Chapter 7 Bankruptcy in California
In these tough financial times in our country, many individuals are facing the prospect of filing for bankruptcy. However terrifying bankruptcy might sound, it is important to know the facts about filing and how it can actually help you and your family to get out of the dire financial situation that you find yourself in. Once you understand bankruptcy and the various steps and processes involved, you may decide that it is the best solution for your economic situation.
Chapter 7 bankruptcy is the most commonly filed type of bankruptcy. This is the type of bankruptcy that you will want to file if you are completely unable to meet your creditors’ demands. If you are unable to pay back your debt, you may be eligible to file chapter 7 and therefore eliminate a vast amount of the debt that you have incurred. However, it is very important to note that Chapter 7 bankruptcy does not affect back taxes that you owe to the federal government. There are several other types of debts that you cannot discharge, such as student loans and child/spousal support.
Orange County Bankruptcy Lawyer
Chapter 7 bankruptcy technically requires that you liquidate your assets in order to pay as much of your debts as you can. However, there are many exemptions under California law that will allow you to keep much, if not all of your property. Most individuals who file Chapter 7 are able to keep their residence, car and other property. Your lawyer will be able to help ensure that you are able to keep everything possible under the exemption laws.
With the help of an attorney at the Law Office of Bruce C. Bridgman who is skilled and practiced in helping individuals and families through bankruptcy, you can finally free yourself from the debt and creditor harassment that has been negatively affecting you and your family. You will be able to move forward with your life without the economic stress and restrictions that you were previously facing. You can get your life back under control.
If you are considering filing Chapter 7, please contact an Orange County Bankruptcy Attorney at the Law Office of Bruce Bridgman as soon as possible to get the legal assistance you need!