Orange County Bankruptcy Attorney

Bankruptcy Overview

Many Californians are facing filing for bankruptcy in the current financial crisis.  However, what it actually means to you and how it works may be confusing.  In order to understand how a bankruptcy may help you solve your personal financial crisis, it is advised that you contact an Orange County bankruptcy lawyer to advise you of your options.  Essentially, when facing overwhelming debt and inability to pay it, there are two bankruptcy options for you.  At the Law Offices of J. Arthur Roberts, the attorney is very qualified to assist you in determining which type of bankruptcy you need to file in your case.  Other legal options are available to you as well.  J. Arthur Roberts, Attorney at Law, is not only a bankruptcy attorney but a licensed real estate broker as well, and knows all aspects of real estate and mortgage law.  This knowledge could help you restructure your mortgage with the help of the lawyer.

Chapter 7 Bankruptcy

Chapter 7 is the type of filing that is done when facing debt that just cannot be paid.  This is the type of bankruptcy that “discharges” your debt.  It is a fairly long process, taking 4 – 5 months.  All of your financial information will be gathered.  Your debts and assets will be looked at thoroughly and all creditors will be informed of the action.  During this time, the situation with your home (if it is in foreclosure) will usually be put “on hold” for a period of time.  During this time, you can work with an attorney from the Law Offices of J. Arthur Roberts to find the best solution to your foreclosure, whether it be a loan modification, deed in lieu or short sale.  Each person’s situation is so unique that a thorough review must be done of your finances to determine the best course of action regarding your home.  Some debts cannot be discharged in a Chapter 7 bankruptcy in California.  For example, child support, spousal support, student loans and some taxes will not be eligible to be discharged.  Most other debt will be in this type of bankruptcy.  For full information on Chapter 7 bankruptcy, contact an attorney from the Law Offices of J. Arthur Roberts.

Chapter 13 Bankruptcy

Chapter 13 is the filing usually done when the individual has a job and a paycheck but has run into trouble paying debts.  This is a “debt restructuring”.  This means that the unpaid back debts will be paid off over several years, usually over five years.  This is a good option for those who are working either as an employee or in their own business but are in over their heads.  This is not an option for a corporations or partnerships, however.  This type of bankruptcy can be a very workable option that buys time for those who are in trouble with their mortgages.  While the bankruptcy filing is working its way through the system, with the help of a bankruptcy lawyer from the Law Offices of J. Arthur Roberts, you can work on a loan modification or other solution that could save your home.

Contact an Orange County Bankruptcy Attorney from the Law Offices of J. Arthur Roberts to discuss bankruptcy and other legal debt relief options.