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Redding Bankruptcy Attorney Profile Redding Bankruptcy Attorney Prepare Contact Us Legal Fees Bankruptcy Facts

983 Mission De Oro

FREE Bankruptcy consultation in Redding...
call (530)244-0300


With the number of home foreclosures on the rise here in Shasta County, I thought it would be good to give you an overview of what relief bankruptcy may offer.

There are two types of bankruptcies that apply to most people. First, there is Chapter 7 bankruptcy. In Chapter 7, the Trustee will "sell" any assets you have which are valued higher than the allowed exemption amount and use those funds to pay your creditors. Thankfully, most people do not have many assets, or sometimes none at all, that are over the exemption value. Further, the trustee will give you the option of buying your asset back yourself. Many people find that they can file a Chapter 7 bankruptcy, be relieved of their unsecured debts, and not lose any of their assets.

The second most-common type of bankruptcy is a Chapter 13. Here, the Trustee will give you a payment plan which will last from three to five years. All of your debt gets put into the plan (including arrearages on pending foreclosures). The difference between your income and your living expenses is used to create a payment plan. At the end of the plan, all of the debt which was included is declared to be paid in full. While this type of bankruptcy takes longer than a Chapter 7, it can help protect your home from a pending bank foreclosure.

Bankruptcy is not the ideal option for everyone. However, it can be a way to get a fresh start for some people. While this was a brief overview, and not meant to be a substitute for legal advice, I hope that this article has helped acquaint you with some possibilities for relief which you may not have considered. Please contact an attorney for further information and to see if bankruptcy is right for you.

Courtesy of Amy Spencer-Martyn
Spencer-Martyn Law Offices
Redding, CA 96002
(530) 244-0300

This information in this article is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.

Bankruptcy Attorney, Redding, CA

983 Mission De Oro

FREE Bankruptcy consultation in Redding...
call (530)244-0300

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