Although bankruptcy generally has a negative connotation, if used properly, it can be a powerful tool to:
wipe out debt,
stop wage garnishments,
stop bank levies, and
stop creditors from harassing you.
The Law Office of Mo Mokarram advises people about different chapters in bankruptcy as possible solutions to an individual's financial problems. Generally, the two most common bankruptcies are Chapter 7 and Chapter 13. If bankruptcy isn't right for you, we'll suggest other alternatives for bringing your financial problems under control.
Chapter 13 is part of the Bankruptcy code under which you may repay all or a portion of your debts under the supervision and protection of the bankruptcy court. In a Chapter 13 case, you must give to the court a plan for the repayment of all or part of your debts. The plan requires court approval and protects you from your creditors while you are making the plan payments. You must make monthly payments to the Chapter 13 trustee who will disburse the money to your creditors according to your plan. Upon completion of the plan, you are discharged of most debts even if they have not been paid in full.
Another advantage of a chapter 13 is a lien strip, which eliminates second and third mortgages completely, including the debt and is a huge benefit for debtors that owe more on their home than the home is worth.
If you are seeking an attorney who will be attentive to your immediate legal concerns while helping you achieve long term goals or if you would like to discuss your rights and options in resolving a difficult legal situation, you can do no better than call the Law Office of Mo Mokarram a confidential consultation. You can also click here to send us an email for more information or to schedule an appointment.
Our office is located in Sacramento at:
1101 Fulton Avenue
Sacramento, CA 95825