Lake Forest Bankruptcy

WHAT IS BANKRUPTCY?

Bankruptcy is a right provided to you under the Constitution of the United States of America. All individuals and companies in the United States are entitled to petition the Federal Courts for immediate debt relief. 

HOW DOES BANKRUPTCY PROVIDE IMMEDIATE DEBT RELIEF?

The minute a petition is properly filed, the court will enter an “order for relief” which STOPS, all creditors from taking any actions to collect the debts of an individual or company while the Bankruptcy case is resolved.  This is a Federal Injunction which prohibits any and all creditor attempts to collect upon any debt in any capacity. 

WHAT DOES BANKRUPTCY DO?

Besides stopping creditor actions, Bankruptcy can discharge or eliminate a large amount of an individual’s debt.  Bankruptcy primarily discharges your unsecured non-priority debts, which for most people, is their credit card debt.  Bankruptcy also discharges certain taxes, and absolves an individual of their secured debts, although a secured creditor can still take action against the property securing their debt.

WHEN IS BANKRUPTCY THE RIGHT CHOICE?

We review each case to determine if Bankruptcy is the right solution for your debt problems.  One way to determine if Bankruptcy is the right solution, is to determine is you are insolvent.  Insolvency is when you can no longer pay your debts as they come due.  You do not need to be completely broke or homeless before you declare Bankruptcy.  Bankruptcy can even help protect you from losing all your money, your car or your house.  Part of our service is to assist you to determine whether Bankruptcy is the right choice for you.

If you have options other than Bankruptcy, we will tell you about those options. Bankruptcy is often an option of last resort.  You may be able to refinance your home or obtain a loan to pay down your debt.

HOW DO I KNOW IF I AM ELIGIBLE TO FILE BANKRUPTCY?

YOU ARE ALWAYS ELIGIBLE TO FILE FOR BANKRUPTCY PROTECTION!  However, you may not be able eligible for every type of Bankruptcy relief available.  Your eligibility will depend upon many factors such as:
1. Have you previously filed for Bankruptcy?
2. What is your current income?
3. What is the value of your assets?

The choice of relief can be a complicated process, and our law firm can assist you with that process. 

DO I HAVE TO LOSE EVERYTHING I OWN?

No.  Depending upon your individual situation, you may be able to keep everything you own! Our Bankruptcy attorneys can evaluate your individual situation to determine how much of your bankruptcy estate you can keep.  Your bankruptcy estate is everything you own or possess of value-- your money, accounts, personal items, collectables, homes, cars, etc…

You are allowed by law to “exempt” a certain amount of property from being touched by the Bankruptcy courts and your creditors.  This means you can keep any these items allowed under the exemption.

CAN AN ATTORNEY HELP ME HIDE MY ASSETS IN BANKRUPTCY?

No.  Bankruptcy protection of your assets and protection from your creditors requires you to give something in return—that is a complete and honest accounting of all of your assets, debts and liabilities. 

We can assist you to protect your assets, but we cannot help you hide your assets.