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     What Everyone MUST Know Before Filing Bankruptcy
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ORANGE COUNTY BANKRUPTCY ATTORNEY
Orange County Bankruptcy Attorney in Irvine, Ca - Chapter 7 Expert - Stop Foreclosures, Repossessions, Evictions, Collections - All Questions Answered - Walk Away - Start Fresh.

For most consumers, two kinds of bankruptcy plans are available, Chapter 7 (which typically wipes out unsecured debts like credit cards, medical bills, etc.) and Chapter 13 (debt rescheduling, which may allow you to repay as much of your unsecured debts as possible over a 3 - 5 year period). The type of plan you choose will usually determine how long the process takes.

In a Chapter 7 filing, the entire process takes about three to four months, and requires filing fees of $299 which must be paid to the Orange County bankruptcy attorney who then pays the court at the time of filing. Since attorneys are now required to file electronically, the court will debt the attorney's business account, and will issue a receipt.

Typically, you will make just one appearance before the Orange County Bankruptcy Trustee. Most likely you will wait until your name is called, and will then sit at an table where the trustee will quickly review your petition and will ask you to produce a valid photo identification and an original social security card. If you don't have an original SS card, you can show an ORIGINAL W2, 1099 or pay stub that has both your name and full SS number on it. If you don't produce proof of SS number, the trustee will NOT hear your case, and may give you a one-time only additional hearing date to do so.

If you prove your identity, the trustee will then ask you a few questions about your petition and schedules, i.e., whether you listed all of your debts and property, etc. Sometimes, but not often, a retail creditor such as a department store, credit card company, etc., may appear to monitor the proceeding. But this is unusual since most people file for Chapter 7 bankruptcy in Orange County, and notice is normally sent to such creditors advising that no assets will be available for liquidation to pay them.

TWO TOP BANKRUPTCY ATTORNEYS
To file bankruptcy through our office, you simply need to make an appointment with one of our Orange County bankruptcy lawyers for an interview where the attorney will ask you questions about your property and debts, and will fill in a work sheet as the interview progresses. You will be asked to sign the worksheets proving that you, not the Orange County Bankruptcy attorney, provided the information.

To assure that as much correct information is provided the U.S. Trustee as possible, the attorney will run a public record search for real property, autos, watercraft, judgments, liens, and pending civil actions, Additionally, and only if you grant permission, the bankruptcy attorney in Orange County in will run a nationwide credit check to assure that all of your known creditors are included in your schedule of debts. Again, accuracy and completeness are key to a successful bankruptcy, so we are very thorough in researching property and debts. PLEASE NOTE THAT SO-CALLED "PARALEGALS" NOT WORKING DIRECTLY FOR AN ORANGE COUNTY BANKRUPTCY ATTORNEY PROVIDE NONE OF THIS EXTRA PROTECTION.

This is the most involved part of the process, and usually takes about an hour to complete, depending on how organized you are and how quickly you can find account numbers, correct names and addresses of creditors, etc.

Under the new law, debtors are subjected to a "means test" to determine whether they are eligible to file and, if so, whether the case may be filed as a Chapter 7 bankruptcy (typically wipes out most, if not all, unsecured debts such as credit cards, medical bills, etc.) or a Chapter 13 bankruptcy, which compels the debtor to pay as much of their unsecured debts as possible over a 3 - 5 year period.

WHAT CAN YOU KEEP
The most frequently asked question before filing for bankruptcy is "What property can I keep?" The answer is that the typical consumer debtor will keep ALL of his or her property, provided such property is exempt from creditors, and depending on the type of bankruptcy filed in Orange County and how much property you own.

Under Chapter 7, debtors enjoy a wide range of property exemptions allowing them to keep virtually everything they need for a fresh start.

The Orange County Trustee may, however, look carefully at property which a debtor may not really need. For example, a public school teacher may have a tough time convincing the court that an extra pickup truck and camper shell is necessary for the job of teaching school, or that an RV is essential in your efforts to get on your feet, financially. Every case is a bit different, and our Orange County bankruptcy attorneys can explain everything to you.

If you file a Chapter 13 bankruptcy, there is usually no danger of losing property since you're simply rescheduling your debts, not wiping them out.

AUTOMATIC STAY
Immediately upon filing your petition, an "automatic stay" (freeze) goes into effect. This means that all creditors must halt any legal or collection activity against you. They cannot write or call you (except to send monthly statements), and any pending lawsuits are put on hold until further notice. If a creditor wants to be removed from the Stay Order, a Bankruptcy Lawyer Orange County must make a formal motion (request) to the Orange County bankruptcy judge; a process that typically takes about a month.

Sometimes the motion is granted, sometimes not. If the debtor has no equity in the property, chances are very high that the order will be granted, and the property removed from bankruptcy protection, thereby allowing the creditor to proceed with efforts to foreclose.

In any event, until the court rules on the motion, the creditor cannot proceed against you. Further, until the bankruptcy process is completed, all of your financial problems are in the hands of the court, which assumes legal control of all your property, and the debts you owe. After filing, you can sell nothing without the Orange County trustee’s permission. Generally, however, you will control all of the property you acquire after your Orange County Bankruptcy Attorneys file your petition..

The Federal Bankruptcy Court in Orange County will exercise its authority over your assets and debts through a court-appointed "Bankruptcy Trustee Administrator", usually an attorney or accountant hired by the U.S. Trustee's Office.

TRUSTEES
The trustee will examine your assets and debts and look for any property that may be sold to pay your unsecured creditors. Secured creditors will be paid first; that is, those who have a lien against property, e.g., the bank who holds a trust deed on your home, the lender who has legal title to a car, etc.

Unsecured creditors (those who are not using property as collateral to assure payment of the debt) are paid only after all secured creditors have been paid. In Chapter 7 bankruptcies, unsecured creditors typically are paid little, if anything.

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