Do You Need a Chapter 7 Bankruptcy Attorney?
It’s time to consider bankruptcy in Orange County 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 Orange County 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
Orange County 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 Orange County and the surrounding areas.
More About Hiring a Chapter 7 Bankruptcy Attorney in Orange County 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 common option for people who wish to declare them bankrupt. In fact, when people discuss this topic, it is the bankruptcy as described under chapter 7 of the code of the United States of America. Declare bankruptcy based on Chapter 7 of Bankruptcy Laws is a systematic treatment. Especially, after the intro of the brand-new laws in October 2005, now, it has become obligatory for you to pas a Means test and go through a credit therapy process from a federal government authorized credit-counseling agency.
Finding an excellent and knowledgeable bankruptcy lawyer especially if you live in Orange County or in a nearby city.
First, you need to pass a Means test, where all your income and necessary expenses are assessed. The means test includes deducting the everyday necessary expenditure (the costs that you can not live without) from the total earnings on a monthly basis. It is only if the output is less than the median earnings of the state, you can declare bankruptcy under the Chapter 7 of US Bankruptcy Laws. Nevertheless, in case, the output is more than the mean earnings of the state, the bankruptcy court will ask you to file under chapter 13 of the code.
Before you proceed and file under Chapter 7 Bankruptcy Laws, it is vital for you to go through a credit therapy procedure. The purpose of presenting this step is to examine the real financial situation of the debtor.
The credit counseling company will look into the financial details of the debtor and will aim to help the debtor manage their finances and get it back on track, along with paying the debts that the debtor owe to different financial institutions. If there is any possibility to obtain the financial resources 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
The debtor must declare bankruptcy under chapter 7 in the location where he or she is irreversible local. If the debtor is running a business in a particular location, she or he should declare bankruptcy in its primary business or principal assets. In general, the primary function of the chapter 7 bankruptcy laws is to help the debtor to get remedy for all the financial obligations that she or he presently owes. In this procedure, the bankruptcy court appoints a trustee, who even more goes ahead with the treatment of liquidating all the properties and homes of the debtor.
The money hence gathered is then used to settle the claims of the different lenders on top priority basis, if any. The of chapter 7 bankruptcy laws offer a chance for the debtors to get a clean slate for their financial life, as the bankruptcy code concerning the very same, liquidates all the properties and residential or commercial properties of the debtors after enabling the exemptions, in order to settle the claims of the financial institutions in a nearby region.
By doing this, the court brings the preferred debt relief for the debtor.
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