If you’re in the Los Angeles or Orange County area and are consider filing for bankruptcy you will want to do some research to fully understand the ramifications of a bankruptcy. In addition, you will also probably want to consult a bankruptcy attorney Los Angeles California or a bankruptcy attorney orange county CA to get some advice and guidance. The most common reasons people decide to pursue bankruptcy proceedings are debt incurred because of unexpected medical bills, accidents, divorce, and long term unemployment. Bankruptcy is often viewed as a “fresh start,” but it is important to realize that it will not wipe out all of your debts. There are several types of debt that cannot be erased by bankruptcy, including student loan debts, debts incurred because of a criminal action, and domestic support obligations such as child support or alimony. A bankruptcy attorney Orange County CA can provide you with information about your specific situation.
There are multiple different forms of bankruptcy. Two common forms of bankruptcy include chapter 13 and chapter 7 Los Angeles bankruptcy. 74 percent of California bankruptcy filings in 2011 were Chapter 7 filings, a type of bankruptcy which discharges the debts you have accumulated. In contrast, a Chapter 13bankruptcy involves debt restructuring. A three to five year repayment plan is generally required under Chapter 13 bankruptcy filings, unless the court discharges your debts early due to hardship reasons. You will likely need to consult an Orange county bankruptcy attorney to determine the most appropriate filing for your situation. Bankruptcy can be stressful, both financially and emotionally. Make sure you get the appropriate guidance from a bankruptcy attorney orange county ca.
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