Bankruptcy Overview - Hallstrom, Klein & Ward LLP
Serving Rancho Santa Margarita, Lake Forest, Dana Point, Fountain Valley, Westminster
Bankruptcy overview
Many individuals in the current economic climate are facing crushing debt that feels impossible to handle. Even in the best of times, circumstances beyond our control, such as accidents, illness, or an unexpected business failure can put one in a very difficult financial position. Consequently, the Founding Fathers included a provision in the U.S. Constitution to allows people to get a fresh start through bankruptcy.
Benefits of Bankruptcy
Bankruptcy provides many benefits for those who are having trouble with overwhelming debt. For example, with the assistance of an Orange County bankruptcy attorney, you may be eligible to file Chapter 7 bankruptcy, which has the following benefits:
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Much of your debt will be eliminated so you will no longer owe the money
Much of your debt will be eliminated so you will no longer owe the money•Foreclosures, wage garnishments, bank levies, evictions and repossessions will be stopped, pending
Foreclosures, wage garnishments, bank levies, evictions and repossessions will be stopped, pending further court action•No more harassing phone calls from debt collectors
No more harassing phone calls from debt collectors •No more letters demanding payment of your bills
No more letters demanding payment of your bills•Increased ability to pay your remaining bills on time
Increased ability to pay your remaining bills on time•Increased ability to save money
Increased ability to save money•Relief from the stress of crushing debt
Relief from the stress of crushing debt•You will have a fresh start
You will have a fresh startWith a Chapter 13 bankruptcy filing, you will have the opportunity to pay off much of your debt over time. This may be helpful to individuals who are concerned about losing their home after their mortgage payments suddenly increased, or who have back payments that they are unable to catch up. A Chapter 13 bankruptcy can give you benefits including:
•Providing you with enough time to pay off back debt
Providing you with enough time to pay off back debt •No more harassing phone calls from debt collectors
No more harassing phone calls from debt collectors •No more letters demanding payment of your bills
No more letters demanding payment of your bills•Increased ability to pay your remaining bills on time
Increased ability to pay your remaining bills on time•An increased possibility of keeping your home from foreclosure
An increased possibility of keeping your home from foreclosure•The possibility of reducing the amounts owed on certain bills
The possibility of reducing the amounts owed on certain bills •Time to recover financially and get your finances in order
Time to recover financially and get your finances in orderDiscuss Your Options With a Seasoned Orange County Bankruptcy Lawyer
Many Californians are facing the need to file for bankruptcy in the current economic crisis. However, how the bankruptcy laws relate to your situation may be confusing. In order to understand how a bankruptcy may help you solve your personal financial problems, contact an Orange County bankruptcy attorney to understand your options. Call Hallstrom, Klein & Ward LLP at 949 - 450 - 8500 today for your FREE consultation. We will thoroughly discuss your situation, review available bankruptcy options, and talk about other possible solutions, such as mortgage lien stripping, deed in lieu, short sale and other Orange County foreclosure defenses.
Bankruptcy is a federal court process created to help individuals and businesses deal with their debt, either through liquidation or reorganization, under the protection of the Bankruptcy Court. While there are many chapters in the bankruptcy code, the most common bankruptcy sections for individuals are Chapters 7 and 13. Everyone does not qualify to file a Chapter 7 or 13 bankruptcy, so contact Hallstrom, Klein & Ward LLP at 949- 450- 8500 today for your FREE consultation..
