Our Bankruptcy Attorney services all cities and counties of California.  Debt relief is a subject with many complexities, and included in that are the many choices to be made, all of which can be to your advantage and could result in negative consequences. With debt relief, Bankruptcy is not the only option, but in some situations it is the best choice for a person. In a bankruptcy, a good bankruptcy attorney can explain your options when deciding on debt relief,  and help guide you in how to proceed.

 

A good bankruptcy attorney knows under the code of law, debt is classified according to types. Secured debt is secured by an asset, such as a car, home, etc. Unsecured debts, mostly seen in credit card debt, are not backed by any assets. There are certain debts, like taxes and child support, that are non-dischargeable. This means that they will not be discharged by the bankruptcy court and will remain a debt. Depending on the type of debt, and the amount owed, there will be a specific type of bankruptcy that a debtor will fall into, and a bankruptcy attorney is the person best suited to decide which is right for you. 

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The perfect storm of a slow economy, falling real estate prices, rising credit card balances, and higher medical costs for patients has many people in  Orange County seeking relief from their debts by any means possible. A solution which is gaining popularity due to the relief and benefits it provides is the filing of either a Chapter 7 bankruptcy or Chapter 13 bankruptcy. While it’s true that the bankruptcy process has become quite a bit more complicated since the overhaul of the bankruptcy code in 2005, the benefits are still available, especially for those who consult with an experienced bankruptcy attorney.

Across California, and particularly in  Orange County, indebted consumers are finding relief through filing bankruptcy which is allowing them to either wipe out debts completely in a Chapter 7 or see them reduced drastically in a Chapter 13. The elimination or drastic reduction of debts is being experienced in the following areas:

  • Credit card debt – This falls into the category of unsecured debt and can be completely discharged in a Chapter 7 bankruptcy or reduced with a workable payment plan in Chapter 13.
  • Debts on medical bills – For many seniors, medical expenses have skyrocketed, leaving them with few options. A bankruptcy guided by an experienced bankruptcy attorney can result in the complete discharge of this type of debt.
  • Stopping the foreclosure process – A Chapter 7 bankruptcy filing can delay a foreclosure during the process while a Chapter 13 can actually result in a re-working of terms on the mortgage. 
  • Eliminating a second mortgage – In hard hit areas like Orange County, real estate prices have dropped significantly. In cases where the value of the home has dropped to the point where it is lower than the amount due on the first mortgage, the second mortgage is considered to be unsecured and can be discharged through a bankruptcy filing. The elimination of a second mortgage can often make the difference between keeping a home and losing it to foreclosure.

The bankruptcy process is a government sanctioned means for consumers to get a fresh start and regain their financial footing. The problem is that filing bankruptcy has become complicated to the point where a filer acting alone may not realize all the benefits which are available through either a Chapter 7 or a Chapter 13 bankruptcy. For that reason alone, it is imperative that anyone considering a bankruptcy filing in Orange County, consult with a qualified bankruptcy attorney, first to determine the best path forward and then to get the best result possible in the outcome of the bankruptcy.


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