Bankruptcy San Juan Capistrano

These are harsh economic times for many people. Americans all over the country are going broke, despite their best intentions. In recent years, many people took on more debt than they could reasonably handle. During the so-called "housing bubble", millions of people were able to buy more house than they could actually afford. A lot of people obtained "liar loans", whereby they were given large loans based on their stated, rather than actual income. Some were victims of outright mortgage fraud. For a myriad of reasons, a lot of people are in big financial trouble today. If this sounds like you, you may want to consider bankruptcy in San Juan Capistrano or wherever else you are.

Bankruptcy in San Juan Capistrano is never anyone's first choice. Bankruptcy will affect your credit and your life for many years to come. If you are thinking about bankruptcy in San Juan Capistrano or anywhere else, you really ought to speak with someone at the Stockton Law Offices. They will be able to explain you options to you in understandable terms. The more you know about bankruptcy in San Juan Capistrano, the more informed a choice you can make.

There are several types of bankruptcy under US law. There are both federal and state bankruptcy statutes. The most common types of bankruptcy available to individual filers are Chapter Seven and Chapter Thirteen bankruptcy. Each have their own guidelines and requirements. The attorneys at Stockton Law Offices will be able to explain them you, along with their inherent advantages and disadvantages. If you file for Chapter Seven, most of your debt will be discharged, but you will be forced to give up most of your non-exempt assets. Chapter Seven is often called "liquidation" bankruptcy. You may emerge from Chapter Seven practically debt-free, except for certain described debts which you must continue to pay. Some of these debts are alimony, child support, your mortgage (if you still have one) and recent tax obligations. Your bankruptcy attorney in San Juan Capistrano will be able to explain the details to you in a clear and concise fashion.

Of course, not everyone meets the criteria 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 may actually work to your advantage. Chapter Thirteen may stop a foreclosure and force your lender to agree to a payment/repayment plan. You will have to stay current on your monthly mortgage payments and pay down all missed payments over a certain agreed-upon 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. Contact Stockton Law Offices at 866.682.8776 for a full explanation of your rights under bankruptcy law.