Experienced Local Attorney Gurjit Srai Serving San Joaquin, Fresno, Merced Counties
Many of us may view bankruptcy as a death sentence. However, it does not have to be one. In some situations, filing for bankruptcy may give you the chance to get out of a financial hole. If you believe that filing for bankruptcy may be necessary, it is important to hire an experienced Stockton bankruptcy attorney to help you.
Filing for bankruptcy involves many different issues. An experienced bankruptcy attorney can help you navigate the bankruptcy process. A good attorney can also ensure a positive outcome and the opportunity to rebuild your life and financial future.
Bankruptcy lawyer Gurjit Singh Srai serves communities across the Central Valley. He has helped many individuals and small businesses get debt relief from creditors. Our legal team will do everything possible to allow you to make a fresh start. For more information or to learn how we can help you achieve your financial goals, contact the Srai Law Office.
Experienced Attorneys In All Types of Bankruptcy
Central Valley bankruptcy attorney Gurjit Srai is committed to providing the best legal representation for any individual and entity looking to file bankruptcy. Our legal team provides compassionate legal help and guidance that will help you through this difficult time. This often means quick and smart thinking in order to quickly get through a bankruptcy.
We are experienced in all types of bankruptcy law. This allows us to expertly deal with any issues that may arise during your bankruptcy proceedings. As such, we will be able to successfully manage your case to get the best outcome possible.
Different Types of Bankruptcy We Handle
We handle all types of bankruptcy, including but not limited to the following:
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is also commonly referred to as liquidated bankruptcy. It gets rid of credit card debt and most other secured debts, such as telephone bills or lines of credit. Chapter 7 allows an individual to retain his or her exempt assets. It is important to use all available exemptions to make sure that your property is protected from being seized to pay off creditors. We can help decide which assets are exempt from liquidation. Our legal team will also explain the other benefits of filing for Chapter 7 bankruptcy.
Meeting the requirements of Chapter 7 bankruptcy is more difficult than for Chapter 13. One main requirement is doing a means test to determine if you have enough disposable income to repay debts. If you do, you will need to turn over the majority of your non-exempt assets to the Trustee. The Trustee takes possession of any non-exempt property and pays creditors by liquidating the assets.
Our Stockton bankruptcy attorneys will help you claim the correct property exemptions under State or Federal law to help you protect your assets. We will advise you if we see issues with assets that cannot be protected.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is designed for individuals who have a regular and stable source of income, but are temporarily unable to pay their debts. These people want to use their best effort and good faith to pay their debts in installments over a period of time. They are subject to the protections afforded by the Chapter 13 bankruptcy rules. This type of bankruptcy allows you to set up a three-to-five year plan for debt repayment. Many people who do not qualify for debt relief under Chapter 7 may qualify for Chapter 13 bankruptcy.
You are eligible for Chapter 13 bankruptcy if your debts do not exceed a certain dollar amount as set forth in the Bankruptcy Code. The experienced bankruptcy attorneys at the Srai Law Office will walk you through the process of deciding whether you qualify for Chapter 13 bankruptcy protection.
Frequently Asked Questions About Bankruptcy
When bankruptcy is imminent, we know that you may have many questions. It is always important to speak directly with a bankruptcy attorney about your case. However, we understand how stressful certain questions can be. At the Srai Law Office, we understand that you may need quick answers to your questions. Although we are available to answer your questions anytime, our attorneys want to give you a basis for understanding how your bankruptcy questions can affect your case.
Below are some of our most frequently asked questions:
What is bankruptcy?
If you or your business owes more money than you are able to repay, filing for bankruptcy allows you to work out a plan to repay the money over time or completely eliminate (discharge) most of the debt.
What is the difference between secured and unsecured debt?
Secured debt is a claim that is that is protected by some type of property, either by an agreement or involuntarily with a court judgment or taxes. Creditors can typically claim the property once you file for bankruptcy. Unsecured debt is not secured by any property. Creditors cannot claim unsecured debt if you file for bankruptcy. An example of secured debt is a mortgage on a property. An example of an unsecured debt is money owed on credit cards.
Who can file for bankruptcy?
Generally any individual or business that owes money to a creditor can file for bankruptcy. However, some exceptions do apply. It is important to first consult with an experienced bankruptcy attorney in Stockton.
How often can I file bankruptcy?
Every time you file bankruptcy you can seriously impact your credit, your ability to rent a house, and even successfully applying for a job. Any decision to file bankruptcy should be carefully considered and discussed with an experienced attorney. Below is a general guideline for how often you can file each type of bankruptcy:
Chapter 7: can be filed every 8 years from a previous Chapter 7 filing, or 6 years from a prior Chapter 13 filing.
Chapter 13: can be filed 4 years from a prior Chapter 7 filing, or 2 years from a prior Chapter 13 filing.
Can I speak to an attorney over the phone and ask specific questions about my case?
Yes. You can call us at (209) 323-5558 to speak with Attorney Gurjit Srai. He will answer your phone questions.
Contact an Experienced Bankruptcy Attorney
Bankruptcy issues can be complicated in California, but an experienced bankruptcy attorney can make sure that your legal rights are well protected. The legal team at the Srai Law Office knows that bankruptcy can take a big toll on your life and the lives of your loved ones. We know that no two cases are the same. We will provide you with options tailored to the specific facts of your case.
For more information or to schedule a complimentary consultation with one of our bankruptcy attorneys, please call us at (209) 323-5558, or complete our online form.