A set of federal laws that are created in order to help those individuals who are suffering from debt, is known as bankruptcy. There are many different terms under which bankruptcy can be described, one of which is Chapter 7. It is also popularly know as a fresh start bankruptcy. A Chapter 7 bankruptcy attorney specializes in dealing with the same, for which the goal is to protect one's exempt assets while the unsecured debt is liquidated.
A Chapter 7 bankruptcy allows retainment of assets while a plan to pay off creditors is made by one's attorney. It is necessary that exemptions are suitably selected by an experienced attorney who knows the bankruptcy code well, or else errors here could lead to sale of one's precious possessions. He should also be aware about the timing of the filing of one's case, in order to maximize the use of exemptions.
A major requirement to qualify for a Chapter 7 bankruptcy is the evaluation of one's ability to pay off the debt over a certain period of time. For this, a full record of income for a period of 6 months prior to filing is created, along with the expenses. One's average monthly income is compared to the median income for one's household size in the particular state of residence. If it is lower than the median income, then the test is cleared and one can successfully file for Chapter 7. However, certain unsecured debts such as recent taxes, child support and fines are not covered under this bankruptcy.
It is advised that the selected Orange County bankruptcy attorney must be able to educate one about various bankruptcy issues. They usually do not charge for consultancy, but they must be able to provide reading material and online articles about bankruptcies, to help one understand basics and implications of the same.
An Orange country bankruptcy attorney who works with a reputable law firm would surely have many contacts in the legal circle. If he has maintained a good reputation with professional organizations, it would definitely mean that the attorney can be trusted.
The ways in which individuals react to the existence of debt is varied- some of them may be in debt for the very first time. This can lead to a great amount of depression in their minds, which could result in a feeling of helplessness. If one is faced with a mind-boggling issue of debt, a Chapter 7 bankruptcy attorney can easily be consulted.
As far as possible, people must try and live within their means, and prevent the above situation from occurring in the first place.
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