bankruptcy in stocktonFollowing the financial crisis of 2007/2008, Stockton was particularly hard hit by the sub-prime mortgage scandal and the consequent loss of employment and shrinking consumer base. There is no single reason why hardworking individuals and families have found themselves in difficult financial situations. Similarly, there is not single reason why Stocktonians have chosen to file for the benefits and protections afforded under bankruptcy. What has made bankruptcy in Stockton so appealing to the community and indeed to the city itself?

The most powerful legal protection afforded people filing for bankruptcy in Stockton is the automatic stay. This is a legal directive that requires your creditors, lenders, collectors, and anyone else pursuing legal action due to unsecured debt to stop their attempts at collection immediately. These can include one or more of the following:
-Wage garnishment
-Repossession of a vehicle
-Seizure of property
-Harassment from collectors and lenders
As long as you are under the protection of bankruptcy, none of these can legally take place. If a creditor does try to pursue collections during this period, alert your attorney immediately.

Many individuals, families, and businesses are stuck in a bill-to-bill cycle wherein a single unforeseen expense could put them in ruin. Under these circumstances there is no way to build savings. During the course of your petition for bankruptcy in Stockton, many of your debts will be discharged altogether (in the case of chapter 7) or reorganized into a smaller, more manageable monthly payment (chapters 11 & 13). What this means is that for the first time since your financial troubles began, you can begin to build your savings back up, putting you in black and helping ensure you stay out of debt into the future.

Before you begin to believe that bankruptcy in Stockton is all benefits, it is important to understand that filing for bankruptcy will remain on your credit report for 7 years following a successful discharge. Without proper planning and legal counsel, this can have a detrimental affect of your ability to secure loans, buy a home, or even get a job well into the future. However, there are bankruptcy experts in Stockton who can assist you in navigating the process effectively. We can help you begin rebuilding your credit the day your bankruptcy is discharged, and even take steps during your bankruptcy to make the transition to prosperity quicker and easier.

Part of this prosperity can come in the form of owning your own home. Many so-called financial gurus will claim that home ownership following a bankruptcy in Stockton is nearly impossible. We at The Law Offices of Gabriel Liberman have pioneered strategies that have helped our clients buy their own home in Stockton in as little as two years after the discharge of their bankruptcy. Home ownership may seem like a pipe dream given your current financial difficulties, but it can be a reality given you and your attorney work together in planning for your future.

Finally, and most importantly, bankruptcy in Stockton gives you a fresh financial start. Gone are the nights worrying about an impending mortgage payment or rent, the days spent on the phone with creditors begging them for just one more chance, the embarrassment of having your wages garnished or your car repossessed. With bankruptcy you can work toward a stronger financial future with your head held high, and without the dread and worry produced by excessive debts. If you are unable to manage your finances for any reason, it could be in your best interest to consider bankruptcy in Stockton. Contact our office today and discover what The Law Offices of Gabriel Liberman can do for you.