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Coachella Valley Bankruptcy

Timothy S. Huyck, Attorney at Law

No one wants to file bankruptcy. If you are thinking about it, then you are probably very distraught about your finances. Chances are you are not sleeping well, you’re irritable with those around you, possibly fighting with your family, and feeling hopeless. You’ve been struggling to make ends meet. You’ve tried living on a strict budget. You’ve worked overtime or taken a second job. You’ve sold some of your stuff to pay the bills. You may have even taken money out of your retirement to keep the creditors at bay. Perhaps you’ve engaged the services of a debt consolidation company only to find out that you’re paying steep monthly installments and your debt is not going down significantly. Nothing you have done is working toward really solving the problem. You feel like you’re juggling bowling balls, trying to keep everything in the air and knowing that one little hiccup will cause everything to come crashing down. 

Consumer bankruptcy comes in two flavors – Chapter 7 and Chapter 13. The nature of your debt and your current financial condition will usually dictate which bankruptcy you file. There are advantages to each. For example, a Chapter 7 is normally completed within four months, allowing you to move on with your life debt-free in very little time. On the other hand, a Chapter 13 allows you more control over your debts if you owe non-dischargeable taxes or student loans. A Chapter 13 may also allow you to completely eliminate a wholly unsecured second mortgage or 'cram down' the amount you owe on your car loan to the actual value of the car.

Click below to learn more about each type of bankruptcy.