Santa Ana Bankruptcy Lawyer
Are you unable to cope up with your enormous debts? Are calls and visits from creditors becoming a regular affair? Are you thinking of filing for bankruptcy but are not sure how to go about it? If yes, then it is time you consult with a bankruptcy attorney, who will help you understand the options that are there for you. Click here for a FREE assessment of your case.
Bankruptcy is a serious legal decision, but it may be the only option that you have at making a fresh financial start. Once you file for bankruptcy and the debts are legally organised, creditors cannot pressurise you for collecting their dues.
When filing for bankruptcy, it is vital that you adhere to the Federal Rules of Bankruptcy and the Bankruptcy Code; otherwise, your case may be dismissed. Help and guidance from a bankruptcy attorney is quite essential, though not mandatory.
The two main areas under which bankruptcy for individuals can be filed are Chapter 7 and Chapter 13.
Chapter 7
Also called straight bankruptcy, it discharges almost all of the individual’s debts and in return, the debtor has to surrender all his properties and assets. Once the assets are liquidated, the creditors are repaid.
Some assets of the debtor are considered “exemptions” and the debtor is allowed to retain them. Exemptions vary from state to state. Residence worth 17,425, automobile of $2,775, tools of the trade of $1,750 and public benefits are some of the exemptions recognized in California. Your Santa Ana bankruptcy lawyers will educate you on this.
Again, some debts are not discharged under Chapter 7. These include debts unmentioned while filing for bankruptcy, alimony, child support and some student loans.
All the proceedings are overseen by a trustee, who is appointed by the court.
Chapter 13
Chapter 13 bankruptcy can be filed by people with a regular source of income and who wish to repay their obligations within a period of five years. A repayment plan has to be submitted, which is approved by a court appointed trustee, after he consults with the creditors. A list of assets and debts has to be provided, with descriptive details of the debts, itemizing secured and unsecured loans, names and addresses of all the creditors and so on.
Filing for bankruptcy is a complicated procedure and, therefore, it is wise to hire the services of a bankruptcy attorney. Our sponsoring Santa Ana bankruptcy lawyers are qualified, proficient and experienced professionals, who are aware of all the revisions that are introduced from time to time. They will not only advise you and help you choose the right option but will also ensure that you understand each and every aspect of the procedure. Your Santa Ana bankruptcy lawyer will helping in making your list of assets and debts and make certain that no relevant financial detail is left out. He will also handle all the dealings with the trustee and reduce your worries.
Our sponsoring Santa Ana bankruptcy lawyers also offer their services to all other cities of California such as Orange County, San Diego, Fresno, Saugus and Ventura.
