The Bankruptcy Process

Valencia Bankruptcy Attorney

If you are facing overwhelming debt and are considering filing for bankruptcy, you should understand the different types of bankruptcy protection available and the steps necessary to qualify for the relief and protection bankruptcy can provide. Your first step should be to meet with a Valencia bankruptcy lawyer at RJB Law Offices. We can review your particular financial situation with you in a free consultation and explain the different options available.

All our attorneys are dedicated to helping individuals and business owners who are faced with burdensome debt and who need a chance to rebuild their financial lives. The first step is to provide us with the last six months of your income to calculate your average income. This is compared to the median income for families of the same size living in your city or county. If your income is equal or below this amount you will qualify for chapter 7 bankruptcy. If it is higher, then you will need to do a more thorough "means test" to factor in your debts and expenses and see if you might still qualify. If not or if you have significant equity in your home or other assets you wish to protect, you will probably qualify for chapter 13 bankruptcy.

Speak to a Bankruptcy Lawyer in Valencia

Once it is determined which type of bankruptcy you are qualified for, you must submit your forms to be filed with the court. Immediately, the court will issue a "stay" that prevents any bill collectors or creditors from contacting you. In a chapter 7 bankruptcy, about 30 to 40 days later you will need to appear at a meeting with the bankruptcy trustee and your creditors. Your lawyer will be there to represent your interests. 60 to 75 days later the court will discharge all your unsecured debt and declare your bankruptcy complete. The chapter 13 bankruptcy process is different in that the court will reorganize your debts into a single monthly payment calculated to pay them all off within five years. Your home and other assets will be protected. Speak to one of our skilled attorneys today.