Chapter 7 Bankruptcy
Chapter 7 bankruptcy attorney, Michael D. Franco, is dedicated to helping Orange County individuals and couples get relief when facing overwhelming debt. If you must choose between paying rent and buying but groceries versus paying off your debt, then chapter 7 bankruptcy might be your best solution.
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Helping Orange County Residents with Bankruptcy since 1995
Santa Ana bankruptcy attorney Franco has 23+ years’ experience assisting Orange County residents to file Chapter 7 bankruptcy. Moreover, Michael has handled 6,000+ bankruptcy cases. Bankruptcy is Michael’s sole legal focus. He will help you determine if bankruptcy makes sense for your circumstances. If not, he will recommend solutions –other than bankruptcy– that might help you overcome your financial dilemma. chapter 7 bankruptcy attorney Michael D. Franco to schedule a free initial phone or office consultation.
What would it be like if you didn’t have to pay back those credit cards and medical bills? You might be able to have a place to live, food to eat, and start your financial recovery! That is EXACTLY WHY the U.S. Congress enacted bankruptcy laws: to give people a 2nd chance BEFORE they are so far in the hole that they need constant public assistance to eat, are evicted or foreclosed, and literally living on the streets.
Orange County bankruptcy attorney Franco will review your situation to see if you qualify for a Chapter 7 bankruptcy. If you do, filing a Chapter 7 will allow you to discharge most or all of your debts. It is also very likely you can keep your home and car.
Chapter 7 bankruptcy is powerful! If you qualify, it wipes out all or most of your debt, so you can get that “fresh start.” U.S. and State lawmakers decided it is a good idea for people to have the bankruptcy option before you have nothing so little left, you might become a burden on society. Big, well know businesses file bankruptcy before they get too far under, maybe it’s time you investigate the power of bankruptcy. Regardless of how many assets you have or how little your creditors will ultimately receive, Chapter 7 allows you to walk away from your debts.
Keep Most of Your Property
Chapter 7 bankruptcy provides you with many benefits if you qualify.
In addition to getting rid of most of your debt, Chapter 7 bankruptcy allows Orange County individuals to keep much of their property, so long as there is no significant equity in that property, and your mortgage and car payments are current. Many Orange County clients keep their homes, cars, and personal belongings, while dumping all their overwhelming debt.
Power of the Automatic Stay
As soon as Orange County Chapter 7 attorney, Franco files your bankruptcy case, the court will order an “automatic stay.” All creditors must STOP harassing you, or any collection activities whatsoever! An ‘automatic stay’ will:
- STOP bill collectors from calling you.
- STOP any foreclosure that was in process.
- STOP any creditors lawsuits.
- STOP wage garnishment.
- STOP auto lenders or car dealers from repossessing your car.
- STOP IRS or State of California FTB tax collections efforts.
Chapter 7 Bankruptcy Does Have Some Eligibility Requirements
When considering a Chapter 7 bankruptcy, there are detailed eligibility requirements that must be examined. Generally, if your income is below the California median income for your household size, you should qualify to file an Orange County Chapter 7 bankruptcy. In fact, in many cases, you might qualify for a Chapter 7 bankruptcy even if your income is greater than the California median income for your household size.
In addition to the eligibility requirements, it is important to speak with a qualified Orange County Chapter 7 bankruptcy attorney so that you can be sure that any assets you intend to keep will be protected or “exempt” from creditor claims and ensure that Chapter 7 is appropriate for your individual situation.