California recorded 27,756 bankruptcy filings for the first three months of 2014, consisting of chapter 7,11, 12, and 13 filings, according to the United States Courts. In addition, one chapter 15 bankruptcy filing was seen by the courts during the same time period. Of these filings, 5,905 were of a non-business nature. When one finds they need to file for bankruptcy in Fresno CA, a Fresno bankruptcy attorney becomes of great help.
“The first step when filing for bankruptcy involves determining which type of bankruptcy should be filed. Individuals tend to file either chapter 7 or chapter 13 bankruptcy, yet many factors need to be considered when making this determination. These include the individual’s personal financial situation, types of debt owed, property and other assets, and their income. The attorney sits down and reviews this information to help each client make an informed choice, one which provides them with a fresh financial start,” Jerry R. Lowe explains.
Many take this step after being contacted by a Fresno foreclosure attorney to discuss the foreclosing of one or more properties owned by the person considering bankruptcy. When bankruptcy is being considered, clients need to be aware there are different categories of debt. Secured debt includes those assets which may be taken from the client if payments aren’t made. Unsecured debt, in contrast, comes in two forms: priority and unsecured. Priority unsecured debt consists of unpaid taxes and injury claims resulting from drunk driving, while unsecured debt may be medical bills, personal loans, or credit card balances. Statutorily non-dischargeable unsecured debt includes speeding tickets and student loans.
“Clients often come for a consultation believing they will lose their house during the process, but that all debt will be discharged when the bankruptcy case is finalized. Neither are necessarily true. There are certain situations where one may keep the primary home and there are certain debts which must be repaid, even after one has completed the bankruptcy process. For this reason, anyone considering this step needs to meet with an experienced attorney to understand what will happen before, during, and after the process,” Lowe continues.
The Law Offices of Jerry R. Lowe understands the process shouldn’t end once debts have been discharged in a bankruptcy. For this reason, the firm offers credit education for clients in need of assistance. Restoring one’s credit score is essential if one wants life to return to normal.
“Clients tend to be surprised when they learn rebuilding one’s credit after bankruptcy typically only takes 12 to 24 months. Some feel they’re unable to manage their finances and therefore should avoid credit cards and loans completely. This leads to no credit which is just as damaging as bad credit. Sit down with an attorney at The Law Offices of Jerry R. Lowe today to learn more about the bankruptcy process and what happens once this process is complete as this allows one to move forward with life,” Lowe states.
About Law Offices of Jerry R. Lowe:
The Law Offices of Jerry R. Lowe understands one’s property and financial stability are very important and therefore should not be left to chance. One needs an attorney capable of navigating the complex bankruptcy rules, procedures, and laws, and The Law Offices of Jerry R. Lowe has the understanding and experience needed to do so. Each client receives a customized bankruptcy plan, one designed to provide the needed relief while taking into account the client’s unique circumstances. Customers receive frequent updates to ensure everyone remains on the same page throughout the process.
Visit http://www.jerrylowelaw.com/ for more information.
Name: Jerry Lowe
Organization: Law Offices of Jerry R. Lowe
Phone: (559) 495-1529