Orange County Chapter 7 Lawyer

Declaring Complete Bankruptcy

Both an individual and a business can declare Chapter 7 bankruptcy. When an individual chooses to file Chapter 7, it is called a consumer Chapter 7 bankruptcy. If you are totally unable to meet the payments that are inundating you and your family, you may want to consider Chapter 7 bankruptcy as an option to erase your debt and free you from harassing letters, calls, emails and other contact from creditors and debt collectors.

It can be upsetting and worrying to think about declaring bankruptcy – but the attorneys at The Law Office of Bruce C. Bridgman want you to know that it doesn’t have to be a terrifying prospect. Bankruptcy is a legal process that the United States government has set forth to allow individuals just like you who are struggling to make impossible payments on debts to clean the slate and start anew. With the help of an Orange County Chapter 7 bankruptcy lawyer at Mr. Bridgman’s law firm, you can go through the procedure as quickly and efficiently as possible in order to get your life back on track.

About Chapter 7 / "Straight" Bankruptcy

What is Chapter 7 bankruptcy? This is a type of bankruptcy that is often referred to as "straight bankruptcy" or "liquidation". Typically recommended for debtors with little to no income who do not have a lot of property that needs protection, Chapter 7 involves the liquidation of non-exempt assets to pay creditors. This form of bankruptcy involves a few key factors:

  • A debtor must qualify to file by passing the means test, which evaluates his or her income and income versus expenses to determine whether he or she has the "means" to make payments under a Chapter 13 repayment plan.
  • Though "liquidation" is involved in a Chapter 7 filing, not all of the debtor's assets and property will be affected. Many debtors are able to keep most or all of their property under California bankruptcy exemptions.
  • This is typically the fastest form of bankruptcy, with a case complete and all eligible debt discharged within 6 months or less.

Filing under Chapter 7 of the U.S. Bankruptcy Code will place an automatic stay on all debt collection proceedings and lawsuits against a debtor. Upon the successful resolution of the case, all of the debtor's unsecured debt will be discharged, meaning the debtor will have no further obligation to pay it. You can learn more about this type of debt relief by talking to an Orange County bankruptcy attorney at our law offices.

Contact the Orange County bankruptcy attorneys at our firm!

There is nothing to be embarrassed, worried, anxious or upset about when you find that you have to declare Chapter 7. It is a legal way to finally handle your financial worries and stresses that allows you to keep the majority of your property, belongings and other assets under certain exemptions. You will almost certainly be able to keep your home, car, heirloom property, belongings and other possessions that you need.

If you have any questions or concerns about bankruptcy, it is in your best interests to speak with someone who has definitive answers and the advice that you need. Our Chapter 7 bankruptcy lawyers are very experienced in handling this procedure. If you are looking for an attorney who will be able to help you with exactly what you need assistance with in a professional, courteous, compassionate and effective manner, you are looking in the right place. For more information, contact our firm today!

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