Novato Bankruptcy Law Attorney
Financial debt can cause considerable stress and affect your entire life. Overdue bill notices pile up. Creditors can harass you. Your home, car or other property can be at risk. In these situations, bankruptcy can be used as a tool to obtain the debt relief you need. An experienced bankruptcy lawyer can help.
I am Thomas McNally, a California attorney with more than 40 years of legal experience. I provide a high level of professional and personable service to clients in Marin County as well as to clients in the surrounding Bay Area counties, including Sonoma, Napa, Contra Costa and San Francisco. Through bankruptcy proceedings, I have helped a multitude of clients get the fresh start to life that they deserve.
As your attorney, I will explain your options for bankruptcy and carefully examine your situation to see if you qualify. If bankruptcy is right for you, I will guide you through the process in a compassionate and nonjudgmental way. Thomas P. McNally Law Offices is committed to relieving the stress and pressure that can accompany extreme debt.
Experienced Marin County Chapter 7 And Chapter 13 Attorney
I provide representation and assistance for the two most popular chapters of consumer bankruptcy:
Chapter 7: Often referred to as a “straight” or “liquidation” bankruptcy. In this type of proceeding (pursuant to Chapter 7 of the United States Bankruptcy Code), the debtor retains his exempt property, while his nonexempt property is sold by a trustee appointed to oversee the case, and the sale proceeds are paid to the debtor’s creditors. In the majority of Chapter 7 cases, however, no proceeds are actually paid to unsecured creditors because most Chapter 7 debtors’ assets are exempt or fully encumbered.
A Chapter 7 debtor receives the most extensive discharge of unsecured debts, with no requirement of repayment by the debtor, often known as a “fresh start.” This chapter is used most frequently by debtors to eliminate credit card, medical expenses and other delinquent bills.
A potential candidate for Chapter 7 bankruptcy must satisfy certain financial requirements including a “means test” to qualify for a Chapter 7 “discharge”. I will gladly review your individual financial situations and share with you my analysis of your eligibility to file a Chapter 7 proceeding for bankruptcy. A Chapter 7 case is the quickest and least expensive bankruptcy, and generally takes about four to five months from filing to discharge in most cases.
Chapter 13: Often referred to as a “debt reorganization” or “wage earner’s plan.” In a Chapter 13 bankruptcy proceeding, there is an adjustment of debts for a debtor with regular income. Chapter 13 is a program overseen by a trustee, by which the debtor can keep all their property, retain sufficient income to pay their necessary living expenses during the term of the plan, restructure their debts, and provide for payments to creditors over a period of three to five years using a relatively simple and inexpensive procedure.
At the end of the repayment period, any remaining dischargeable debt is wiped away. A Chapter 13 debt reorganization is often the best available option for debtors dealing with harassment by the IRS, and/or threats of foreclosure or repossession of property.
The information provided to the bankruptcy court must be accurate, complete and honest. If it is not, your bankruptcy proceeding can be dismissed and you can be prosecuted for fraud. Therefore, it is important to hire an attorney skilled in bankruptcy to ensure your bankruptcy petition and processes are correct and complete.
I am an experienced Novato bankruptcy law attorney who will be with you at every step in the process, working to file the most accurate information as efficiently and effectively as possible.
Time For A Fresh Start
My firm is a debt relief agency. We help people file for bankruptcy relief under the United States Bankruptcy Code.