Bankruptcy Laguna Beach

The decision to declare bankruptcy is never an easy one. There are times when it is the best choice a person can make. If you are considering bankruptcy in Laguna Beach or anywhere else, please consult a competent attorney. Ask questions and find out exactly what your options are. An attorney at Stockton Law Offices may be able to review your unique case and advise you of your choices. If you have hit the wall financially, bankruptcy in Laguna Beach may be the way to go.

There are several types of bankruptcy allowed by US law. The types of bankruptcy in Laguna Beach that are most often employed are called Chapter Seven and Chapter Thirteen. Each has its own inherent advantages and disadvantages. Chapter Seven is often referred to as "liquidation", while Chapter Thirteen is often called a "reorganization". When you file for Chapter Seven bankruptcy in Laguna Beach or anywhere else, most or all of your debt is eliminated. You will emerge from Chapter Seven virtually debt-free, except for certain excluded debts such as alimony, child support, mortgage, student loans and recent tax bills. If you opt to file for Chapter Seven bankruptcy in Laguna Beach or anywhere in southern California, you will be required to meet certain income and debt criteria. When you speak with an attorney at Stockton Law Offices, they will be able to explain this to you. Once your team of bankruptcy attorneys have your unique information in front of them, they will advise you as to which type of bankruptcy is right for you.

A typical Chapter Seven bankruptcy case takes about six months from initial filing to final discharge. While it is possible to lose assets during a Chapter Seven case, most filers do not. Bankruptcy in Laguna Beach or elsewhere in California allows you to keep most of your necessities, including your home and a vehicle within a certain value range. If you have very little property to begin with, chances are good that you will be able to retain most if not all of your assets while eliminating most of your debt. We have helped hundreds of people through bankruptcy in Laguna Beach and other parts of California and the southwest.

Of course, not everyone is eligible to file for Chapter Seven bankruptcy. If you have enough income to pay your debts, you will probably have to file for Chapter Thirteen. This can actually be to your advantage. Chapter Thirteen may stop a foreclosure and force the lender to agree to a payment plan. You will, of course, have to stay current on your monthly mortgage payments and pay down all of your missed payments over a certain agreed-to time period. In order for this plan to work, you will be required to prove that you are able to make these payments, in full and on time.
Please call Stockton Law at 866.682.8776 for further information.