousand Oaks, Agoura Hills, and Westlake Village, as well as the San Fernando Valley.