Orange County Bankruptcy Attorney
If you or a loved one is going through a difficult financial situation, our Orange County bankruptcy lawyers may be able to help. Thanks to our years of experience working with bankruptcy law in California, we are able to provide high-quality legal counseling to all our clients.
To discuss your specific situation and how we can help you, call The Bankruptcy Group today and schedule a free, confidential consultation. You can reach us at 1-800-920-5351.
Why You Should Consider Bankruptcy
Bankruptcy is one of those things that can make people feel apprehensive and scared. Most of the time, this fear is caused by people who have no idea of how the process works or how it can help debtors regain control over their lives and finances. Bankruptcy can be a powerful tool to manage you manage your debt and pay your creditors, and it also provides you with the legal protection you need to shield valuable assets, such as your home.
Bankruptcy is a legal process through which debtors work to pay off most or all of their debt through planning and strategizing. There are two types of bankruptcy for consumers. These are known as Chapter 7 and Chapter 13, respectively.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most common type of consumer bankruptcy. This process is used to get rid of most or all of your unsecured debt. Typically, Chapter 7 consists of a series of steps aimed at getting you a discharge – the end goal in filing for bankruptcy.
First, you should make sure to go through a credit counseling course, which is generally administered by a government-approved credit counseling agency. Through this course, you will learn how to best administer your finances to avoid future problems. Then, you will need to file the appropriate Chapter 7 bankruptcy documents. Usually, once you have submitted your bankruptcy forms, you will need to go through a creditor’s meeting, during which you will answer several questions regarding your finances.
You will also need to go through what is known as a “means test.” The test is a process used in Chapter 7 to make sure you qualify for this specific type of bankruptcy. It is used as a tool to determine who is able and who is not able to pay off their debt. This is done by looking at your income and comparing it with the state’s median income. If your income is above your state’s median, you will not qualify for Chapter 7. If you have enough disposable income, then you may want to file for another type of bankruptcy, such as Chapter 13.
If you qualify, a court-appointed trustee will oversee your bankruptcy case. He or she will be in charge of selling non-exempt property and using the proceeds to pay your creditors. Once your creditors have been paid, you will be granted a discharge. A bankruptcy discharge can wipe out most unsecured debt, such as credit card debt.
Chapter 13 Bankruptcy
Chapter 13 is another common type of consumer bankruptcy in California. Sometimes referred to as the repayment plan bankruptcy, Chapter 13 helps debtors manage their debt through the implementation of a repayment plan that can last from three to five years. Your creditors must approve the plan, and you will need to make sure you follow through on any conditions and make timely payments to prevent your case from being dismissed. Our California bankruptcy attorneys can help you understand your options and guide you through the entire Chapter 13 process.
Choosing the Right Kind of Bankruptcy
Deciding which bankruptcy better suits your needs will depend on your specific situation and the circumstances surrounding your case. Remember that each Chapter has its nuances and complexities, which is why it is critical to retain the services of a knowledgeable, experienced bankruptcy lawyer who understands how the process works.
Do not try to represent yourself in a bankruptcy case. Bankruptcy law is dense, intricate, and complicated for people who have no experience working with it. If you make any mistake during the bankruptcy process, your case may be dismissed. This means you will no longer get the benefits provided by bankruptcy.
One of the main benefits you could lose if you make a mistake is the protection of the “automatic stay.” The automatic stay prevents your creditors from performing collection actions while your bankruptcy case is underway. Additionally, the automatic stay will protect your home from being foreclosed on. Our Orange County bankruptcy lawyers can help.
Orange County, California Bankruptcy Attorneys Offering Free Consultations
At The Bankruptcy Group, our Orange County bankruptcy lawyers understand the difficulties associated with excess debt. Thanks to our years of experience and dedication, we can guide you through the entire bankruptcy process and help you understand how each step works. Don’t let a bad financial situation take over your life. To speak to a qualified professional about your case in a free, confidential consultation, call our law offices today at 1-800-9220-5351.