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Filing For Bankruptcy In Orange County Can Save Your Finances

In the current state of the American economy, countless people throughout the country are facing overwhelming economic duress. With the wave of foreclosures, reductions in salary and benefits, layoffs, and other troubles that has swept the United States, it is easy to lose hope for a better tomorrow. Do not fret, however! If you are in need of serious financial help, there is a way to ease your burden and set your life on the right track again.

With the aid of a trained professional in the field of bankruptcy law, it is possible to erase your debt and start fresh. A debt relief attorney can examine your finances and advise you on the best course of action. By filing for bankruptcy under Chapter 7, you can wipe away a great portion or even the entirety of your debt and start over with a clean financial slate.

Chapter 7 Bankruptcy Overview

If you are being inundated with calls from collection agencies, receiving letters and notices, it is easy to feel harassed and harried to the point of paralysis. By filing for bankruptcy under Chapter 7, however, you can end your harassment via court order. When filing under this claim, you will benefit from a stay forcing collection agencies to cease contacting you. This will allow you some relief while your case is being resolved.

Upon filing for Chapter 7, an attorney with expertise in bankruptcy law can guide you through the process of fulfilling the means test. This involves calculating your income and comparing it to the median income for a household of equivalent size. Should you qualify under this test, you will move on to the liquidation process, wherein a portion of your non-exempt assets will be sold to generate funds with which to pay back your creditors.

Under California law, many of your assets are exempt from this process, often including your house, motor vehicle, clothing, and other possessions. Once this process is complete, your remaining eligible debt is discharged, and you are free to resume your life unburdened by the weight of financial liability!

Seek The Aid Of A Legal Professional in Orange County

Due to the nature of this filing, it is generally advantageous to pursue Chapter 7 Bankruptcy if you have a large amount of debt and little ability to pay it back through other means, especially if you possess few or no non-exempt assets to be liquidated. It is imperative that you consult an attorney trained in bankruptcy law before making any decisions that could affect your future. Please, contact the legal team at the Law Office of Bruce C. Bridgeman right away to begin the road to freedom. Our firm has the experience and skill to help you today!