Orange County Bankruptcy Lawyer
Anaheim Chapter 7 Attorney
Many people who run into financial trouble are victims of sheer bad luck. A divorce, an illness, or a business failure can ruin the most responsible person.
Bankruptcy law exists because people get into debt that they can't otherwise get out of. Creditors are paid some of what they are owed, and the debtor is allowed to start over, with some conditions. Eventually, people can repair their credit rating and achieve financial stability.
Bankruptcy law is federal law, and there are numerous "chapters" relating to different classes of people such as individuals, corporations, farmers, etc. The most well-known is probably Chapter 7, or "fresh start" bankruptcy. Here, you must give up some property and pay what you can, but very quickly you are discharged of most of your debts.
New Bankruptcy Law
You may have heard that it is more difficult for individuals to declare bankruptcy in recent years. This is not exactly the case. It is more complicated, but most people still can. A "means test" is now required, which does restrict some people from Chapter 7 depending on their debts and income. These people, however, can usually still declare Chapter 13 bankruptcy.
Chapter 13
Chapter 13 has some advantages in the property you are allowed to keep and the effect on your credit rating. But if you have an income, you will make regular payments on some of your debts for three to five years.
Contact an Orange County Bankruptcy Attorney
There are more options than you may be aware of, including debt consolidation. Contact us to learn more. Our office is helpful and compassionate and handles bankruptcy, business litigation, criminal law, family law, and immigration.
