Riverside Bankruptcy Lawyer
Navigating financial difficulties can be overwhelming, but bankruptcy provides a fresh start for individuals and businesses facing insurmountable debt. Riverside, CA residents have several legal options to regain control of their finances, including Chapter 7, Chapter 13, and debt settlement. Below, we explore these options, the bankruptcy process, and the vibrant neighborhoods of Upland, CA, along with how Wadhwani & Shanfeld’s experienced Riverside bankruptcy lawyers can help.
Common Types of Bankruptcy in Riverside, CA
- Chapter 7 Bankruptcy
- Often referred to as “liquidation bankruptcy,” Chapter 7 is designed for individuals or businesses with limited income and significant debt.
- Assets not protected by exemptions may be sold to repay creditors.
- This type of bankruptcy typically discharges unsecured debts like credit card balances, medical bills, and personal loans within a few months.
- Eligibility is determined by a means test to ensure applicants qualify based on their income and financial circumstances.
- Chapter 13 Bankruptcy
- Known as “reorganization bankruptcy,” Chapter 13 allows debtors with steady income to create a repayment plan over three to five years.
- Ideal for those seeking to keep their assets, such as a home or car, while catching up on missed payments.
- At the end of the repayment plan, any remaining unsecured debt may be discharged.
- Debt Settlement
- An alternative to bankruptcy, debt settlement involves negotiating with creditors to reduce the total amount owed.
- This option is particularly useful for individuals who want to avoid bankruptcy’s long-term credit impact.
- Debt settlement requires careful planning and negotiation skills, which is why partnering with an experienced legal team is critical.
The Bankruptcy Process in Riverside, CA
- Consultation and Evaluation
- Assess your financial situation and determine the best course of action with the help of legal experts.
- Filing the Petition
- Submit detailed documentation of your income, assets, debts, and expenses to the bankruptcy court.
- Automatic Stay
- Once filed, an automatic stay halts collection efforts, including wage garnishments, foreclosure, and creditor harassment.
- Meeting of Creditors
- Attend a court-supervised meeting with creditors to review the petition and repayment plan if applicable.
- Discharge of Debt
- For Chapter 7, eligible debts are discharged after liquidation. For Chapter 13, debts are discharged upon successful completion of the repayment plan.
Serving Throughout Riverside, CA
- Canyon Crest
- Orangecrest
- Mission Grove
- Victoria
- Woodcrest
- Arlington Heights
- La Sierra
- Downtown Riverside
- University Neighborhood
- Alessandro Heights
How Wadhwani & Shanfeld Can Help
With decades of experience in bankruptcy and debt resolution, Wadhwani & Shanfeld provides compassionate and skilled representation tailored to your financial needs. Services include:
- Personalized Debt Solutions: Helping you decide between Chapter 7, Chapter 13, or debt settlement.
- Expert Guidance: Navigating the complex bankruptcy process with attention to detail.
- Creditor Negotiations: Reducing financial stress by handling communications with creditors.
- Asset Protection: Maximizing exemptions to help you retain as much property as possible.
- Long-Term Planning: Providing strategies to rebuild your financial health post-bankruptcy.
If you’re in Riverside, CA, and feeling overwhelmed by debt, contact Wadhwani & Shanfeld for a free consultation. Take the first step toward financial freedom today.
