Not all debts can be resolved by simply filing for bankruptcy. Furthermore, bankruptcies are of different types. With the help of our bankruptcy attorney office in Irvine, you will know what chapter to file to solve your debt problems, once and for all. In the US, the most common types of bankruptcy are chapter 7 and chapter 13. The former is liquidation type while the latter is used for a repayment plan. Chapter 11 is only designed for a large organization while chapter 12 is for family farmers.
Are You Qualified for Chapter 7? Ask Our Bankruptcy Attorney Office Irvine
As mentioned earlier, chapter 7 is ideal for the liquidation bankruptcy case. Here, the court will appoint a trustee to administer the case. This trustee will identify your assets that can be categorized as non-empty equity. Chapter 7 trustee will sell these assets to help you pay for the unsecured debts. The majority of chapter 7 cases are in a no-asset category, which means that you will get to keep your property. If you think this situation is ideal for you, you must call our bankruptcy attorney office to help you figure out whether or not chapter 7 ideal for your situation.
Filing for Chapter 13
This is a repayment plan. It also has a trustee. Here, you will pay a part of the amount you own to your unsecured creditors. The trustee will administer it. If you are behind on your loan payments, you can use this chapter to keep your home or car. Unfortunately, this type of bankruptcy can be more difficult to file than other bankruptcies. With the help of our bankruptcy attorney, though, you can determine if your case can be categorized under chapter 13. If it is, then our bankruptcy lawyer will file for it on your behalf.
Can You File without a Lawyer?
Yes, you can file without a lawyer as the law does not require you to hire one. However, if you file it incorrectly, your case will be rejected and you cannot benefit from it at all. That’s why it is ideal that you have an expert working with you. And this expert should be a bankruptcy lawyer. The attorney will assist you in assessing your situation before choosing the right chapter to file for. It is vital to choose the right category to avoid your case to be rejected by the court.
On the other hand, filing for bankruptcy may not be the best solution for your case. It could be that debt settlement is an ideal choice for you. That’s why your case has to be assessed first before filing for one of the chapters.
Here at Karine Karadjian, you will be working with our proficient attorneys who have dealt with bankruptcy cases successfully. Our lawyers are committed to assisting you in finding debt relief so you can finally get a fresh start. Our bankruptcy attorney office in Irvine understands that you are in a difficult situation, which is why we strive to ensure the process to be as smooth as possible. Talk to our attorney today about your case: (949) 565-4707 or (818) 960-6460.