We try to help you find alternative ways out of debt, but bankruptcy may be the only solution for helping you manage debt and regain control of your finances.
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!Contact Us
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.
Before debts may be canceled you will be required to attend credit counseling, budgeting, and debt management classes.
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.Contact Us
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.
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.
(For details, see Do You Qualify for Chapter 13 Bankruptcy?)
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.
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.
In California, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
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.
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".
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:
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:
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.Contact Us