Press Release: $9 Million Dollar Business Fraud Verdict
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Business Law Blog
- The California Supreme Court Brinker Decision: How It Impacts Labor Law Issues Related to Mandatory Employee Break-time
- The Importance of Forum Selection and Choice of Law Clauses In Contracts
- Starting And Managing Your Business 101: Avoiding Legal Problems Through Proper Record Keeping And Organization
- Starting And Managing Your Business101: Financing The Company
- Starting and Managing Your Business 101: Protecting Your Company’s Intellectual Property
Real Estate Law Blog
- A Summary of Disclosure Duties When Selling Residential Real Property In California
- Real Estate Purchase-Sale Disputes And Non-Disclosure Laws
- Comparing Loan Modification, Short Sale, and Foreclosure
- Understanding Judicial And Non-Judicial Foreclosure In California
- Facing Foreclosure In California? The Pros & Cons of Loan Modification, Short Sales and Foreclosure
Bankruptcy Law Blog
- No Job? A Look At Unemployment Insurance
- Qualifying for Chapter 7 Bankruptcy in California: The Means Test
- Filing Bankruptcy In California: Whether To File Individually or Jointly
- Bankruptcy Options When Faced With Car Repossession: Chapter 7 vs. Chapter 13
- Car Repossession And Bankruptcy: Redemption And Reaffirmation
Family Law Blog
The two main causes of the steep upward spiral of bankruptcy filings are the mortgage/housing crisis and the rising cost of health care, with the resulting exorbitant medical bills. Medical bills are often easily reduced or completely discharged through Chapter 7 bankruptcy and Chapter 13 bankruptcy, which work as follows: In Chapter 7bankruptcy, medical bills can be completely wiped out as a dischargeable debt. In Chapter 13bankruptcy, filers keep their property, and follow a manageable payment plan to pay down unsecured debt, like medical bills. After three to five years, all unsecured debt in the plan is considered paid.
The most effective way to discharge credit card debt is through bankruptcy protection. One of two common bankruptcy chapters is most often used. In Chapter 7 bankruptcy, filers work with the court to dispose of non-exempt property, most often retaining their home, car and other essential property. Chapter 7 wipes out most unsecured debt, including credit card debt.
In Chapter 13 bankruptcy, filers present a repayment plan to the courts. The repayment plan may consolidate debt payments into one smaller, more manageable payment and reduce the monthly debt by extending payments over three to five years. Thereafter, the debt is considered fully paid and you, the debtor, retain all property. We can also negotiate with credit card companies to reduce debt without filing bankruptcy, if it will yield you a legally bindingsettlement and release of claims that will give you closure. To discuss your full credit card debt relief options at no charge, contact our firm.
