Anaheim Bankruptcy Attorney
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Do You Need a Bankruptcy Lawyer in Anaheim, CA?
Nobody wants to face financial hurdles, but sometimes life happens. When a person or business struggles to keep up with financial obligations, filing bankruptcy could be the most effective strategy for regaining and eventually maintaining their financial equilibrium.
At Marshack Hays Wood, we understand that financial challenges can be overwhelming and often unexpected. When debt becomes unmanageable, it’s essential to know that you have an ally on your side. We aim to offer viable solutions tailored to your unique situation, ensuring you understand each step and the implications it has on your financial future.
Whether you’re considering Chapter 7, Chapter 13, or another bankruptcy option, our team is committed to helping Anaheim residents find relief and regain their financial footing. With over 75 years of combined expertise in the realm of bankruptcy, we’re uniquely positioned to determine if bankruptcy is the right choice for you, or if a different debt adjustment strategy would be more beneficial in today’s current economic climate.
Make the first step towards a brighter financial future for yourself or your business – reach out to us at 949-333-7777 and schedule a free consultation with a seasoned Anaheim bankruptcy attorney today.
What is Bankruptcy?
Bankruptcy is the legal process by which individuals, businesses, or municipalities can resolve their outstanding debts, allowing them to work toward financial stability without the burden of overwhelming debt. Depending on a person’s financial situation, it can feel impossible to get out of debt once they’ve fallen into it. Bankruptcy is a lifeline for those who can’t make regular payments on loans and bills. It gives them another chance to handle their finances and stay out of default.
Bankruptcy is a legal avenue available to individuals, businesses, or municipalities in Anaheim who are burdened by outstanding debts and unable to meet their financial commitments. The Bankruptcy Code defines the process and offers a path to financial freedom, especially for those submerged under credit card debt, medical bills, or challenges like wage garnishments, foreclosure, and repossession.
For businesses in Anaheim, bankruptcy doesn’t necessarily mean the end. Filing for business bankruptcy in Orange County can be a strategic decision to either wind down operations efficiently or adopt reorganization strategies to continue. The same goes for individuals filing for bankruptcy. Bankruptcy can feel like a last-ditch effort to resolve your debt, but in reality, the end of your bankruptcy is just the beginning. Your bankruptcy discharge can signify the start of your new financial life.
By opting for bankruptcy, individuals can either liquidate assets or reorganize finances, leading to the potential “discharge,” or erasure, of many burdensome debts like medical bills or credit card debt. However, not all debts can be discharged; some debts are “secured” and tied to a piece of property or other form of collateral. Additionally, the bankruptcy court presiding over a given bankruptcy case may decide that certain debts are nondischargeable due to the nature of the debt.
Types of Bankruptcy
Bankruptcy law classifies bankruptcy into different categories, also known as “Chapters.” The specific Chapter a person opts to file under is based on their unique financial situation, allowing them to make the best decision for their current financial standing and debt situation.
Individuals and businesses will file under a specific Chapter based on their financial situation at the time of filing, and the Chapter that they choose will have a significant effect on their creditors’ rights. Below, we’ll go into detail about the most popular Chapters that businesses and individuals tend to file under.
It’s crucial that any decisions relating to bankruptcy are made with the guidance and approval of a bankruptcy attorney. Bankruptcy law is incredibly complex, and mistakes in the process can have serious legal consequences. Our bankruptcy law firm is committed to providing our clients with the guidance they need to choose the right Chapter of the bankruptcy code and ensure that they file correctly and on time.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, often termed “liquidation bankruptcy,” involves liquidating a debtor’s qualifying assets to repay creditors. Both individuals and businesses can file a Chapter 7 bankruptcy. There aren’t specific debt caps for eligibility, but to qualify for Chapter 7, debtors must pass the “means test.” This test evaluates a person’s income to determine whether they can file under Chapter 7 or if they must opt for a different Chapter.
Thanks to California’s comprehensive exemption statutes, over 95% of individuals who file for Chapter 7 bankruptcy retain all of their assets, all while discharging their eligible debts. When filing, debtors can hold onto certain “exempt assets,” which are usually assets a person needs to retain to meet their basic needs. Some assets, like specific retirement accounts, enjoy full exemption, while others have exemption limits based on different criteria.
While most debts can be absolved in a Chapter 7 bankruptcy filing, some cannot. Section 523 of the Bankruptcy Code lists non-dischargeable debts, which include debts like child support, alimony, certain tax debts, and any debts linked to fraud or intentional malicious acts.
