Bankruptcy Attorneys

Protecting Our Friends & Neighbors in Murrieta

Bankruptcy is a legal process that a person, organization, or municipality enters into when declared insolvent. In other words, when a person or entity can no longer afford to repay the debt owed to creditors because they lack enough revenue, the person or entity may file for bankruptcy.

Once a bankruptcy petition is filed with the U.S. Bankruptcy Court, the person or entity asserts impairment and inability to repay debts owed to creditors. A bankruptcy filing immediately halts all contact from creditors because of bankruptcy law stipulations.

Bankruptcy's Most Common Forms

There are numerous different types of bankruptcy that may be filed for in the United States, but the most common type is consumer bankruptcy. People who choose to file for consumer bankruptcy will have to choose between filing for Chapter 7 or Chapter 13.

Your decision between Chapter 7 and Chapter 13 bankruptcy will largely depend upon your present financial situation, outstanding debts, and ability to repay creditors. Bankruptcy is not necessarily the only option when facing a financial crisis, so it is important to consult with an experienced bankruptcy lawyer who can review your individual case.

Most people who decide to pursue bankruptcy are overwhelmed by debt and can no longer afford to make payments to their creditors. People may also choose to file for bankruptcy to remain in possession of their homes and to prevent foreclosure. A Murrieta bankruptcy lawyer from Singleton Smith Law Offices can sit down with you and assess your financial state and goals. After a thorough assessment, we will be able to advise on bankruptcy options that may be right for you.

We are here to meet all of your needs, including concerns related to:

Bankruptcy Myths
There are many misconceptions surrounding the idea of filing for bankruptcy. In most cases, bankruptcy will not cause you to lose everything you own, nor will it disqualify you from all forms of credit for the rest of your life.

Bankruptcy Timeline
Bankruptcy is a process that requires counseling, paperwork, and petitions. An experienced bankruptcy attorney can guide you through the entire process, step by step.

Benefits of Bankruptcy
When the word bankruptcy comes to mind, people often think of all the drawbacks and negative implications. For certain circumstances, however, there are also benefits to filing for bankruptcy.

Chapter 7
This type of bankruptcy involves the liquidation of assets to repay debts to creditors. There are requirements you must meet before filing for Chapter 7 bankruptcy, including a means test which ensures your income is not over a certain income threshold.

Chapter 13
Chapter 13 bankruptcy is a reorganization bankruptcy and is generally filed by those with a steady source of income. Those who file for Chapter 13 avoid liquidation by committing to repay their creditors over a span of three to five years.

Chapter 7 vs. Chapter 13
When considering bankruptcy, it is important to understand the difference between a Chapter 7 filing and a Chapter 13 filing. Those with lower incomes will likely choose Chapter 7, while those with higher means to repay will usually file for Chapter 13.

Creditor Claims
Creditor claims assert outstanding debt and may be filed by creditors against a person who has filed for bankruptcy. These claims will attempt to secure the assets of a debtor for the creditor in order to repay outstanding debt to the creditor.

Creditor Harassment
For those drowning in debt, creditor harassment is often a constant reality. Phone calls to your home, workplace, family, or friends, collection notices, and threats are just some of the ways that creditors pressure debtors into repayment.

The Means Test
Each person's financial situation is unique, and the means test allows a complete assessment of an individual's income and debts. This test is used by the state to determine eligibility for Chapter 7 or Chapter 13 bankruptcy.

Rebuilding Credit After Bankruptcy
Good credit is essential for many of the basics of living in America. It is important to understand how your credit can be rebuilt after you declare bankruptcy.

Saving Your Home and Assets
When filing for bankruptcy, you will likely have many questions about your assets and how you can remain in possession of your property. An experienced bankruptcy lawyer can work with you to protect the home and assets you value most.

Should I File for Bankruptcy?
Filing for Chapter 7 or Chapter 13 bankruptcy is a decision that should never be rushed into or taken lightly. Bankruptcy is a serious, life-altering event that will have implications and effects for the rest of your life.

Bankruptcy Attorney Serving Murrieta

If you are thinking about filing for bankruptcy in Murrieta or the surrounding areas, it is very important that you retain the services of a knowledgeable bankruptcy attorney. At Singleton Smith Law Offices, we have helped many clients successfully file for Chapter 7 or Chapter 13 bankruptcy. During these emotionally and financially challenging times, we believe that people need our litigators on their sides more than ever. An experienced bankruptcy lawyer from our firm will work with you to help you understand the bankruptcy process and to protect your best interests.

To learn how we can help you complete your Chapter 7 or Chapter 13 bankruptcy filing, contact a Murrieta bankruptcy attorney to set up a free initial consultation!

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