Orange County Bankruptcy Lawyer
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is a legal action that can release an individual from debt that they have no hope of paying off. This bankruptcy procedure will discharge debt including medical bills, credit card bills, and finance company loans. Certain types of debt cannot be discharged in a Chapter 7 bankruptcy, including child support payments, student loans and recent taxes. Secured loans, such as
your home and car, you can keep if you can keep up the payments. If this is impossible, you can surrender the property to the lender and discharge the debt. If you are facing extreme financial troubles, it is crucial that you contact a bankruptcy lawyer to assist you in making a fresh start. At the Law Offices of Joseph M. Tosti, the legal team has helped countless individuals get out from under crushing debt in filing a Chapter 7 bankruptcy.
Filing for Chapter 7 in Orange County
Before filing for Chapter 7, an individual must qualify. As the individual is completely released from a large portion of their debt, the law is strict regarding who can and cannot file for Chapter 7. In order to determine whether you qualify for this type of bankruptcy, the government requires that you take a "means test". This test is actually a full accounting of all of your assets and liabilities, bank accounts, properties and any other financial information. A bankruptcy lawyer from the team can assist you in determining whether you will qualify for a Chapter 7 bankruptcy, either in person or over the phone.
If you are considering filing for bankruptcy, it is critical that you proceed carefully and correctly. Some individuals have taken the means test and do not fully understand how to fill it out, and are denied the option of filing a Chapter 7 bankruptcy. An associate will help you to determine if you qualify for Chapter 7, and to file all the necessary paperwork. The process is complex and fairly extensive, and it is invaluable to have legal assistance when dealing with any bankruptcy filing. Contact an Orange County bankruptcy attorney from our firm to learn how Chapter 7 could be the solution for your financial difficulties.