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You are not alone in the bankruptcy process. Let us serve as your guide, helping you secure maximum debt relief through whichever type of bankruptcy is best suited to your specific case. Contact us today to get started.

The Eternal Question: Chapter 7 or Chapter 13 Bankruptcy? If you’ve started the new year out in debt then you’re likely starting to wonder: Is there any way out of this? In California, bankruptcy is likely an option for you. However, that just leads to another tough question: Should you declare Chapter 7 or Chapter 13 bankruptcy? One is better for some situations while the other is right for other situations. The best to learn more about your options is to reach out to The Law Offices of Paul Y. Lee for your free consultation, but feel free to read on for the basics.

The type of debts you owe are a big factor

The first thing we’ll do when you call 951-755-1000 to find out more about bankruptcy options is to determine what type of debts are the biggest problem for you. In most cases, a person who has unsecured debts like credit cards, payday loans, or medical bills is better off filing Chapter 7. Those who are struggling with secured debts like cars or mortgages that are about to be foreclosed on or repossessed are likely to file Chapter 13.

Bankruptcy can’t help in every situation

If your main sources of debt aren’t listed above then bankruptcy may not be the best option for you. However, it’s always worth it to call The Law Offices of Paul Y. Lee at 951-755-1000 to learn more about your options. Some debts that aren’t covered by bankruptcy include certain back taxes, student loans, child support, spousal support, and parking tickets.

Your income is relevant

Another big factor is how much income you currently have. For example, after you pay off the necessities every month (such as mortgage, groceries, etc.), how much money do you have? If the answer is less than or about equal to $0 then Chapter 7 is likely the best option for you. However, if you have $500 or more left after your essential bills then you may be looking at Chapter 13.

Do you need to stop creditors from coming after you?

If you’re still wondering if now is the time to declare bankruptcy, let us ask you this: Do you have creditors calling you? Are they garnishing your wages, or threatening to do so? If so, then bankruptcy is likely the right choice. Did you know that as soon as you file bankruptcy, those creditors are required by law to stop any and all debt collection? That includes garnishments.

Bankruptcy could put an immediate stop to your issues involve debt collection

If you’re tired of living with debt, if you feel like there’s no way out but you need help, then today is the day to call The Law Offices of Paul Y. Lee at 951-755-1000. We offer free consultations so there’s no risk to calling us. We are experts in helping people just like you find the best way to move forward from being overwhelmed with debt. Stop living in panic and take the situation into your own hands.