Bankruptcy Law Attorney in Riverside, CA

Bankruptcy Law Overview

Chapter 7 and Chapter 13 Bankruptcy Lawyer

At Winfield Payne & Associates, we have assisted consumers and businesses in filing for Chapter 7 and Chapter 13 bankruptcy protection since 1979. Although the laws have changed in recent years, filing for bankruptcy is still a viable option available for many who are struggling with debt.

Chapter 7 Bankruptcy

To qualify for Chapter 7 bankruptcy, the filer's income must be less than the median income in the filer's state. If the filer's income is above the median in that state, the filer will be required to take a "means test" which determines whether or not they qualify. If the filer does not qualify for Chapter 7 bankruptcy, Chapter 13 may be an option for them.

Chapter 7 bankruptcy is also known as liquidation bankruptcy and releases the individual from personal liability for credit card debt and other unsecured debts. Debts including child support, tax debt, student loans and debt created by fraudulent means are generally not discharged in a Chapter 7 filing.

Chapter 13 Bankruptcy
 
If you do not qualify for Chapter 7, Chapter 13 bankruptcy may be an option for you. Filers who qualify for Chapter 13 will receive an extension on their payments after receiving credit counseling from an agency approved by the United State's Trustee's office. A payment plan generally lasting from three to five years will be established in which the filer will pay creditors an amount that is feasible. Any unpaid debts at the end of the repayment plan are eligible to be discharged by the bankruptcy court.
 
Once a person files for Chapter 7 or Chapter 13 bankruptcy, creditors are required to immediately stop attempting to collect unpaid debts from them. If you are experiencing financial difficulties and would like to discuss your options with an experienced bankruptcy attorney, contact Winfield Payne & Associates at 888-605-7235 today.

Areas of Practice

• Bankruptcy Law
• Collections
• Debtor-Creditor