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

Child and Spousal Support Filing bankruptcy will NOT erase your legal obligation to pay back child or spousal support, or court ordered attorney's fees in connection with obtaining or enforcing a child support order. The Court will, however, take these obligations into consideration when determining the legitimacy of your insolvent situation.

Public Benefit Overpayments If you owe a public agency payments due to having received and accepted any overpayment of a public benefit, i.e., AFDC, Food Stamps, tax refund, veteran’s benefits, etc., filing with an Orange County bankruptcy lawyer will NOT interrupt your obligation to pay these back payments.

Affect on Married Couples If you are married and have accumulated a substantial amount of debt during your marriage, you may want to consider filing a joint petition for bankruptcy since the Trustee may go after the community property interest of the non-filing partner, anyway.

The non-filing spouse's share is typically not at risk, but be aware that if the Orange County Federal Trustee determines that a given property may be sold for the benefit of unsecured creditors, then the trustee will offer the non-filing spouse first opportunity to "buy" the filing spouse's interest and, if the non-filing spouse chooses not, or cannot, do so, then the trustee may take the property, sell it, and give the non-filing spouse his or her share of the funds. A good Orange County Bankruptcy Attorney Will guide you through the best course of action, this is rare, however.

COMMUNITY PROPERTY
If you are newly married, and/or haven’t accumulated much joint debt, you may want to file bankruptcy separately in order to face a burdensome inquiry by the Orange County Trustee as to which property and debts are separate and which are not.

California is a community property state and under California law a spouse’s separate property may possibly be used to pay the debts of the defaulting spouse, even though the non-debtor spouse was not married to the debtor at the time the debt was incurred. Our Orange County bankruptcy lawyers will guide you though all the details.

Will All of Your Debts Be Discharged? Absent proof of extreme personal hardship (and we do mean extreme), certain debts cannot be discharged under federal law. A bankruptcy attorney in Orange County will give you all the details, answer all your questions when you come in for an interview.

These debts typically include the following: Student loans that became due fewer than seven years ago. Note, however, that any periods of deferment will be "tolled"; that is, the 7-year period will be extended for such periods of deferment.

DISCHARGE DEBTS
Moreover, any credit card debts incurred to pay student loans are not likely to be discharged. Under the previous rules, a debtor could wipe out student loans that were not federally insured. The new rules, however, provide that NO student loans, federally insured or not, are dichargeable without a showing of extreme hardship. Good Orange County bankruptcy lawyers will make everything clear during the process.

Back child and/or spousal support, and debts which the Family Law Court has deemed to be in the nature of support, i.e., payments for a child’s health insurance, school tuition, etc.

Court-ordered restitution which the debtor owes either to the court or to a crime victim; Income taxes;Condominium or other homeowner dues or fees incurred AFTER the date of filing of bankruptcy (all HOA dues, assessments and fees that were incurred before filing may be discharged (wiped out).

Court judgments for injuries or death to someone if the debtor was convicted or plead guilty or nolo contendere (no contest) to drunk driving or driving under the influence of alcohol or drugs.

JUDGEMENTS
Court judgments that have been "perfected"; that is, where an Abstract of Judgment has been filed in a county recorder's office. There are exceptions, however: a lien may be "avoided" to the extent that it encroaches into an exempt asset's equity. The Orange County bankruptcy lawyer can explain this further.

Court judgments that have been "perfected"; that is, where an Abstract of Judgment has been filed in a county recorder's office. There are exceptions, however: a lien may be "avoided" to the extent that it encroaches into an exempt asset's equity. A Bankruptcy Lawyer Orange County can explain this further.

Generally, you cannot discharge such debts as these unless you can show the court that it is essential to do so in order to provide yourself with basic support, i.e., shelter, food, transportation, medical treatment, etc., and convincing the court is rare.

Our Orange County Bankruptcy Lawyers, however, gives special notice to the lender and the property trustee to assure that a pending sale is blocked until the court removes the house from bankruptcy protection, which takes a little over a month to achieve.

ORANGE COUNTY PROPERTIES
Whether you should sell some of your Orange County property before filing for bankruptcy depends, for the most part, on your motivation for doing so. For example, if you’re thinking about selling a recreational boat for an unreasonably low amount ( $100.00) when the real market value is $1,000, but the "buyer" agrees that you can use it whenever you want, then the Orange County Trustee will rightfully see this transaction as an intent to defraud creditors and will probably void the sale, take back and sell the property, and distribute the proceeds to creditors. All details are handled by Orange County Bankruptcy Attorneys in our office. All questions are answered.

If, however, you sell property that is not exempt, e.g., that same boat, and want to use the proceeds to buy exempt property such as a transportation car to get to work, the Trustee is likely to find that such a transaction is a valid effort to get back on your feet and meet future obligations.

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