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.
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 choice for individuals who want to declare them insolvent. In fact, when individuals speak about this topic, 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 a systematic procedure. Specifically, after the intro of the brand-new laws in October 2005, now, it has ended up being compulsory for you to pas a Means test and go through a credit counseling process from a federal government authorized credit-counseling company.
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 important expenditures are evaluated. The means test involves subtracting the everyday necessary expense (the expenses that you can not live without) from the total income on a monthly basis. It is only if the output is less than the mean income of the state, you can file for bankruptcy under the Chapter 7 of US Bankruptcy Laws. However, in case, the output is more than the average income of the state, the bankruptcy court will ask you to file under chapter 13 of the code.
Prior to you go ahead and file under Chapter 7 Bankruptcy Laws, it is important for you to go through a credit counseling treatment. The purpose of presenting this step is to evaluate the actual financial situation of the debtor.
The credit counseling company will check out the monetary details of the debtor and will aim to help the debtor manage their financial resources and get it back on track, along with paying the debts that the debtor owe to numerous lenders. If there is any possibility to obtain the finances of the debtor managed, the debtor will not have the ability to apply 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 should declare bankruptcy under chapter 7 in the area where she or he is permanent homeowner. If the debtor is running a company in a specific area, she or he need to declare bankruptcy in its principal workplace or principal assets. In general, the primary purpose of the chapter 7 bankruptcy laws is to help the debtor to get remedy for all the financial obligations that she or he currently owes. In this procedure, the bankruptcy court selects a trustee, who even more goes ahead with the procedure of liquidating all the properties and homes of the debtor.
The cash therefore collected is then utilized to settle the claims of the various financial institutions on top priority basis, if any. The of chapter 7 bankruptcy laws use an opportunity for the debtors to get a fresh start for their financial life, as the bankruptcy code concerning the very same, liquidates all the properties and properties of the debtors after allowing the exemptions, in order to settle the claims of the financial institutions in a nearby region.
This way, the court brings the desired debt relief for the debtor.
Map of Orange County CA