Businesses and individuals can file under Chapter 7, but there are some notable differences between the processes for businesses when compared to the processes for individuals. For example, businesses do not receive debt discharges in Chapter 7 bankruptcy. Also, unlike individuals, business entities cannot claim exemptions or retain their assets through the process.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy allows those looking to file for bankruptcy the chance to retain their assets while addressing their debts. This Chapter of the bankruptcy code is often called “reorganization” bankruptcy since it allows debtors to reorganize their finances to pay their creditors.
Like the approach in Chapter 13, under Chapter 11, the debtor crafts a “plan of reorganization.” This outlines the methods and processes they will use to settle their creditors’ claims. Chapter 11 bankruptcies are subject to stringent guidelines and require approval from the bankruptcy court
For those in Anaheim contemplating filing for bankruptcy without relinquishing assets, Chapter 11, often termed “reorganization,” offers a viable solution. Suitable for both individuals and businesses, Chapter 11 permits entities to carry on with their operations while holding onto their assets instead of submitting them for liquidation. Before the payment plan goes into effect, creditors must vote on the plan, which may be subject to approval from the bankruptcy court.
Because there is no bankruptcy trustee in a Chapter 11 filing, the individual or business is often referred to as “debtor in possession,” since they still have control over their assets. In certain cases, creditors will form committees to help move the process along. These committees can possess considerable influence in shaping the outcome of the Chapter 11 plan.
The plans under Chapter 11 can vary significantly, ranging from straightforward to highly complicated. Due to the complex nature of a Chapter 11 bankruptcy filing, we recommend that those looking to restructure their finances seek legal advice from a trusted Chapter 11 bankruptcy attorney. Anaheim residents can trust the professionals at Marshack Hays Wood to help guide them every step of the way.
Chapter 13 Bankruptcy
Chapter 13 of the Bankruptcy Code allows those in debt to reorganize their finances and develop a repayment plan to settle all or part of their debts. The Chapter 13 process will continue over a three to five-year period, allowing creditors to receive regular payments throughout.
During the process, the individual or business will work alongside a bankruptcy trustee who has been appointed to the case by the Office of the United States Trustee. The trustee will help structure the debtor’s assets and communicate with creditors to manage payments.
Many people who file for Chapter 13 bankruptcy only file under this Chapter of the Bankruptcy Code because they do not qualify to file under Chapter 7. If a person earns above a certain threshold, they will not qualify for liquidation bankruptcy. However, Chapter 13 has the added benefit of allowing debtors to retain their assets, which they would not be able to do under Chapter 7.
What Can Bankruptcy Do for Me?
When drowning in overwhelming debt, it can feel impossible to come up for air. Bankruptcy can be a beacon of hope in the darkness, offering you several benefits that can make your life easier. One immediate benefit when you file for bankruptcy is the implementation of an “automatic stay.” The automatic stay, which is often in place throughout the entire bankruptcy process, can prevent:
- Collection attempts, like foreclosure or car repossession
- Collection calls and other forms of creditor harassment
- Legal injunctions filed against you regarding your debts
- Wage garnishments
This legal provision lets you focus on your bankruptcy filing without the stress of collection calls, lawsuits, and other collection efforts.
Save Your Home
When the weight of financial burdens becomes unbearable, the possibility of losing one’s home can be the most distressing. However, there’s hope. When struggling with debt, the possibility of losing your home can be more than frustrating–it can be truly terrifying. Opting for bankruptcy as a debt settlement option can help you manage your debts, all while retaining ownership of your home. With our expertise in this field, we are here to guide you through the process, ensuring you have the best chance to preserve your home.
Save Your Car
Whether you use it for work, family commitments, or simply the freedom of mobility, losing your vehicle can feel like losing a lifeline. A bankruptcy lawyer can help you navigate the legal process and file for bankruptcy, which can help prevent repossession through the automatic stay. Our guidance ensures that, even in challenging times, you’re equipped with the knowledge and strategies to protect what’s essential to you. Remember, the right legal support can make all the difference in steering your financial journey back on track.
Stop Creditor Harassment
Constant phone calls and letters from creditors can be distressing, especially when you’re trying to navigate your way out of debt. By initiating a bankruptcy filing, the automatic stay will put a halt to most, if not all, communications from creditors, granting you the peace and space you need to work toward your financial recovery. Our bankruptcy law firm can help ensure your creditors cease collection calls so that you can focus on your financial future.
Stop Wage Garnishment
Wage garnishments can be a stressful and challenging burden, taking a significant portion of your hard-earned money directly from your paycheck. It can severely hinder your ability to manage everyday expenses and meet your financial commitments, which, when you’re already in default on one or more loans, can make it impossible to recover financially.
