Bankruptcy Overview
If you have been completely overwhelmed with mounting bills, second and third notices, past-due car payments and other problems with your monthly bills, you are probably thinking that there is nowhere to turn. Fortunately, there is help and you can get the assistance you need to get your life and that of your family back on track.
The United States government allows for individuals who are unable to pay their debts to declare their inability and therefore receive relief from debt collectors, creditors and a majority, if not all, of their debts. There are several different types of bankruptcy that can be declared – the two types that apply to individuals are Chapter 7 and Chapter 13. These two “chapters” of bankruptcy will allow the individual who finds him or herself in extreme financial hardship to find a way out that works.
Orange County Bankruptcy Lawyer
Chapter 7 requires that you liquidate some of your assets in order to pay off your debts. However, it is important to know that every state has bankruptcy exemptions that allow you to keep some or all of your assets after you have declared bankruptcy. At the Law Office of Bruce C. Bridgman, the bankruptcy lawyers are very familiar with handling Chapter 7 bankruptcy and they will be able to ensure that you take advantage of any and all qualifying exemptions. After declaring Chapter 7 bankruptcy, you will be free from a vast majority of your debt, effectively “cleaning the slate.”
Chapter 13 bankruptcy is more of a restructuring type of declaration. People who are not eligible for Chapter 7 are often eligible for this type of bankruptcy. In Chapter 13, you will undergo a reorganization that will allow you, with the help of your attorney, to work out an arrangement that is workable for you in which you will pay back a percentage of your debts over a period of three or five years.
The qualified and experienced bankruptcy lawyers at the Law Office of Bruce C. Bridgman are dedicated to making the process simple, smooth and easy for anyone who needs to declare bankruptcy.
If you need to know which type of bankruptcy you can declare, please contact an Orange County Bankruptcy Attorney at the Law Office of Bruce C. Bridgman today.