Are you getting harassing phone calls and threatening letters from debt collectors because of missed credit card, medical or doctor bills?
Are you concerned about what will happen if you cannot catch up with these debts?
Explore and pursue a full range of bankruptcy and debt reduction options for dealing with unsecured debts with the help of the Law Office of Jeff D. Hoffman in Oakland.
Contact us to schedule a free consultation!
What is Unsecured Debt?
Credit card debts, medical bills, and most lawsuits are unsecured debts, which means they are not backed by an asset, such as a home or car, that the creditor can seize if you do not pay.
People who default on these debts typically face lawsuits, bank levies, liens placed on their homes, wage garnishments, and serious harassment from creditors.
- In Chapter 7 bankruptcy, credit card debts, doctor and medical bills, and most other types of unsecured debts can be completely eliminated (discharged). Once you file, debt collection efforts usually stop immediately, and you will normally get a final discharge (elimination of your debts) within a few months.
- In Chapter 13 bankruptcy, these types of debts can be reduced by up to 99% depending on your monthly income and your reasonable living expenses, which include home and car loans.
Jeff will go over your options so you can determine the best solution for your specific needs.
Additionally, any junior mortgages on properties that are completely underwater can be “stripped” (eliminated) in a Chapter 13 bankruptcy. Junior mortgages are underwater when the property is worth less than what you owe on the senior mortgage(s). In a Chapter 13 bankruptcy plan, you will pay little or nothing for these second or third mortgages and any liens will be removed once you have completed your bankruptcy plan.
Collecting on debts is expensive, so many creditors are willing to work with borrowers, especially when a knowledgeable lawyer is able to identify and propose an agreeable solution. For credit card debt, you may be able to negotiate a payment that is significantly lower than what you now owe.
Contact us online or by phone at 510-451-0290 to schedule an appointment.
We serve the entire San Francisco Bay Area, including Santa Clara, Alameda, Contra Costa, San Mateo, Marin, Sonoma, Napa, Lake and Mendocino counties.