Bankruptcy Lawyer Orange County

These are rough economic times for a lot of people. Unemployment numbers are sky high and millions of people have lost their homes to foreclosure. If you are in dire financial straits, bankruptcy is an option that you may want to consider. If you try to make sense of the federal and state bankruptcy laws on your own, you may be in for a headache. If you are even thinking about declaring bankruptcy, you really ought to consult with a bankruptcy lawyer in Orange County before you make any decisions.

The decision to declare bankruptcy is never a simple one. Bankruptcy still carries a stigma, no matter how many people go bankrupt. It can be an embarrassing process. The thought of declaring bankruptcy is frightening to most people. Bankruptcy is never anyone's first choice, but it may be the best and only option for your unique situation. While it is technically possible for an individual citizen to file for bankruptcy on their own, it is not a very wise idea. A bankruptcy lawyer in Orange County knows all the ins and outs of bankruptcy law and can guide you through each phase of the process. When you consult with Stockton law Offices, we will carefully explain the various types of bankruptcy that are available to you under federal and state law. When you understand the law, you will be able to make a more informed decision that is in your best interest.

A typical Chapter 7 case takes approximately six months from initial declaration to final discharge. While it is possible that you may lose assets during a Chapter 7 case, most filers do not. Bankruptcy in Orange County or elsewhere in southern California allows you to keep most of your necessities, including your home and a vehicle within a certain value range. If you have very few possessions 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.

Of course, not everyone meets the requirements to file for Chapter 7 bankruptcy. If you have income sufficient enough to pay your debts, you will probably have to file for Chapter 13. This can actually work to your benefit. Chapter 13 may halt a foreclosure and force the lender to agree to a viable payment plan. You will, of course, have to remain current with your monthly mortgage payments and pay down all 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 your monthly payments, in full and on time. For further information regarding bankruptcy lawyers in Orange County, please call 866.682.8776 at your earliest convenience.