Bankruptcy Is A Powerful Tool For Debt Relief

Your financial health is important. Debt can make you feel trapped. It can cause unbearable stress that impacts many aspects of your life from your relationships to your physical, emotional and mental health. You do not have to let it.

At Ghitterman, Ghitterman & Feld, we help individuals in Santa Barbara and across the Central California coast obtain relief from overwhelming debt. We can use our legal knowledge and litigation skills to help you regain control over your finances. Call us at (805) 214-8888 to schedule your consultation with an attorney.

What Do You Need To Know About Consumer Bankruptcy?

Many people fear bankruptcy, largely because of misinformation and confusion about the process. When you become our client, we will explain every detail and answer every question you might have about bankruptcy and your debt relief options. In the meantime, here are a few things we think you should know:

  • You can file under Chapter 7 or Chapter 13. Under Chapter 7, a trustee will liquidate nonexempt property, use the proceeds to pay creditor claims and discharge your unsecured debt. Under Chapter 13, you reorganize your debts into a manageable three- to five-year repayment plan. Which option you choose or are eligible for depends on your individual circumstances and goals.
  • You can stop foreclosure, wage garnishment and harassing calls immediately. When you file, the trustee will put an automatic stay in place. This is an injunction that prevents creditors from continuing to collect on any debts that are part of the bankruptcy filing.
  • You will not lose all of your assets under Chapter 7. The biggest fear about Chapter 7 often involves the idea that everything you own will be liquidated. This is simply not true. You can exclude a significant amount of property, in some cases all property, from liquidation using laws known as exemption schedules.
  • You can discharge most if not all of your unsecured debt. Unsecured debt includes loans or lines of credit that are not secured by property such as credit card charges, medical expenses, utility bills or unpaid rent. Even in Chapter 13, once you complete your repayment plan, you can discharge most if not all remaining unsecured debts.
  • Bankruptcy will not "ruin" your credit score. When you eliminate your debt through Chapter 7 or bring loans current and work with lenders for modifications during Chapter 13, it helps you regain control over your finances in a timely manner. This allows you to rebuild or repair your credit faster than if you try to resolve debt on your own.
  • You can use bankruptcy proactively, not just reactively. You do not need to wait until the last minute to file. It can help you get debt-free much quicker and much easier than if you try budgeting, quick-fix options such as payday loans, credit counseling plans or other means of debt relief.

Let Us Help You Take Back Control Over Your Finances

You do not have to suffer with overwhelming debt. You can schedule a consultation with one of our experienced lawyers to discuss your options for relief and determine if bankruptcy is right for you. Call our offices at (805) 214-8888 or contact us online.

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