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Chapter 7 Bankruptcy Attorney Newport Beach CA

Do You Need a Chapter 7 Bankruptcy Attorney?

It’s time to consider bankruptcy in Newport Beach 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 Newport Beach 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

Newport Beach 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 Newport Beach and the surrounding areas.

More About Hiring a Chapter 7 Bankruptcy Attorney in Newport Beach 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 alternative for people who want to state them insolvent. In fact, when people talk about this topic, it is the bankruptcy as explained under chapter 7 of the code of the United States of America. Declare bankruptcy as per Chapter 7 of Bankruptcy Laws is a systematic treatment. Particularly, 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 process from a federal government approved credit-counseling company.

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

Means Test

Initially, you have to pass a Means test, where all your income and necessary expenses are assessed. The means test includes deducting the everyday necessary expenditure (the expenses that you can not live without) from the total earnings on a regular monthly basis. It is only if the output is less than the mean earnings of the state, you can apply for bankruptcy under the Chapter 7 of US Bankruptcy Laws. Nevertheless, in case, the output is more than the mean income of the state, the bankruptcy court will ask you to file under chapter 13 of the code.

Credit Counseling

Before you proceed and file under Chapter 7 Bankruptcy Laws, it is essential for you to go through a credit counseling procedure. The function of presenting this step is to assess the real financial situation of the debtor.

The credit therapy company will look into the monetary details of the debtor and will try to help the debtor manage their finances and get it back on track, together with paying the financial obligations that the debtor owe to numerous creditors. If there is any possibility to get the financial resources of the debtor handled, 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_bankruptcyThe debtor must apply for bankruptcy under chapter 7 in the location where she or he is permanent citizen. If the debtor is running an organization in a particular location, she or he must apply for bankruptcy in its primary place of business or primary properties. In general, the primary function of the chapter 7 bankruptcy laws is to help the debtor to get relief from all the financial obligations that she or he currently owes. In this process, the bankruptcy court designates a trustee, who further goes ahead with the treatment of liquidating all the possessions and residential or commercial properties of the debtor.

The money hence collected is then utilized to settle the claims of the various creditors on top priority basis, if any. The of chapter 7 bankruptcy laws provide a chance for the debtors to get a fresh start for their monetary life, as the bankruptcy code relating to the same, liquidates all the properties and residential or commercial properties of the debtors after allowing 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.

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