Bankruptcy only $975

by a Skilled Orange County Attorney

When people come to us seeking advice concerning bankruptcy they are usually very upset. They may face the loss of their home and other assets. They are frequently being harassed by creditors and suffer from anxiety about their future.

There is no disgrace involved in seeking help for financial problems. Many successful and famous people have filed for Bankruptcy. Several US presidents filed for bankruptcy: Ulysses S. Grant went bankrupt after leaving office when a partner in an investment-banking venture swindled him. Thomas Jefferson filed for bankruptcy several times, including after leaving office, possibly because he threw around a lot of cash on food and wine. William McKinley went bankrupt while serving as Ohio's governor in 1893; he was $130,000 in the red before eventually straightening out with the help of friends. He won the White House just three years later. A recent study shows that the average millionaire has been broke more than three times during his or her life. Our economic system is based upon the concept of risk. Our country encourages people to incur debt to finance business ventures and the purchase of goods and services associated with American Life. Unfortunately when we take a risk it does not always work out for the best. Consequently the constitution of our country guarantees the right of each person to seek relief under the Bankruptcy code when he or she is unable to pay the debts incurred.

The purpose of the Bankruptcy Code is to give you a "fresh start" with your financial life. When we file your bankruptcy petition, all of your assets will come under the control of the Bankruptcy Court. Your creditors are prevented automatically by law from garnishing your wages, bank accounts, foreclosing on your property, or otherwise proceeding against you, unless they first obtain permission of the Bankruptcy Court to do so. Your creditors can no longer call or write to you demanding payment. During the administration of your bankruptcy if any of your creditors attempt to garnish your wages, call you demanding payment, or otherwise harass you, please let us know so we can take appropriate action to protect you. . You may be concerned that a bankruptcy will adversely affect your credit. However, the fact that you are considering bankruptcy suggests that you already have a poor credit rating. We can advise you of ways by which you may establish new credit. As we prepare your bankruptcy, papers you must provide us with a complete and accurate list of all of your creditors and their addresses. Read your bankruptcy papers carefully to ensure that all creditors are listed accurately. Bankruptcy will not protect you from debt owed to creditors who are not properly listed in your bankruptcy documents.

THREE TYPES OF BANKRUPTCY ARE AVAILABLE

1. Bankruptcy Chapter 7: This Chapter is referred to as straight bankruptcy. It is the most commonly used. You will retain all your exempt assets free of any creditor claims (except mortgage and security liens).

2. Bankruptcy Chapter 13: A Chapter 13 Bankruptcy permits you to pay your creditors in monthly installments over three-to-five years.

3. Bankruptcy Chapter 11: Chapter 11 -- mostly used by businesses -- also concerns reorganization of your debts--that is, payments over a period of time--which is similar to Chapter 13.