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What’s it Like Filing Bankruptcy in Fresno, California
At Liviakis Law Firm, we understand that the process of filing bankruptcy in Fresno, California, can seem daunting. This article aims to demystify the process and provide a clearer picture of what to expect when filing for bankruptcy in Fresno.
Understanding Bankruptcy Laws in California
Bankruptcy laws differ from state to state, and understanding them is the first step. California has its own set of exemptions that protect certain property from creditors during the bankruptcy process. The state also offers two systems of exemptions – System 1 and System 2, which debtors can choose based on their specific circumstances.
Chapter 7 and Chapter 13 Bankruptcy
In Fresno, as in the rest of California, individuals typically file for bankruptcy under Chapter 7 or Chapter 13. Chapter 7 bankruptcy, also known as liquidation bankruptcy, involves the sale of a debtor’s non-exempt assets to repay creditors. Chapter 13 bankruptcy, on the other hand, allows debtors to keep their property and repay their debts over time.
The Filing Process
The bankruptcy filing process involves several steps, including credit counseling, preparing and filing the necessary paperwork, meeting with a trustee, attending a 341 hearing, and completing a debtor education course. It’s crucial to have a knowledgeable attorney guiding you through each step to ensure that the process goes as smoothly as possible.
Life After Bankruptcy
Filing for bankruptcy doesn’t spell the end of your financial life. In fact, it can be the first step towards a fresh start. Although it will affect your credit score initially, with disciplined financial habits, you can rebuild your credit over time. Moreover, the relief from debt can provide the peace of mind necessary to move forward.
How Liviakis Law Firm Can Help
Bankruptcy can be a complex and intimidating process, but you don’t have to navigate it alone. The attorneys at Liviakis Law Firm are here to help you understand your options, guide you through the bankruptcy process, and provide the support you need to start anew. Contact us at 916 459 2364 to discuss your situation.