Compton Bankruptcy Lawyer
Financial difficulties can be overwhelming, and for many in Compton, CA, bankruptcy offers a fresh start. Whether facing mounting debts or struggling to meet monthly obligations, understanding bankruptcy and related options such as debt settlement can empower you to regain control of your finances. Wadhwani & Shanfeld, experienced Compton bankruptcy lawyers, are here to guide you every step of the way.
Common Types of Bankruptcy
Bankruptcy isn’t a one-size-fits-all solution. The two most common types for individuals in Compton are Chapter 7 and Chapter 13:
Chapter 7 Bankruptcy
- Known as “liquidation bankruptcy.”
- Designed for individuals with limited income and significant unsecured debts such as credit card bills or medical expenses.
- Non-exempt assets may be sold to repay creditors, but many assets, like your home or car, are often protected by exemptions.
- Offers a quick resolution, typically discharging eligible debts within 3-6 months.
Chapter 13 Bankruptcy
- Also called “reorganization bankruptcy.”
- Suitable for individuals with a steady income who want to keep their assets while restructuring debts into manageable monthly payments.
- The repayment plan lasts 3-5 years and covers secured debts like mortgages and car loans, as well as a portion of unsecured debts.
- Provides an opportunity to catch up on missed payments, such as mortgage arrears, to avoid foreclosure.
Debt Settlement
For some, avoiding bankruptcy is a priority. Debt settlement involves negotiating with creditors to reduce the amount owed. This option can resolve debts without court intervention and may be ideal for those with some financial flexibility. However, it’s essential to work with professionals like Wadhwani & Shanfeld to avoid pitfalls, such as legal actions from creditors or tax consequences.
The Bankruptcy Process
Navigating bankruptcy involves several key steps, which can feel daunting without the right guidance:
- Consultation and Evaluation
Meet with an experienced attorney to assess your financial situation and determine the best path forward. - Credit Counseling
Complete mandatory credit counseling with an approved agency before filing. - Filing the Bankruptcy Petition
Your attorney will prepare and file the necessary paperwork with the court, including detailed financial disclosures. - Automatic Stay
Once your petition is filed, an automatic stay goes into effect, halting creditor actions like wage garnishments, foreclosure, and lawsuits. - Meeting of Creditors
Attend a meeting where creditors can ask questions about your finances, overseen by a bankruptcy trustee. - Debt Resolution
- For Chapter 7: Eligible debts are discharged.
- For Chapter 13: Begin payments under the court-approved repayment plan.
- Fresh Start
After completing the process, enjoy relief from overwhelming debt and start rebuilding your financial future.
How Wadhwani & Shanfeld Can Help
With over 75 years of combined experience, Wadhwani & Shanfeld specialize in providing personalized bankruptcy solutions tailored to your unique circumstances. Here’s how they can assist you:
- Free Consultation
Evaluate your options with a no-obligation consultation. - Expert Guidance
Navigate complex bankruptcy laws with confidence. - Debt Relief Strategies
Whether filing for Chapter 7, Chapter 13, or pursuing debt settlement, their team ensures you make informed decisions. - Comprehensive Support
From filing paperwork to attending hearings, Wadhwani & Shanfeld stand by your side throughout the process. - Financial Planning Post-Bankruptcy
Receive advice on rebuilding credit and establishing a stable financial future.
Start Your Path to Financial Freedom
If you’re in Compton, CA, and struggling with debt, bankruptcy may provide the relief you need. Contact Wadhwani & Shanfeld today to schedule your free consultation and take the first step toward financial stability. Their compassionate and experienced team is committed to helping you achieve the fresh start you deserve.
