The Bankruptcy Process
Valencia Bankruptcy Attorney
If you are facing overwhelming debt and are considering filing for
bankruptcy, you should understand the different types of
bankruptcy protection available and the steps necessary to qualify for the relief
and protection bankruptcy can provide. Your first step should be to meet
with a Valencia bankruptcy lawyer at
RJB Law Offices. We can review your particular financial situation with you in a free
consultation and explain the different options available.
We have helped over 5,000 clients solve their financial difficulties through
bankruptcy since 2001. All our attorneys are dedicated to helping individuals
and business owners who are faced with burdensome debt and who need a
chance to rebuild their financial lives. The first step is to provide
us with the last six months of your income to calculate your average income.
This is compared to the median income for families of the same size living
in your city or county. If your income is equal or below this amount you
will qualify for
chapter 7 bankruptcy. If it is higher, then you will need to do a more thorough "means test" to factor in your debts and expenses and see if you might still
qualify. If not or if you have significant equity in your home or other
assets you wish to protect, you will probably qualify for
chapter 13 bankruptcy.
Speak to a Bankruptcy Lawyer in Valencia
Once it is determined which type of bankruptcy you are qualified for, you
must submit your forms to be filed with the court. Immediately, the court
will issue a "stay" that prevents any bill collectors or creditors
from contacting you. In a chapter 7 bankruptcy, about 30 to 40 days later
you will need to appear at a meeting with the bankruptcy trustee and your
creditors. Your lawyer will be there to represent your interests. 60 to
75 days later the court will discharge all your unsecured debt and declare
your bankruptcy complete. The chapter 13 bankruptcy process is different
in that the court will reorganize your debts into a single monthly payment
calculated to pay them all off within five years. Your home and other
assets will be protected. Speak to one of our skilled attorneys today.
Contact a Bankruptcy Attorney in Valencia
to find out how the bankruptcy process works and what to expect.