Bankruptcy

What exactly does filing for bankruptcy mean in California?

A bankruptcy is simply a legal court proceeding in which an individual or a business that has failed to pay his, her, or its expenses seeks out a new financial beginning. Bankruptcy can be a rather complicated legal process and should only be embarked upon with the careful guidance of a bankruptcy attorney in Orange, CA. Federal law is what governs the bankruptcy process; therefore, all bankruptcy cases are handled in federal court. Most importantly to those who are filing, the filing of a bankruptcy case can stop creditors from attempting to further collect debts from you.

It is really true that filing bankruptcy in California can make my life easier?

Filing a bankruptcy in Orange, CA with the expert assistance of a skilled bankruptcy attorney can provide you with multiple new opportunities when it comes to approaching your debt problem, including:

• Releasing you from the obligation of paying specific debts through a discharge.
• Pausing the foreclosure process on your mortgage.
• Pausing or preventing the repossession of personal property, such as vehicles.
• Forcing your creditor to return your repossessed property.
• Stopping any wage garnishments that exist against you.
• Restoring your utility services that were shut off.
• Challenging the claims of creditors who used fraudulent tactics against you.

Will filing bankruptcy really stop creditor harassment?

Filing a bankruptcy case will end creditor harassment. You will be granted an automatic stay as soon as your bankruptcy is filed. You will not even have to appear in court to ask for one; it is automatic and all creditors are legally required to obey it. This automatic stay will put an end to phone calls and letters. The automatic stay will put you in control of your debt; not your creditors. If any creditor continues to contact you after your bankruptcy filing, you can simply give them your bankruptcy case number and they must stop.

Is there anything that filing bankruptcy won’t fix in Orange, CA?

Bankruptcy is not the best solution for every financial problem. An experienced bankruptcy attorney should be consulted before you even consider filing a bankruptcy action. While bankruptcy may be considered to be a drastic step, there are particular actions that even bankruptcy cannot allow:

• Eliminating the rights of a secured creditor. A secured debt is one attached to collateral. You can sometimes force a secured creditor to accept repayment through payments over time. However, you cannot keep collateral without paying on the debt, even in bankruptcy.
• Discharge certain debts, including child support, alimony, student loans, criminal fines, and specific types of taxes.
• Discharge the debts of your cosigners. If you discharge a loan debt in a bankruptcy, your cosigners may end up having to repay that loan.
• Discharge debts that did not exist until after you filed a bankruptcy.

How Long Does It Take To Go Through The Bankruptcy Process?

A Chapter 7 usually requires a three month period and a Chapter 13 can be a minimum payment plan of three years or a maximum payment plan of five years.

What Do I Have To Do Before I File For Bankruptcy In California?

It is always best to consult with an attorney. Consultation for bankruptcy is generally free. In order to have a comprehensive consultation, you should readily know all your assets…Read More

How Many Years Does A Bankruptcy Stay On A Person’s Credit Record?

Bankruptcy filings are a matter of public records. Credit reporting agency are required to maintain bankruptcy filings on your credit report for 10 years…Read More

Should I Consolidate Debt Or Explore Other Options Before Filing For Bankruptcy?

Generally, if you’re in a position where you need bankruptcy, it may be better to simply be assessed to address all your debts at once and get a clean slate…Read More

What Is A Chapter 7 Bankruptcy?

A Chapter 7 bankruptcy is known as a liquidation chapter, which will provide an immediate discharge of all your debts. The process takes about three months and in most cases, people can keep all their property and assets.

What Are The Requirements To File For Chapter 7 Bankruptcy Under California State Law?

The first and foremost test is the means test, which determines whether there is a presumption of abuse based on their household size and if they meet the median income threshold per state…Read More

What Is A Chapter 13 Bankruptcy Under California State Law?

Chapter 13 bankruptcy is known as a repayment plan bankruptcy, where a portion of all your debts are paid back through a bankruptcy repayment plan. Generally, people in Chapter 13 make too much money to qualify for a Chapter 7 or have too much property that they want to protect.

What Requirements Must Be Met In Order To File For Chapter 13 Bankruptcy In California?

There are numerous factors that consider your income, household expenses, and what your disposable income is. The number one factor is determining that there is sufficient income to fit the plan requirements for a monthly payment…Read More

If you are facing the possibility of bankruptcy in Orange, CA, call the experienced bankruptcy attorneys at the Law Offices of Chris T. Ngyuen to schedule a complimentary case review today. We are equipped to handle all types of bankruptcy cases in Orange, CA and the surrounding areas.