Bankruptcy FAQ

Filing Bankruptcy in West Covina

How do I know if I will qualify for bankruptcy?

The restrictions for filing bankruptcy have become more stringent; however, most people who are suffering severe financial stress will still qualify. Determining if you will qualify is important and should be done at once, before more stress, anxiety and losses take place. Usually waiting only makes the situation worse. Many have emptied their retirement accounts, racked up their credit cards and other actions in an attempt to stay above water. A West Covina bankruptcy lawyer from Ray Bulaon Law Offices could have advised them to keep their retirement accounts intact, as you keep most retirement accounts in bankruptcy, even in liquidation or Chapter 7 bankruptcy.

What is Chapter 13?

When an individual has too many assets to qualify for Chapter 7, they can file Chapter 13 bankruptcy. This form of bankruptcy allows you to pay off back debt over a period of years in one affordable payment. This is a good option for those who are facing foreclosure or have run into serious debt problems through a divorce, a medical emergency or other situation, but have a steady income. Our legal team at the firm can assist you through the complex process of filing and negotiating with creditors.

How do you stop creditor harassment?

When creditors violate federal law through certain actions, there could be grounds for a civil action filed against them. The tables are turned: you now will be seeking compensation for the damages they inflicted through their violations of federal law. We can advise you how to resolve creditor harassment and protect your interests.

How can I stop a home foreclosure?

Many West Covina residents have run into very serious trouble with their mortgages. The home they bought during the sub-prime mortgage boom is now financed at sometimes almost twice the current market value of the home. Did you know that you could qualify for lien stripping, or getting rid of a second mortgage during the bankruptcy process? You should contact our firm to find out if this is a possibility. If you want to keep your home, how this is done is critical with regard to your future credit. A foreclosure often creates more problems in the future than filing for bankruptcy. Call us to discuss your case.

Contact a West Covina Bankruptcy Lawyer to discuss your personal financial situation and get your questions answered.  We offer services in English, Spanish, Tagalog and Armenian.