Sunnyvale Bankruptcy Lawyers

California Chapter 7 & 13 Bankruptcy Attorney  

Stop Foreclosure - Repossessions - Harassment

At Scher & Bassett, we understand that serious financial difficulties can invade every area of your life, causing undue stress, depression, and feelings of desperation. However, bankruptcy allows you to take charge of your financial situation and start with a fresh financial slate, so that you may move on with life.

Our Sunnyvale bankruptcy attorneys have handled a number of Chapter 7 and Chapter 13 filings. Our bankruptcy lawyers will review your finances and assess your options, file the necessary paperwork, guide you through the process. To serve you best, we use state-of-the-art technology and stay abreast of changes in the U.S. Bankruptcy Code.

Here are brief explanations of Chapter 7 and Chapter 13 bankruptcy.

Chapter 7 Bankruptcy

In a Chapter 7 bankruptcy, most unsecured debts (i.e. credit cards, medical and utility bills) are eliminated. However, student loans, taxes, child support, and credit card debt incurred up to 90 days before filing the bankruptcy are not dischargeable. For secured debts (such as cars, homes, electronic equipment, etc.), debtors filing bankruptcy can generally choose to either give back the collateral (extinguishing the debt), or keep the collateral and continue the paying it.

Chapter 13 bankruptcy

In a Chapter 13 wage earner plan, all debts are combined and restructured to enable the debtor to make an affordable monthly payment to the bankruptcy Trustee. The Trustee uses this money to repay the debts. Unlike a Chapter 7, Chapter 13 bankruptcy enables the debtor to pay overdue student loans and taxes without additional interest or penalties, and to pay arrearages on past-due mortgage or car payments without losing the property. Chapter 13 bankruptcies generally last from three to five years.

Contact a bankruptcy attorney today to learn how we can help restore your financial health.