Secured and Unsecured Debts
San Francisco Secured Debt Attorneys
Dedicated Debt Relief Legal Counsel
Bankruptcy can provide you with the opportunity to get clear of overwhelming debt so you can get a new financial start in life. However, you may not be sure which type of filing is best for your situation. Oftentimes, this can be determined by looking at the types of debt you have. At the law office of Patrick McMahon, our San Francisco secured debt lawyers can review your finances and point you in the right direction to take on the road to financial freedom.
We can talk to you about the types of debt you have and fully explain your options. Contact our California bankruptcy attorneys online or call 415-543-9338 to arrange for a free initial consultation to discuss your situation.
Chapter 7 and Unsecured Debts
Unsecured debts are, quite simply, debts that are not backed by any sort of collateral. That is, you enter into an agreement to repay the debt under the terms set forth by the lender. Examples of unsecured debt include:
If you have primarily unsecured debt, a filing for Chapter 7 bankruptcy may be appropriate for you. This filing will completely eliminate your debts and give you a fresh start. However, recent changes to the law have made it more difficult to qualify for Chapter 7. Our lawyers at the law office of Patrick McMahon can review your financial assets and liabilities to determine whether you are likely to qualify.
Chapter 13 and Secured Debt
Secured debt is just that, debt that is secured by some piece of tangible property. For example, home payments or car payments are a form of secured debt. When you fall behind on these types of payments, creditors can institute foreclosure or repossession actions to satisfy the debt.
A filing for Chapter 13 bankruptcy allows you to set up an affordable repayment plan, typically lasting between three and five years, that can help you pay down your outstanding bills. At the end of this period, most outstanding debts will be forgiven. Our Oakland debt relief attorneys will work closely with you to let you know whether this is the best option for your situation.
Call for a Free Consultation With an Oakland Unsecured Debt Lawyer
We can let you know what bankruptcy filing is right for your situation and let you know how debt relief can benefit you. Contact our San Francisco bankruptcy attorneys online or call 415-543-9338 to arrange for a free initial consultation to discuss your situation.
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We are a debt relief agency, helping individuals and small businesses in California in filing for bankruptcy under the Bankruptcy Code.