Anaheim Bankruptcy Attorney

What is a Chapter 7 bankruptcy

Chapter 7 bankruptcy is referred to as a “straight” bankruptcy or a “liquidating” bankruptcy. The trustee looks at the bankruptcy estate to find “non-exempt” assets which can be sold to pay debts. Your attorney will list exemptions, allowing you to keep most, if not all of your property.

The majority of Chapter 7 bankruptcies are “No Asset” bankruptcies, meaning there are no assets for the trustee to take and sell. You keep your property. This chapter works well for people who have modest incomes and have few assets.

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What is a Chapter 13 Bankruptcy

Chapter 13 bankruptcy is referred to as a “A Re-Organization of Debt for an Individual with a Regular Income.” The debtor keeps all his property because he is paying his debts under a court approved “Plan of Re-organization.” To fund the plan, the debtor must have sufficient excess income after the necessities of life are paid. These plans last for 3 to 5 years. These plans allow people with assets beyond the normal exemptions to keep their property and reorganize their debts within the 5 year plan. This serves as a perfect solutions for those with incomes who need time to pay back debt that they may have accumulated from a mortgage or tax lien.

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REASONS FOR FILING BANKRUPTCY

Did you know that over 770,000 families file for bankruptcy in 2019? As intimidating as it may sound, bankruptcy proceedings could be horrifying for most families. Research indicates that people file for bankruptcy for several reasons, with the number one being medical issues (66.5%) followed by foreclosure or unaffordable mortgage (45%), spending beyond means (44.4%), helping family or friends (28.4%), student loans (25.4%), and divorce or separation (24.4%).

The thought of filing for bankruptcy could scare away most people, but it shouldn’t be like that. Bankruptcy is not the end of your life, and if used in the right manner, it can help you gain more financial control over your life.

Business Bankruptcy

Bankruptcy offers struggling business owners’ options to stay afloat or to close their business. A small business can stay open and make small monthly payments to creditors with Chapter 11 or Chapter 13 bankruptcy. If a business doesn’t’ have enough cash flow to make payments, it can use Chapter 7 bankruptcy to close in an efficient way. Not all bankruptcy options are good for every business, so it’s important to speak with our experienced bankruptcy attorneys to make the right choice for your business.

Tax Debt Relief

California will forgive tax debt with the Franchise Tax Board Offer in Compromise. This FTB offer is an agreement between the state taxing authorities, the franchise tax board and the taxpayer to settle tax debt for less than is owed. This is something you must qualify for and our bankruptcy attorneys can determine if you’re eligible for this tax relief.

Debt Settlement Solutions

When you’re living in Southern California, the financial strain of bills and debt can be difficult. At the Law Offices of Ginger S. Marcos, APC, we can help you to avoid foreclosure and bankruptcy and also help you to stop late payments. Debt settlement isn’t consolidation. Our seasoned lawyers use their expertise to evaluate your experience and to provide personalized service.

Credit Card Debt Relief

Credit card debt is some of the easiest type to resolve. That is because these creditors have the least rights against you. Because credit card creditors have fewer rights, they must be more aggressive to get payment. This is why they are the hardest to deal with. However, with the help of our bankruptcy attorneys, we can sort out your debts and help you to get on a payment plan that addresses your creditors so they leave you alone permanently.

Foreclosure Relief

Our experienced foreclosure attorneys don’t want you to deal with foreclosure on your own. Foreclosure can take a long time and it helps you to have a skilled attorney by your side. A lender will issue a notice of default and then you, the homeowner, will have a grace period in which to pay the lender the amount owed or sell the property for less than it is actually worth. This is known as a short sale. If you and your lender can’t work out a deal, the house is sold to the highest bidder at an auction. Our attorneys understand foreclosure law and can help you to make an informed decision about your financial situation.

Medical Bill Relief

When you’re dealing with large medical bills and can’t afford to pay them after a lengthy hospitalization or cancer treatment, you need our legal help as soon as possible. We can organize your bills and negotiate a payment plan. We can also ensure that your bills are valid and free of errors. If we find errors, we can dispute the charges for you. We also can determine if the creditor is still able to take you to court to collect payments.

Stop Wage Garnishment

Wage garnishment allows a creditor to take a portion of your wages to pay debts that you may owe. If you’re facing a wage garnishment, you may be wondering whether you should hire an attorney. Our legal team can challenge the garnishment and work out a deal with the creditor. We can determine if the creditor is asking for too much.

Bankruptcy after divorce

Divorce is hard and add in the element of bankruptcy and it’s even more difficult. If you declare bankruptcy, any debts that have accumulated with your ex-spouse aren’t forgotten when a marriage ends. Filing for bankruptcy after divorce doesn’t affect your ex-spouse’s credit history because each of you have your own score. If your spouse declares bankruptcy, you are equally responsible for the outstanding debt. Also, if your ex-spouse cannot pay their monthly payment arranged in a bankrupt then you may become responsible for them. Our bankruptcy attorneys at the Law Offices of Ginger S. Marcos, APC can help you to sort out this financial situation following a divorce in the State of California.

Bankruptcy and Child Support

Both parents are responsible to care for their children. If you are receiving child support and the paying payment filed for bankruptcy, you’re probably wondering how it will affect your payments. Child support payments most often cannot be discharged in bankruptcy. This means that a parent who owes child support cannot escape this duty with filing for bankruptcy. With the help of our child support lawyers, we can help you to understand your obligations when it comes to child support in California.

How long does it take to file for bankruptcy?

Bankruptcy can be a quick filing process. This requires you to do a means test to determine if you can afford to make monthly payments for your debt or not. After you file for bankruptcy, you must wait for your court to assign your case a case number and this will mean that your case is filed. The length of time that it will take to file for bankruptcy will depend on the specifics associated with your finances.

Bankruptcy Filing Costs

The court costs to file for Chapter 7 bankruptcy in California is $335 (this is exclusive of any attorney fees). The attorney fees will depend on the number of creditors, total amount of debt, and time it takes to negotiate settlements. The court costs to file for Chapter 13 is $310. Attorney’s fees associated with filing for Chapter 13 bankruptcy will be much higher as it is a longer process, so there will be more fees associated with the process. Our bankruptcy attorneys can give you specifics on financial obligations associated with filing for your bankruptcy type in California.

Call to Schedule a Free Consultation With a California Bankruptcy Attorney Today

If you’re going through financial troubles, call to schedule a free consultation with a California bankruptcy lawyer today. The compassionate legal professionals at the Law Offices of Ginger S. Marcos, APC will evaluate your case to determine which type of bankruptcy would benefit you most. We serve Anaheim, Fullerton, Garden Grove, Buena Park and all of the surrounding SoCal communities. Visit our web page at marcoslawfirm.com or give us a call at 949-417-6202 and let us give you the legal advocacy you need.

This website is for informational purposes only. Using this site or communicating with Law Offices of Ginger S. Marcos through this site does not form an attorney/client relationship. This site is legal advertising.

The Law Offices of Ginger S. Marcos provides professional legal representation for clients in Anaheim, Fullerton, Placentia, Garden Grove, Orange, Stanton, Buena, Park, Santa Ana and the following, but not limited to zip codes: 92801, 92804, 92807, 92812, 92816, 92831, 92870, 92802, 92805, 92808, 92814, 92817, 92832, 92880, 92803, 92806, 92809, 92815, 92825, 92850, 92899.