If you live in Riverside California and are contemplating filing bankruptcy, this directory can help you find a bankruptcy attorney near you. There are many bankruptcy attorneys in Riverside and they charge roughly between $800 – $1500. Some offer payments plans in order to cover their fees. Also there are court filing fees which are often separate from the fees charged by the lawyer.
There are different types of bankruptcy filings. Chapter 7 is used to discharge all unsecured debt as well as stopping wage garnishment, vehicle repossession and foreclosure. This puts a stay on all proceedings and by law creditors are not allowed to harass you. There are many state exemptions that allow you to keep the bare necessities so that you can start over. Many times this means you can keep your car and your house. There are also some debts that are not covered with Chapter 7 including child support, school loans and tax debt.
Chapter 13 filings are used for reorganizing debts. Payment plans can go from 36 months to 60 months. In this type of filing some debts are discharged while others are payed back through a non-interest consolidated payment plan. There are some advantages with this type of filing as it helps you keep your assets because you are agreeing to a payment plan. Also you can consolidate and often reduce the total debt while including tax debt and student loans which you would not be able to discharge in a Chapter 7. Fees are a little more as this type of filing is more complex. Small business and wage earners often use this filing.
A bankruptcy filing will stay on your credit report for 10 years.