Overwhelmed by Debt?
Need a Fresh Start?
Find the Best Solution for You
Jennifer will help you receive a fresh start through Chapter 7 or Chapter 13 bankruptcies. As your bankruptcy attorney, her goal is to make this process as easy as possible. She will help you determine if bankruptcy is right for you and whether it is better for you to file Chapter 7 or Chapter 13. Whether you file Chapter 7 or Chapter 13 depends on the kinds of debts you owe, your income, and the value of your assets. Jennifer will guide you as you reorganize or discharge your debt and regain control of your finances.
Once you have retained Jennifer's services, you can direct all your creditors to contact her office. She will handle all communication with your creditors going forward.
Jennifer offers a free bankruptcy consultation to discuss your finances and options, and help you put a plan in place for your financial future.
Benefits of Bankruptcy
Stop Creditor Harassment
As soon as your petition is filed with the bankruptcy court, creditors must stop contacting you. The filing of the bankruptcy petition creates an "automatic stay" against collection efforts and forces your creditors to stop collection efforts. The automatic stay will stop creditors from making collection calls or sending demanding letters. You will get immediate relief from creditor harassment.
Eliminate Most Debts
The main reason people file bankruptcy is to eliminate debt. With Chapter 7 bankruptcy, most debt is eliminated. However, some debts are not dischargeable. The most common discharged debts are unsecured debts such as medical bills, credit cards, utility bills, back rent, and personal loans. Secured debt can be discharged but if there is a lien attached to the property, the property will need to be given up unless it is paid off. Remaining financial obligations could include alimony, child support, certain types of tax debt, and students loans.
Keep Your Property
In Chapter 7 bankruptcy, your non-exempt property can be sold by the bankruptcy trustee and the proceeds distributed to your creditors. California law provides two separate sets of exemptions from which to choose. Some (and in most cases, all) of your assets will be exempt. Once these items are exempted, they cannot be sold and you will be able to keep them.
Chapter 7
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Chapter 7 bankruptcy is the most common form of bankruptcy. A Chapter 7 case can quickly eliminate virtually all of your debts allowing you to start over and take control of your financial situation. Most people complete their cases within four to six months. There is an income test called the "means test," which is used to determine if an individual is eligible for Chapter 7. Chapter 13 bankruptcy might be an appropriate option for those who do not qualify for Chapter 7.
Chapter 13
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Chapter 13 bankruptcy is a reorganization of one's debts and involves the consolidation and restructuring of debts. Some debts must be repaid in full, others you pay only a percentage, while others are not paid at all. Chapter 12 can allow you to retain all your assets, including homes and cars. It also permits you to restructure your debts and, in many cases, reduce those debts dramatically through a repayment plan that you can manage. The most common reasons for filing bankruptcy under Chapter 13 bankruptcy include stopping a foreclosure and saving a home by during mortgage arrears, to "strip off" a second trust deed and other junior liens if the value of the debtors home is les than the balance owed on the first trust deed, and to seek debt relief when the debtor earns too much to file under Chapter 7. In a Chapter 13 bankruptcy, Jennifer will help you develop a payment plan based on what you can afford, and you commit to the plan for three to five years.
Call Today For A Free
Confidential Case Evaluation
Law Office of Jennifer L. Newkirk
2531 Forest Avenue, Suite 100
Chico, CA 95928
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Phone (530) 213-1375
Serving Chico, Oroville, Paradise, and surrounding communities