Pre-Bankruptcy Concerns

The Hedtke Law Firm helps individuals, families and businesses understand their options for resolving debt problems, particularly what the advantages and disadvantages Chapter 7 or 13 bankruptcy might present. Filing for bankruptcy, for example, stops creditor harassment and pending legal actions such as foreclosure proceedings, wage garnishments, and levies. In the short-term filing bankruptcy is usually detrimental to your credit score, but in the long-term will dramatically improve your debt to income ratio and allow you to quickly rebuild your credit score.

To discuss these pre-bankruptcy concerns, contact the Hedtke Law Firm at 760 482-1737 today for a free initial consultation.

In Chapter 7 bankruptcy, the trustee liquidates nonexempt assets and pay portions of secured and possibly unsecured debt according to a prioritization schedule of creditors established by the court. Chapter 13 bankruptcy, on the other hand, provides the opportunity to create a plan that repays debt in manageable monthly payments over three to five years.

Chapter 11 bankruptcy provides a similar repayment opportunity for small businesses that protects against creditor collection actions. Chapter 12 operates in much the same way, but is specifically intended to assist farmers and vineyard owners.

At the beginning of the process, a petition and schedules listing all of your assets and debts to each creditor are filed with the bankruptcy court. You will be required to attend a creditors meeting with a bankruptcy trustee assigned by the court so that the trustee may confirm the information provided. Your creditors are also invited to this meeting, but are not often present.

Learn About Bankruptcy Options Withthe Hedtke Law Firm

To discuss what you need to know about bankruptcy prior to filing, contact our office for a free initial consultation. I represent clients in communities throughout Los Angeles County and the Inland Empire.

Documents Needed to Prepare Bankruptcy

The more prepared you are to discuss your financial situation, living expenses and total monthly expenses, the better prepared we can be to discuss your options. When you come to the Hedtke Law Firm, we suggest bringing the following:

  • Your tax returns for the last two years
  • 2 months of pay stubs
  • A list of normal monthly bills
  • The amount owed and value of your home
  • For the self-employed — an approximate amount of gross profit and business expenses for the previous 6-months
  • Your social security card

Let Us Talk About Your Options For Eliminating Your Debt

Discover the difference that having a caring and compassionate local attorney can make in handling your bankruptcy and debt relief issues. Contact the Hedtke Law Firm today to schedule a free initial consultation to determine what options may be best for you and your family. Call us at 760 482-1737.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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