If you are thinking about filing for bankruptcy, please call the Law Offices Of Chirnese L. Liverpool at (818) 714-2200 for a FREE consultation.
Are paying only the minimum amount due on your credit cards;
- Can’t budget yourself out of debt within five years;
- Are getting notices that your mortgage or home loans are being foreclosed;
- Have had a severe financial setback, such as losing your job;
THEN YOU MIGHT WANT TO CONSIDER BANKRUPTCY. IN OUR CONSULTATIONS, WE EVALUATE YOUR ENTIRE FINANCIAL PICTURE TO HELP YOU DETERMINE IF THERE ARE ANY OTHER ALTERNATIVES.
Secured debt is a debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien to satisfy the debt if you default.
Whereas, an unsecured debt is not tied to any item of property. A creditor has no right to grab property to satisfy the debt if you default. The creditor must sue you and obtain a judgment by the court.
A purchase money debt is a debt on which the creditor keeps a security interest in the property given to the debtor so that the debtor may acquire rights in or use the collateral.
What is Bankruptcy and How Does It Work?
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy allows the Court to eliminate debts that you have no ability to pay. It applies when the monthly payment on all personal overhead such as rent, utilities, and groceries exceeds your take-home income. The debtor’s assets are liquidated and the proceeds are distributed to creditors. An individual’s home, care, and many other property items can be kept by the individual pursuant to the law.
Chapter 13 Bankruptcy
Chapter 13 provides a reorganization of your debt allowing you to pay off all or part of your debts over time. It applies when your income exceeds your monthly personal overhead to some extent such that you are able to repay some portion of the debt back. This forces creditors to negotiate with you subject to a bankruptcy trustee’s approval.
Please fill out the following questionnaire before your scheduled appointment:
You will also need to bring with you:
Last 2 years of Tax Returns
- Last 3 months of Bank Statements
- Last 6 months of Pay Stubs/Verification
Copies of Certificates of Title to All Vehicles
- Start now to eliminate your financial concerns and begin improving your life and credit. Our goal is to help make this process as painless as possible.YOU DESERVE TO GET ON WITH YOUR LIFE. WE CAN HELP
WE ARE A DEBT RELIEF AGENCY HELPING PEOPLE FILE FOR RELIEF UNDER THE BANKRUPTCY CODE
Chirnese L. Liverpool, Esq.
Law offices of Chirnese L. Liverpool
6445 Florence Ave. Suite A
Bell Gardens, CA 90201
If you are interested in knowing how to get the bankruptcy process started, click here .