If you are struggling with debt, you are not alone.
In fact, 80% of Americans are trying to pay down debt. When you are over your head and unable to manage your monthly financial commitments, it’s time to talk to Redding bankruptcy law firm, Rupert Corkill.
Bankruptcy can provide immediate debt relief and peace of mind, depending on the type of bankruptcy filed, some - or all - of your debts will either be cancelled or a restructuring plan will be worked out.
Don’t feel ashamed if you have tried every option to wipe out your debts but haven't succeeded, then let’s consider filing for Chapter 7 or Chapter 13 bankruptcy together.
Rupert Corkill is an experienced bankruptcy lawyer in Redding, California who is ready to get you back on your feet. Call Mr. Corkill today to discuss the possibility of filing for bankruptcy and get a fresh start on your financial situation!
A Chapter 7 bankruptcy is a personal bankruptcy designed to assist individuals and small businesses liquidate debts, repay creditors, and resolve financial disputes.
To qualify for Chapter 7 bankruptcy under the new Chapter 7 bankruptcy laws you will need to show that your current monthly income is less than or equal to the median for a household of your size in California.
If your income is higher than California’s median you will probably need to repay your debt under a Chapter 13 bankruptcy.
Consequences of Filing Chapter 7 Bankruptcy in California
Before debts may be canceled you will be required to attend credit counseling, budgeting, and debt management classes.
Chapter 7 Bankruptcy in California at a Glance:
A personal or small business bankruptcy option.
Income must be less than or equal to the median for a household of your size
If you qualify your debts will be erased
How can a Redding Bankruptcy Lawyer help?
Imagine the peace of facing a financially stable future. With the Law Offices of Rupert Corkill, you can! Mr. Corkill will get right to work in helping you obtain debt protection and will help you select the right bankruptcy path for your needs.
Instead of giving your money to credit card companies, we believe you should have the opportunity to share and pass it on to your family. Filing for Chapter 7 bankruptcy can help you do that.
If you believe you qualify for a Chapter 7 bankruptcy in Redding, CA, please contact Rupert Corkill to schedule a low cost consultation.
Unlike a Chapter 7 bankruptcy, where most of your debts are cancelled, under a Chapter 13 bankruptcy you may be expected to pay back up to 100% of your debts over a three to five-year period. Although this will depend on your financial situation, generally you will be able to retain your property unless it needs to be surrendered to the bankruptcy trustee in order to pay your creditors.
Are you eligible for a Chapter 13 bankruptcy in California?
Under a Chapter 13 bankruptcy you may be expected to repay some or all of your debt so in order to qualify you will need to show that you can afford this financial obligation. A low or irregular income, or high debt burden, could disqualify you from filing for a Chapter 13 bankruptcy.
If your debts exceed the amounts listed below, you are unlikely to qualify. Secured debts (such as your house or car which can be taken away from you) may not exceed $1,149,525. Unsecured debts (such as a credit card or student loans) may not exceed be more than $383,175.
Credit counseling will be required for anyone intending on filing for bankruptcy (you can find a list of approved agencies by visiting “Credit Counseling and Debtor Education” at www.usdoj.gov/ust. These agencies are allowed to charge a fee for their services, but if you cannot afford to pay, they must provide counseling for free or at reduced rates. There is also a filing fee and forms to fill out.
Chapter 13 bankruptcy in California at a glance:
You keep your property, but pay back all or a portion of your debts
The Law Offices of Rupert Corkill is available to help Redding, CA homeowners facing foreclosure.
Foreclosures begin when the Trustor (borrower) does not make the monthly payments to the Beneficiary (Lender). After the first missed payment the process of foreclosure may begin, although most Lenders will not seek foreclosure until three payments have been missed. If the missed payment(s) are not resolved the foreclosure proceedings will begin.
Day 1 - Record a Notice of Default
Within 10 business days - Mail and publish Notice of Default
Within 1 month - Mail the Notice of Default
After 3 months - Set sale date
25 days before sale date - Send notice of sale to I.R.S. (when necessary)
Within 10 days from 1st publication - Send beneficiary request for property directions
14 days before sale date - Record the Notice of Sale
7 days before sale date - If court action, 7-day rule may apply
5 business days before sale date - Expiration of right to re-instate the loan
Sale date - Property is sold to highest bidder at public auction
In California, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
Judicial Foreclosure in Redding, CA
If no power of sale is present in the mortgage or deed of trust, a lawsuit will be filed to obtain a court order to foreclose. Once the court declares a foreclosure, your home will be auctioned off to the highest bidder.
Using this type of foreclosure process, lenders may seek a deficiency judgment and under certain circumstances, the borrower may have up to one (1) year to redeem the property.
Non-Judicial Foreclosure in Redding, CA
In the case of non-judicial foreclosure a "power of sale" clause (written into the mortgage or deed of trust) pre-authorizes the sale of property in the event of default in order to pay off the balance on a loan. This can be executed by the lender or their representative, typically referred to as the trustee.
Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
Power of Sale Foreclosure Guidelines in Redding, CA
A power of sale clause that stipulates the time, place, and terms of sale will be followed as specified.
