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Understanding the Bankruptcy Process

Though the bankruptcy process has become more complex after the laws were amended in 2005, most individuals and families in serious financial trouble will still qualify. The federal government allows for debt relief through the filing of bankruptcy under Chapter 7 or Chapter 13. Either of these chapters can allow individuals and families the opportunity for a fresh financial start.

The bankruptcy process should be initiated with help from our firm so that you avoid the possibility of having your petition denied or face legal trouble due to a failure to disclose all your financial information. If you would like to discuss the bankruptcy process further, speak with an Orange County bankruptcy lawyer from our firm today.

What should I expect when filing for bankruptcy?

The bankruptcy process begins when you call one of our attorneys for a free case evaluation. We will review your finances and help determine if bankruptcy is the right choice for you. If you decide to pursue bankruptcy, the next step is to document your financial situation in full. You will also need to take the means test, which determines eligibility for filing Chapter 7 or Chapter 13, must be submitted with complete accuracy. Our Orange County bankruptcy lawyers can guide you through each step.

The documents you will need for pursuing bankruptcy include:

  • Your tax returns
  • Pay stubs
  • Bills
  • Mortgage
  • Other loan documents
  • Any letters or forms that will help us get an accurate picture of your current financial scene

After all your documents are in place, we can file the initial bankruptcy petition. One of the current requirements is that you receive credit counseling. Our firm can help you find an accredited credit counseling service.

Once your petition is in process, creditors must halt all collections actions against you, including foreclosure, repossession, and wage garnishment. Approximately 25 to 45 days after filing, you will be required to attend a meeting with your creditors and your bankruptcy trustee to discuss the terms of your bankruptcy.

After this meeting, within about four to five months, your debt will be discharged if you filed for Chapter 7. If you were not approved for bankruptcy under this chapter, you will begin your payment plan if you filed for Chapter 13.

Legal Assistance from an Orange County Bankruptcy Attorney

At 1st California Law, we have a full understanding of the correct procedures governing the bankruptcy process and how to help you avoid problems or delays. We are here to help ensure that your bankruptcy goes smoothly and that your interests are protected. Our Santa Ana bankruptcy attorneys can walk you through the bankruptcy timeline so that you have a clear understanding of this process.

We are here to protect your rights, and are proud of our commitment to personal legal service and are always available to you. Contact our firm today! We offer affordable, professional service and truly care about each of our client's futures.

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