Bankruptcy Chapter 7
Skilled Fullerton Bankruptcy Attorney Explains the Bankruptcy Process
Information You Need
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). If you have assets which are not exempt they will be sold and the sales proceeds divided among your creditors. Your debts are then discharged (legally terminated) and you are free to start life anew, without debt (except your secured debts).
What to expect when filing for bankruptcy in Orange County.
While each bankruptcy filing is unique, there are types of information that must be gathered, analyzed and submitted correctly in every bankruptcy case to ensure a smooth process. Our dependable, client-focused attorney with Madaen Law, Inc., makes sure to discuss your finances with you in great detail before deciding on the appropriate course of action for your circumstances. We’re dedicated to providing you with service that is both attentive and affordable.
What you can expect from our process?
It all begins with a free initial consultation with Mr. Madaen, our experienced bankruptcy attorney. Once he understands what your financial difficulties are and learns what you hope to gain from filing for Bankruptcy, he suggests options that may work for you. After you decide to file for Bankruptcy Chapter 7 or Bankruptcy Chapter 13, our firm lays the groundwork for the process to get you back on a firm financial footing.
The documents you need to bring with you for your first meeting with us include:
- Recent pay stubs.
- The last two years of your income tax returns.
- If you are paying for Mortgage: your mortgage statement.
- If you financed your car: the finance statement.
You should be prepared to discuss your financial situation in full with our Orange County bankruptcy attorney, including any ongoing collection activity or foreclosure.
After meeting with you and obtaining enough information to move forward, our firm handles your bankruptcy filing in full, appearing in court on your behalf if necessary. We understand that deciding to file for bankruptcy is a difficult decision. Our hope is that once you make that decision — and we’ve begun the filing process — you can leave the rest to us. We will keep you updated every step of the way.
Why you should hire an attorney?
The bankruptcy process doesn’t always proceed smoothly, which is why your filing should be managed by a competent legal advisor. And since your creditors play a role in the process and are likely be represented by legal counsel, you should be as well. The Law Office of Madaen can help make sure that you achieve the desired discharge of your debts despite your creditors’ objections.
For more information on bankruptcy, please visit our Frequently Asked Question Page.
Experienced California Bankruptcy Law Attorney Providing Affordable Counsel
Mr Madaen is committed to providing affordable, accessible services to help financially strapped members of the community. The chance to file bankruptcy for less than $1,000 offers real hope to those struggling with debt. Mr.Madaen believes this is both good business practice and a way of giving back to our friends and neighbors.
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Here are all resources you would need to know about bankruptcy!
This is called straight bankruptcy. It is the most commonly used. You will retain all your exempt assets free of any creditor claims.
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.
A Chapter 13 Bankruptcy permits you to pay your creditors in monthly installments over three to five years.
Click here to know more about Involuntary Bankruptcy.
An adversarial action is somehow a civil lawsuit within bankruptcy court.