Legal Question in Bankruptcy in California

Re: how to handle debt

Whether it is a better solution or not depends on a multitude of factors. This can only be determined by having a comprehensive consultation with a professional. I would be happy to give you a free phone consultation. If you are interested, please visit my webpage at http://www.bklaw.com/consult.html for what information you will need to have ready, and then give me a call or e-mail to schedule a time.

Regards,

Mark

Re: how to handle debt

Thanks for your posting.

CCCS doesn't take everyone, and often refers people to file bankruptcy. If CCCS won't take you, you may have to consider bankruptcy.

If you are so far in debt that you will never be able to repay it, the best solution may be a Chapter 7 bankruptcy. A Chapter 7 is the least desirable credit-wise but you are typically out of bankruptcy in 3-4 months and you don't have to repay any debt. One disadvantage is that this shows on your credit report for 10 years from the date of filing your bankruptcy. Another disadvantage is that creditors are starting to tighten their credit requirements. You may have a tough time getting low interest rates for financing in the future.

If you have any questions, or feel you need an attorney, please email me directly at [email protected], and best of luck.

Re: how to handle debt

Sounds like a Chapter 7 may be the way to go. Chapter 7 involves a complete discharge of all unsecured debt. An attorney would, of course, have to evalaute your individual situation to make a final decision on which way to go. In my experience, a Chapter 7 does not look near as bad on a credit report as unpaid debts or a string of charge-offs.

Re: how to handle debt

Need more info before I can advise...If it is mainly credit card debts BK may be the best solution