Orange County CA Bankruptcy Attorney

Benefits of Bankruptcy

Many individuals in the current economic climate are facing a situation of crushing debt that may seem impossible to handle.  There are federal laws in place that offer citizens the opportunity to make a fresh start.  Bankruptcy has some strong benefits for those who are having trouble with overwhelming debt.  For example, with the assistance of an Orange County bankruptcy lawyer, you may be eligible to file Chapter 7 bankruptcy, which has these benefits: 

• Much of your debt will be discharged - you will no longer owe the money
• No more phone calls or letters asking for payment
• You can have a fresh start
• The ability to pay your remaining bills on time easily
• The ability to save money
• Relief from the stress of crushing debt
• Legal protection from debt collectors 

With a Chapter 13 bankruptcy filing, you will have the opportunity to pay off back debt over time.  This can be very helpful to those who are concerned about losing their home after interest payments suddenly jumped resulting in huge payments, or have back debt that they are unable to handle.  This type of bankruptcy can give you certain benefits including:

• Enough time to pay off back debt
• The end of creditor phone calls
• An increased possibility of keeping your home if it is in foreclosure
• The possibility of reducing the amounts owed on certain bills
• Time to recover financially and get your finances in order 

In Chapter 11, businesses that have gotten in over their heads can get certain benefits including the following:

• The end of creditor phone calls and letters
• Relief from certain types of leases and debts that are no longer a benefit to the business
• The ability to continue your business in its present location
• The ability to continue your business with its present management
• Time to recover financially so that the business can get profitable again
• The ability to keep business assets 

If you are dealing with debt problems and are unsure how to proceed, contact the Law Offices of Joseph M. Tosti to discuss your situation.  The legal team is prepared to assist clients with Chapter 7, Chapter 13 and Chapter 11 bankruptcy filing, assisting with loan modifications, ending creditor harassment and other types of debt relief.