If you are facing serious financial problems, you may want to consider contacting an Orange County bankruptcy attorney. They can help you understand your situation and how it fits in with current laws regarding bankruptcies. Although not required by law, it is better to have a lawyer than not if you really want to be sure you go through this process correctly.
Bankruptcies are forms of relief that are available for individuals, businesses and governments. These laws were established because the government recognized that those involved in the market run into overwhelming problems at times. Successful filings can result in significant reduction or all out erasure of debts you owe, depending on your financial situation.
The most common form of relief sought after by individuals is Chapter 7. This chapter works well for businesses and individuals who are drowning in a sea of debt from credit cards, mortgages and other types of loans and debts. Other Chapters include 11 and 13. Each has its different provisions and forms of relief.
When you file for Chapter 7, a few things will happen. One of the main things that will occur is the liquidation of your assets. Anything worth value that you possess will be turned to cash in order to help satisfy your debts. Some property, such as your house, is exempt from being liquidated.
If you are successful in your filing, then your financial obligations will be discharged; not all of them, however. There are some debts that can not be done away with using Chapter 7. Some of these are student loans, certain tax debts, child support and alimony. The filing will remain on your record for 10 years after the process is complete.
Although it is possible to perform this process yourself, it is advisable you seek a professional to make sure you follow the provisions of the law to the t. Failure to do so will result in delays and failures while you seek to discharge your debt. For quality assurance, seek an Orange County bankruptcy attorney.
Bankruptcies are forms of relief that are available for individuals, businesses and governments. These laws were established because the government recognized that those involved in the market run into overwhelming problems at times. Successful filings can result in significant reduction or all out erasure of debts you owe, depending on your financial situation.
The most common form of relief sought after by individuals is Chapter 7. This chapter works well for businesses and individuals who are drowning in a sea of debt from credit cards, mortgages and other types of loans and debts. Other Chapters include 11 and 13. Each has its different provisions and forms of relief.
When you file for Chapter 7, a few things will happen. One of the main things that will occur is the liquidation of your assets. Anything worth value that you possess will be turned to cash in order to help satisfy your debts. Some property, such as your house, is exempt from being liquidated.
If you are successful in your filing, then your financial obligations will be discharged; not all of them, however. There are some debts that can not be done away with using Chapter 7. Some of these are student loans, certain tax debts, child support and alimony. The filing will remain on your record for 10 years after the process is complete.
Although it is possible to perform this process yourself, it is advisable you seek a professional to make sure you follow the provisions of the law to the t. Failure to do so will result in delays and failures while you seek to discharge your debt. For quality assurance, seek an Orange County bankruptcy attorney.
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