The bankruptcy process involves a great deal of paperwork and forms which must be submitted to the Bankruptcy Court. In order to ensure that your petition is thorough, complete, and accurate, you should rely on an experienced attorney. Barrios & Machado focuses on bankruptcy cases for clients in the southern California areas of Orange, Los Angeles, and Riverside counties. An Orange County bankruptcy lawyer at the firm can help determine what type of bankruptcy is right for you and prepare all of the necessary paperwork and documentation needed throughout the proce ss as well as represent you in court.
Chapter 7 and Chapter 13 Bankruptcy
Part of the bankruptcy process will involve credit counseling from an approved agency. Your certificate of completion of this step will be submitted to the court along with other forms as well as a list of your income, assets, debts, and expenses, tax returns, and other financial and personal information.
In a Chapter 7 petition, you will be appointed a trustee who will oversee your case. A hearing will follow where you will answer questions under oath regarding your case. If you have any assets that can be used, they will be liquidated to pay your creditors. After the liquidation, a final hearing will discharge your debts.
In a Chapter 13 petition, you and your attorney will submit a repayment plan to the court which the court must approve. After this approval, you will send monthly payments to your bankruptcy trustee who will pay your creditors according to the terms of the plan. Once you have met all of the terms of the plan and it expires, a court hearing will be held and any remaining debts will be discharged.
After your petition for a Chapter 7 or Chapter 13 is filed, you will be protected by the courts from creditors, wage garnishments, and any legal actions taken against you concerning the debts you have listed in your case.
To fully understand all that is involved in filing your bankruptcy petition, you should discuss the particulars of your case with an Orange County bankruptcy lawyer at the firm at your earliest opportunity.
Contact an Orange County bankruptcy attorney at the firm to get started on the bankruptcy process today.
