Bankruptcy Overview

Bankruptcy is a legal vehicle that provides relief to individuals and businesses in serious financial trouble and protects their creditors to the extent possible. Generally, the bankruptcy process assesses the debtor’s assets and liabilities and provides a structure within which the debtor is allowed to keep some property and ordered to satisfy as many eligible debts as possible, according to an order of priority established by law. Remaining debts are discharged, except those of certain types, like domestic support orders, debt obtained by fraud and most tax debt.

Many people do not explore their bankruptcy options or are hesitant to file even if they qualify because they are worried about the stigma of bankruptcy.  In the past there may have been a stigma associated with bankruptcy, however today bankruptcy is a tool provided by federal law to give deserving people a fresh start of a time of financial difficulty. Many of those in debt, get into financial trouble to to extenuating circumstances that are out of their control such as being laid off,  a slow economy, sickness or divorce.

For good people who have fallen onto harsh economic circumstances, filing bankruptcy may be a good option to start over with a clear slate.  For those facing financial adversity, a Riverside bankruptcy lawyer can assist you in determing your best legal and financial strategy to get out of debt as soon as possible.

Under the Federal bankruptcy rules, Chapter 7 bankruptcy takes approximately four months. The bankruptcy rules require you to attend a meeting 30-45 days after your initial bankruptcy forms are filed.  This is probably the only personal appearance you will have to make.  The appearance is made in front of a bankruptcy trustee as opposed to in bankruptcy court in front of a judge.  The meeting typically takes about 10 minutes.  Our attorneys understand the bankruptcy rules and can prepare you for the meeting and accompany you to the meeting.

Generally, 3 to 4 months after the meeting you will receive your discharge papers from the bankruptcy court.  The discharge papers are your proof that the debt has been eliminated under the bankruptcy rules and all the debts are gone.

Contact our Riverside bankruptcy lawyer today to get a free evaluation and to get an explanation of your options under the bankruptcy rules.

Our Riverside bankruptcy attorneys can give you a free consultation to help you decide whether declaring bankruptcy is right for you.  In addition, a Riverside bankruptcy lawyer can assist individuals to explore options besides declaring bankruptcy amidst a tough financial situation.  Effectively using of bankruptcy laws by declaring bankruptcy can provide those in debt immediate relief.

Declaring bankruptcy in some situations can preserve our client’s assets and begin building a strong financial future.  By acting now you can save yourself the time and hassle of fighting creditors by yourself and trying to build credit as you face a mountain of debt.   The sooner you address your issue and declare bankruptcy the sooner you can get a fresh start.

Our bankruptcy attorney will provide you a free evaluation to determine if you can benefit from declaring bankruptcy.

3420 Twelfth Street
Riverside, A 92501-3819

The Riverside Bankruptcy Court is open Monday through Friday 9:00am to 4:00pm.

Residents of Riverside county filing bankruptcy should file in the Riverside bankruptcy court.  Are attorneys can provide you with competent and effective representation at a reasonable price.

Many people ask whether they need an attorney to file bankruptcy in Riverside bankruptcy court or if they can file themselves as pro se litigants.  An attorney is not required, however a debtor filing in Riverside bankruptcy court is expected to be familiar with United States Bankruptcy Code, Federal Rules of Bankruptcy Procedure, and the local rules of Riverside bankruptcy court.

An attorney is a profession with the requisite skill and education to handle these matters.  An attorney can help ensure your bankruptcy is filed correctly to prevent mistakes and delay.  Delay in filing bankruptcy could cause you to incur expenses you would not have incurred otherwise.

Filing bankruptcy prevents the lender from foreclosing on your property during the automatic stay even if you are behind on your mortgage payments.

Under Chapter 7 bankruptcy one may elect to keep one’s home so long as one keeps paying the mortgage and the amount of home equity is under the allowable exemption amount.

Under Chapter 13 bankruptcy late mortgage payment may be allowed to be a part of the court ordered repayment plan even if your home equity is above the exemption amount.

After Bankruptcy Mortgage

It is possible to obtain a mortgage after bankruptcy. A bankruptcy is a negative credit, however by following the guidance provided to you by our Riverside bankruptcy attorney will help you rebuild your credit after bankruptcy. Mortgage lenders will take notice of your post bankruptcy credit if you pay your post bankruptcy debts on time and in full.  A mortgage is often available in as little as 1 year after filing bankruptcy.

After bankruptcy, mortgage lenders often allow those who already own homes to refinance high interest mortgages where the borrower has improved their post-bankruptcy credit score. A refinancing of your mortgage after bankruptcy can lower payments and improve your finances by lower your debt to equity ratio.

Our Riverside attorneys work with those in Riverside County, San Bernardino County and surrounding areas who are struggling to meet their overwhelming debts. Many times people do not take advantage of the legal opportunity to get their life back on track because they do not understand all their options. The United States Bankruptcy Code protect consumers with out of control debt, often due to problems out of their control such as divorce, job loss, reductions in salary, or illness.

The first step to getting your bankruptcy filed and becoming debt free is to schedule a consultation with an experienced Riverside bankruptcy attorney.  Our law firm will provide you with a free consultation to help you decide whether bankruptcy is right for you.  If you decide bankruptcy is your best option, we will work hard to get your bankruptcy filed quickly so that you can be stress free.