An Overview of Bankruptcy
The Bankruptcy Process in Orange County, CA
The term "bankruptcy" carries with it many negative connotations.
Unfortunately, this causes many people to turn away from this option.
In reality, bankruptcy may be an acceptable option to remediate the debts
that are overwhelming you. Bankruptcy is not the right option for everyone,
which is why our Orange County
bankruptcy lawyers are so adamant about providing legal counsel in order to determine
the right option for each of our clients. People are faced with the option
of bankruptcy after not being able to handle their debts after a considerable
amount of time.
In this struggling economy, there are many legitimate reasons why you and
your family might be struggling to make ends meet. There may have been
a loss of employment, a serious injury or other major change in life circumstances.
If this has happened to you, The Law Office of Bruce C. Bridgman is here
to assist you. Having a bankruptcy lawyer on your side can prove to be
a considerable advantage. An attorney can evaluate your finances and determine
the best option for you, they can help you avoid common pitfalls in the
application process and they can also introduce alternatives to bankruptcy
that you did not know were available.
Evaluating Your Financial Situation
After thoroughly evaluating your financial situation, you're ready
to make a decision as to which chapter of bankruptcy you should file for,
or if you should attempt to find an alternative to bankruptcy first. If
you have chosen to file for
Chapter 7 bankruptcy, you will first need to pass the means test. An attorney can
help you file a petition with the bankruptcy court in your jurisdiction.
According to the United States Courts, debtors who wish to file for Chapter
7 bankruptcy will have to submit the following information: schedules
of all assets and liabilities, list all income and expenditures, give
a statement of financial affairs and provide a schedule of all contracts
and leases that have not yet expired. An attorney can help you gather
the necessary information.
If you do not meet the means test requirement for Chapter 7 bankruptcy,
then you can still file for
Chapter 13 bankruptcy. Chapter 13 bankruptcy petitions are filed in a similar manner
as Chapter 7 petitions. There are filing fees that, if the debtor fails
to pay them, their case may be completely dismissed pursuant to 11 United
States Code § 1307(c)(2). Individuals who are married must also decide
whether they are filing jointly with their spouse or separately as individuals.
If you successfully file for Chapter 13 bankruptcy, you will then have
an administrator (a third-party trustee) assigned to your case to help
ensure that the debts are restructured and paid properly.
Appealing a Bankruptcy Decision
You have the right to appeal a bankruptcy court's decision to deny
your petition for either Chapter 7 or Chapter 13 bankruptcy. If you successfully
appeal your case, the appellate court can decide whether to affirm your
appeal, modify your case or reverse the decision regarding bankruptcy.
One reason for an appeal may be because you forgot to include some type
of asset for exemption or there was an error in the information on your
original petition such as your income or expenditures.
If you would like more information on the bankruptcy process, an Orange
County bankruptcy lawyer from our firm would be happy to explain it to
you. We are here to help clients understand the process better so that
the filing process can be conducted more smoothly. If bankruptcy is not
the right option for you, you can be sure that our firm will advise you
of the alternatives that are available to you. To get in touch with our firm,
contact an Orange County bankruptcy lawyer from The Law Office of Bruce C. Bridgman.