Don't Go Through Bankruptcy Alone

Bankruptcy can be a painful and embarrassing process. If you are in dire financial straits, Chapter 7 or Chapter 13 bankruptcy may be your best option. While you can, technically, file for either type of bankruptcy on your own, doing so is not a very good idea. A skilled and experienced team of Orange County bankruptcy attorneys can guide you step-by-step through the entire process. If you are drowning in debt and considering bankruptcy in San Juan Capistrano or anywhere in Orange County, you should contact Stockton Law Offices without delay.

There are two basic kinds of bankruptcy, and each has its advantages and disadvantages. Chapter 7 is often referred to as "liquidation", while Chapter 13 is often called "reorganization". When you file for Chapter 7 bankruptcy in San Diego or anywhere else, most or all of your debt is eliminated. You will emerge from Chapter 7 virtually debt-free, except for certain debts such as alimony, child support, mortgage, student loans and recent tax debts. If you choose to file for Chapter 7 bankruptcy in San Clemente or anywhere in southern California, you will have to meet certain income and debt criteria. When you speak with someone at Stockton Law Offices, they will be able to explain this to you. Once your team of Orange County 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 7 case takes approximately six months from initial filing to final discharge. While it is possible to lose assets during a Chapter 7 case, most filers do not. Bankruptcy in San Juan Capistrano or elsewhere in southern California allows you to keep most of your necessities, including your home and a vehicle within a certain equity range. If you have very little 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 is eligible to file for Chapter 7 bankruptcy. If your income is sufficient to pay your debts, you will probably have to file for Chapter 13. This can actually be to your advantage. Chapter 13 will stop a foreclosure and force the lender to agree to a payment plan. You will have to stay current on your monthly mortgage payments and pay down 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.

If you believe that bankruptcy is your best and only choice, please contact Stockton Law Offices as soon as you can. Their toll-free telephone number is 866.682.8776. If you prefer, you may make initial contact via their website. Putting it off will only make matters worse. Speak with an experienced bankruptcy attorney and tell them your story.