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Chapter 7 Bankruptcy Attorney Irvine CA

Do You Need a Chapter 7 Bankruptcy Attorney?

It’s time to consider bankruptcy in Irvine CA, if your life has been taken over by looming foreclosure, constant badgering phone calls from creditors, lawsuits or garnishments of your wages or property. Or maybe your debt has you trapped due to the amount of each payment and the extent of the debt. There are many kinds of debt that can get you into these situations, including medical bills, credit card balances, falling behind on your mortgage, loans and back taxes owed to the government and even car repossessions.

Chapter 7 Bankruptcy Lawyers Near Me in Irvine CA

Experienced, professional bankruptcy attorneys understand the difficulties and worries you face. We know your best options. We are here to help and will work with you to alleviate your financial uncertainty. Even before your bankruptcy petition is filed, an attorney can help shield you from creditor harassment. In a non-judgmental and supportive way, we can help you understand your options, the process of filing for bankruptcy, and help lift the burden of financial uncertainty.

Free Bankruptcy Consultation – Call Now (855) 997-4655

Irvine Bankruptcy Attorney, The Bankruptcy Experts, are dedicated BK Lawyers with over 10 years experience in dealing with the complex issues concerning bankruptcy. We have the skills and expertise to handle any type of bankruptcy problems you might be experiencing. We proudly offer our services to businesses and individuals throughout Irvine and the surrounding areas.

More About Hiring a Chapter 7 Bankruptcy Attorney in Irvine CA

You may feel hopeless, and at the mercy of a faltering economy, but don’t despair. Relief is available, and there is no shame in using the law to protect yourself when you are buried under a pile of debt. You aren’t responsible for the economy, and you didn’t create the mortgage crisis. So use the law to protect yourself and your family.

A Second Chance

Bankruptcy laws are in place to help Americans get a second chance when they are snowed under by economic pressures. You have rights, including the right to be free from harassment by creditors. If your creditors are hounding you, you can make them pay. And if your debt has become more than you can manage, you may be able to file for bankruptcy.

The Chapter 7 Bankruptcy Laws are the most typical alternative for people who wish to state them bankrupt. In fact, when individuals talk about this subject, it is the bankruptcy as described under chapter 7 of the code of the United States of America. Filing for bankruptcy based on Chapter 7 of Bankruptcy Laws is an organized treatment. Especially, after the intro of the new laws in October 2005, now, it has become necessary for you to pas a Means test and go through a credit therapy procedure from a federal government approved credit-counseling company.

Finding an excellent and knowledgeable bankruptcy lawyer especially if you live in Irvine or in a nearby city.

Means Test

First, you have to pass a Means test, where all your earnings and essential expenses are evaluated. The means test includes deducting the everyday essential expenditure (the expenses that you can not live without) from the overall earnings on a regular monthly basis. It is only if the output is less than the typical earnings of the state, you can declare bankruptcy under the Chapter 7 of US Bankruptcy Laws. However, in case, the output is more than the typical earnings of the state, the bankruptcy court will ask you to file under chapter 13 of the code.

Credit Counseling

Prior to you go ahead and file under Chapter 7 Bankruptcy Laws, it is important for you to go through a credit therapy procedure. The purpose of presenting this action is to examine the actual monetary scenario of the debtor.

The credit therapy company will look into the financial information of the debtor and will attempt to help the debtor handle their finances and get it back on track, along with paying the financial obligations that the debtor owe to numerous creditors. If there is any possibility to obtain the finances of the debtor managed, the debtor will not have the ability to file for bankruptcy under Chapter 7. In such case, the court will ask the debtor to file under chapter 13 bankruptcy.

When To File Bankruptcy Under The Chapter 7 Bankruptcy Laws

chapter_7_bankruptcy The debtor should apply for bankruptcy under chapter 7 in the location where he or she is long-term homeowner. If the debtor is running a service in a particular location, he or she need to apply for bankruptcy in its principal workplace or primary possessions. In general, the main function of the chapter 7 bankruptcy laws is to help the debtor to obtain relief from all the financial obligations that he or she presently owes. In this procedure, the bankruptcy court designates a trustee, who even more goes ahead with the treatment of liquidating all the possessions and properties of the debtor.

The cash thus collected is then used to settle the claims of the different lenders on top priority basis, if any. The of chapter 7 bankruptcy laws provide an opportunity for the debtors to obtain a new beginning for their monetary life, as the bankruptcy code concerning the exact same, liquidates all the possessions and properties of the debtors after permitting the exemptions, in order to settle the claims of the lenders in a nearby region.

In this manner, the court brings the wanted financial obligation relief for the debtor.