Bankruptcy Attorneys In Orange County – The bankruptcy process varies depending on the bankruptcy filing form. In order to file for Chapter 7 bankruptcy, you must get a “means test.” This test is designed to determine if you are eligible to file for Chapter 7 bankruptcy.
If you have any questions about the bankruptcy process, contact Orange County bankruptcy attorney Joseph M. Tosti.
Bankruptcy Attorneys In Orange County
Since most debts are settled in this way, the federal government created this program to prevent people from taking advantage of their ability to pay their debts unless they really can. A trend analysis provides a thorough analysis of your income and expenses.
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For personal bankruptcy, California has a certain income level (average) and if your income for the past six months was below this average, you are eligible for Chapter 7 bankruptcy.
If you are not below the California median income, the test will continue to determine if you are eligible to file for Chapter 13 bankruptcy.
Some people choose to file Chapter 13 bankruptcy even though they are filing for Chapter 7. It is very important to have an experienced Orange County bankruptcy attorney help you with the asset investigation and other aspects of the application. A mistake can mean that your choice to file for bankruptcy will be rejected. It is very important that the submitted documents are complete and accurate, and your attorney will assist you with all aspects of filing documents.
You must collect all financial information for the past two years and report your income, expenses, assets and liabilities. An experienced member of the legal team at the Law Offices of Joseph M. Tosti, APC will assist you in compiling this data.
Orange County Bankruptcy Lawyer
It will determine which assets will be released from the lien when you file for bankruptcy. After this is completed, if you file for Chapter 13, you will need to submit a proposed payment plan. Our Orange County bankruptcy attorneys write this based on your actual ability to pay your debts. Some debts must be paid in full, while others can be reduced by up to 10% of the loan amount.
When a bankruptcy petition is filed, all creditor collection actions are “stayed” (stopped). They are no longer allowed to contact you to try to recover the money they are holding. It also stops the foreclosure process on your home, giving you time to decide how to handle a potentially expensive loan.
Our legal team has the experience and expertise to fight for a loan modification, and filing for bankruptcy can give you the time you need to get your home in order. If you are in Chapter 13, you must pay the agreed amount.
If you file Chapter 7, your case will be “discharged” immediately. This means that you no longer owe a large amount of outstanding debt. You will be free to restart.
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If you file for Chapter 13, you must continue to pay your outstanding debts at the interest rate determined by the court (usually the amount you can pay based on your actual income). You will continue to pay this amount for a period of three to five years as determined by the court. Once completed, a court order will be issued to have your case expunged.
Chapter 11 bankruptcy is a complex filing that includes all of the company’s expenses, liabilities and income. This gives business owners the opportunity to forgive certain types of debt and pay off other debts over time while running their business.
You will no longer be harassed by creditors and your business will have a chance to recover over time if you carefully track payments on time. Also, when your obligations are settled, the court will discharge you from Chapter 11 and you will start running your business as usual again.
Filing for bankruptcy is difficult, but it can prevent financial ruin. When considering filing for bankruptcy, it is very important to get legal help. Mistakes can prevent you from filing for bankruptcy. Our Orange County bankruptcy attorneys have over 30 years of experience in this area of the law. Contact the Law Offices of Joseph M. Tosti, APC for a completely free evaluation.
Chapter 13 Bankruptcy Orange County
To seek legal representation in bankruptcy and other forms of debt relief, contact the Orange County attorneys at the Law Offices of Joseph M. Tosti, APC. For a free consultation, call (949) 245-6288. If you feel that your debt is weighing you down and you really don’t think you can pay it off, bankruptcy may be a good option. Bankruptcy helps people and businesses with more debt than they can pay. Depending on your financial situation and your bankruptcy goals, there are different options to consider.
Bankruptcy is a complex area of law that requires a lot of documentation, calculations and strict deadlines. It is important to work with your attorney to reduce stress, meet deadlines, and meet the court’s expectations. Use the list of Orange County bankruptcy attorneys below to find the right attorney for your case.
When you file bankruptcy as an individual, there are two main options available to each individual: Chapter 7 and Chapter 13. In Chapter 7, all debts, secured and unsecured, are completely discharged. People with large assets or high incomes can file for Chapter 13, which involves restructuring their debts. The big difference is that Chapter 13 allows you to pay a portion of your debt. The court sets a payment schedule of three to five years. At that time, you will pay off all of your secured debt and part of your unsecured debt. Any unsecured debt unpaid at the end of the payment schedule is forgiven.
Business options include Chapter 11 and Chapter 12. Chapter 11 allows for personal or business debt consolidation, and Chapter 12 is for family farm debt restructuring.
Chapter 7 Bankruptcy
Like all US states, bankruptcy in California is governed primarily by federal law, not state law. This process is outlined in the United States Bankruptcy Code, which is part of federal law. However, state law may affect certain aspects of the bankruptcy process, such as discharge.
The following is an overview of the bankruptcy process in California, but it is always a good idea to consult with an experienced bankruptcy attorney. Bankruptcy can be difficult even if you think it’s “easy” because you think you have no assets.
Bankruptcy is a complicated process, so it’s often a good idea to consult with a bankruptcy attorney who can help you through every part of the process. Again, this is just a summary and does not address every situation, type of bankruptcy, or aspect of the law.
Bankruptcy is handled in federal court, but other matters are a state jurisdiction. Exemptions are established on a state-by-state basis. When deciding whether to file for bankruptcy, the court looks at your assets and whether you can pay your debts. If you have enough assets, they will be seized to pay off as much of the debt as possible and write off the rest. However, some goods are free from attachment.
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Some people believe that bankruptcy should only be used when all other options have been exhausted and you are completely bankrupt. However, before you get to that point, it’s a good idea to consult with a bankruptcy attorney in Orange County. If you really don’t have a way out of debt, there’s no reason to keep struggling for months when you can use your income to get out of bankruptcy and start over. If you have reached the point where you believe you can no longer manage your case, consider seeing an attorney.
Are you ready to find out if bankruptcy is right for you? Check out our list of bankruptcy attorneys and contact us today.
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