Bankruptcy Attorney Orange County, Ca - Chapter 7 Layer


Frequently Asked Questions


What is bankruptcy?

Bankruptcy is a process under the jurisdiction of the federal court that helps consumers and businesses either eliminate their debts or develop a plan to repay them.

I've heard there are new bankruptcy laws. How will they affect me?

On October 17, 2005 a number of new bankruptcy law provisions went into effect which some people still consider "new". For most consumers the changes will be limited to changes in procedures, fees and costs, and limitations on certain exemptions. The new law does not prevent anyone for filing for bankruptcy protection. One provision that could affect you is the assumption that those earning more than the median income for your state could be presumed to have to file under Chapter 13 rather than the simpler Chapter 7. The determination for which chapter you file under is made by the results of a Means Test administered by your attorney.
Another provision of the new law requires filers to attend a class session in Credit Counseling and a session on Money Management. These are normally administered over the phone. A certificate proving you have taken the Credit Counseling class must be filed with your original petition. The costs are currently running about $50 for each session or class.

Is there more than one kind of bankruptcy?

There are two classes of bankruptcy, Chapter 7 (liquidation) and Chapters 11, 12, or 13 (reorganization or debtor in possession). Chapter 7, 13, etc. are references to the sections of the federal code dealing with bankruptcy.
Under Chapter 7 bankruptcy, a consumer or business asks the bankruptcy court to erase (discharge) the debts owed. In exchange for the discharge of debts, the debtor's excess assets or the nonexempt property belonging to the debtor is sold (liquidated), and a bankruptcy trustee distributes the proceeds to creditors.
There are several types of reorganization bankruptcy. Consumers with secured debts under $871,550 and unsecured debts under $269,250 can file for Chapter 13. Family farmers can file for Chapter 12. Consumers with debts in excess of the Chapter 13 debt limits or businesses can file for Chapter 11. Reorganization is complex, time-consuming and should involve an attorney skilled in dealing with the process. In any reorganization bankruptcy, you file a plan with the bankruptcy court proposing how you will repay your creditors. Some debts must be repaid in full; others you pay only a percentage; others aren't paid at all. Some debts you have to pay with interest; some are paid at the beginning of your plan and some at the end.

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R. and A.

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J. and D.

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(877)253-4761 :: Orange County Bankruptcy Attorney

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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Pursuant to the U.S. Bankruptcy Code, we are a Debt Relief Agency, we help people file bankruptcy.

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