In the case of a non-judicial “power of sale”, the notice of sale must be executed as follows:
recorded in the county where the property is located at least fourteen (14) days prior to the sale
mailed by certified, return receipt requested, to the borrower at least twenty (20) days before the sale
posted on the property itself at least twenty (20) days before the sale
posted in one (1) public place in the county where the property is to be sold
The sale may be held on any business day between the hours of 9:00 am and 5:00 pm and must take place at the location specified in the notice of sale.
The notice of sale must include:
the time and location of the foreclosure sale
the address of the property as well as the trustee's name, address, and phone number
a statement that the property will be sold at auction
Before the foreclosure sale, the borrower will have five days to settle the default in order to halt the foreclosure. A deficiency judgment may not be sought by the lender after a non-judicial foreclosure sale.
The sale is to be held via a public auction, anyone may bid however the trustee may require evidence that the buyer will be able to pay in full. If the sale is postponed a statement must be displayed at the time and venue of the original foreclosure sale.
The borrower is given no rights of redemption.
Redding foreclosures and California foreclosures do happen but we are ready to help. The Law Offices of Rupert Corkill offers several options to help local homeowners who are facing a foreclosure or who are considering walking away from their mortgage and foreclosing on their home.
For further information or to discuss getting help with bankruptcy, short sales, or foreclosure we invite you to schedule a low cost, confidential consultation with Northern California bankruptcy attorney Rupert Corkill by calling us at 530-209-9593, or filling out our contact us form on our website. The 15-minute confidential consultation is free.
Facing the possibility of filing for bankruptcy may feel overwhelming and you may even feel embarrassed. But there is no need to feel ashamed; there are several immediate benefits to filing for bankruptcy.
Here are a few advantages of filling a Chapter 7 bankruptcy or a Chapter 13 bankruptcy that will instantly offer you peace of mind:
Creditors are required to stop contacting you immediately
All legal actions must stop immediately (these include: repossessions, foreclosure proceedings, holds on your bank accounts or wage garnishments)
Once Chapter 7 or Chapter 13 has been filed you will be able to take time to evaluate your personal financial situation with a Redding bankruptcy lawyer and agree on the best legal way forward.
Work With a Bankruptcy Attorney in Redding
Working with an experienced bankruptcy attorney in Redding offers additional advantages.
In the case of a Chapter 7 filing, there will be a dismissal of all or most of your debt. Under a Chapter 13 bankruptcy you will be offered an affordable payback restructure and, most often, will be able to retain your assets. Both paths will allow you to get back in control of your finances.
Your credit rating will be temporarily damaged by filing for bankruptcy; however this can be rebuilt in time using the knowledge you've learned from the required credit counseling given.
The Law Office of Rupert Corkill has more than 15 years of experience in bankruptcy law and will work hard to negotiate the most effective terms for your filing. We provide personal attention to all of our clients and will keep you informed every step of the way.
Contact Rupert Corkill, your Redding Bankruptcy Attorney today
Almost everyone will qualify for one type of bankruptcy but not everyone needs to file. In fact, our office recommends filing for bankruptcy to half of the people who come in for a consultation.
In October 2005, bankruptcy laws were changed with the intention of making it harder for people to qualify but this hasn’t changed the landscape as much as many people believe. Most people who qualified for Chapter 7 bankruptcy before the new law will still qualify. Those who don’t qualify will most likely be able to file under Chapter 13.
Which type of bankruptcy filing is right for you? This depends on many factors but we can help you to get clarity during a low cost consultation with experienced attorney Rupert Corkill.
Factors in Qualifying for Chapter 7 or Chapter 13 in Redding
Deciding on whether to file for Chapter 7 or Chapter 13 bankruptcy will be determined by your particular situation. As seen above, a Chapter 7 filing is for individuals and small business that are overwhelmed and unable to pay their debt. Under a Chapter 7 bankruptcy, all assets will be sold to defray the debts and the remaining money owed will be cancelled.
In the case of a Chapter 13 filing, you will be able to keep your assets but the debt will be restructured and you will be required to commit to paying a portion or all of the debt owed over a period of 3-5 years.
With more than 15 years experience in bankruptcy law in Redding, CA the Law Firm of Rupert Corkill is in the best position to help you determine your best course of action.
If you have questions or concerns about your debt, please take the time to speak with bankruptcy attorney Rupert Corkill to learn more about your legal options. You do not have to face this alone. Contact Rupert Corkill for a low cost consultation.
For information regarding different aspects of bankruptcy, please take a look at these helpful resource links:
Many people fear filing for bankruptcy because of the ramifications it may have on their credit. Allow Rupert Corkill and his team to ease those concerns and provide relevant answers to all of your questions about filing for bankruptcy. If filing for bankruptcy is not the right path for you, our legal team will give you advice on other options.
We have been helping clients in the Redding area work through overwhelming debt and file for bankruptcy for more than 15 years.
Our clients come first and we will always help our clients do what is in their best interest. If you would like to see how we can help, please contact our office today.