If you’re facing wage garnishment, it’s crucial to know that legal avenues are available to help alleviate this situation. Once you decide to file for bankruptcy, our team can assist you in understanding and asserting your rights. Not only will this help relieve stress, it will also help you retain more of your earnings and regain control of your financial well-being.
What is Bankruptcy Discharge?
A bankruptcy discharge, as outlined by the United States Courts, liberates a debtor from personal accountability for designated types of liabilities. Essentially, once this process is completed in a bankruptcy filing, the debtor is no longer obligated to make payments on their discharged unsecured debts.
The specifics and timing of a discharge can differ based on the bankruptcy Chapter chosen for a given filing. Additionally, under certain circumstances, debtors might be denied their bankruptcy discharge entirely. This can occur if the debtor:
- intentionally concealed assets from the court,
- transferred assets before bankruptcy in an attempt to defraud their creditors, or
- failed to uphold their requirements during the bankruptcy process.
Given how complicated the process can be, those considering bankruptcy in Anaheim should speak to experienced legal professionals before initiating their bankruptcy case. This ensures that they can properly avoid any actions that would jeopardize their ability to receive their discharge.
Creditors, upon receiving a bankruptcy notice, should also seek specialized counsel to safeguard their claims, uphold any special creditor rights, and stay compliant with federal regulations activated by a bankruptcy filing. With over 75 years of combined experience in bankruptcy proceedings, our team at Marshack Hays Wood proficiently represents a spectrum of clients, including Chapter 7, Chapter 11, and Chapter 13 trustees, lenders, institutional and individual creditors, as well as personal and corporate debtors across various bankruptcy chapters.
How Much Does It Cost to File Bankruptcy in Anaheim?
The idea of incurring another cost while attempting to resolve financial difficulties can seem nonsensical. However, filing for bankruptcy in Anaheim, California, does come with some associated fees. Typically, the cost to file Chapter 7 in Orange County is $338, whereas for Chapter 13, it’s $313. If these charges prove challenging to meet, individuals can request a fee waiver or consider an installment payment plan.
It’s important to note that these costs don’t include fees for legal counsel. While the idea of navigating the bankruptcy process independently might appear cost-saving, it could cost you in the long run. By hiring a bankruptcy attorney, you can leverage their legal knowledge and practical experience to avoid potential pitfalls that might lead to case dismissal or spur lawsuits from creditors.
The seasoned professionals at Marshack Hays Wood will ensure that your Anaheim bankruptcy is handled precisely and carefully. Call us at 949-333-7777 to schedule a free initial case evaluation with a professional bankruptcy attorney on our team.
When Should I File for Bankruptcy?
Declaring bankruptcy is a major decision for any person or business. While it’s often viewed as a last resort, bankruptcy can offer a much-needed fresh start for those drowning in insurmountable debt. Many people don’t consider filing for bankruptcy until other debt relief solutions have been exhausted, and it seems like the only option to regain financial control.
If you are currently struggling to make payments on loans and bills and you can’t seem to escape your debt, call Marshack Hays Wood. An Orange County bankruptcy attorney on our team can help evaluate your unique circumstances, weigh the pros and cons, and offer expert advice before you file.
For many, bankruptcy can provide the breathing room needed to reset and rebuild a stable financial future, and the sooner you start the process, the sooner you can be debt-free. Give us a call to discuss your options and get started on your journey towards financial freedom.
Which Bankruptcy Law Chapter is Right for Me?
Determining the appropriate bankruptcy chapter aligns directly with your unique financial situation and requirements. A crucial step in this decision-making process is undergoing a bankruptcy means test, which determines your eligibility for Chapter 7. If Chapter 7 is not a fit for you, then Chapter 11 or Chapter 13 might be more suitable for your circumstances.
To fully explain and assess which chapter aligns with your legal needs, consult an Anaheim bankruptcy attorney, like those at Marshack Hays Wood. Our dedicated team has guided our Orange County clients through these choices for years, ensuring they make informed decisions best suited to their financial landscapes.
Do I Need a Debt Relief Agency in Anaheim?
If you’re grappling with mounting debt, you might seek a debt relief agency in Anaheim for help. While debt relief services may appear to offer specialized strategies and support to help through your financial problems, they cannot guarantee you legal protections, like the automatic stay. Partnering with a reputable Southern California bankruptcy law firm can give you insight into your financial situation, as well as solutions that will allow you to settle your debts once and for all.
Why Choose Marshack Hays Wood as Your Anaheim Bankruptcy Attorney?
Bankruptcy law is complicated and requires a great deal of legal knowledge and extensive experience to navigate easily. At Marshack Hays Wood, we help break down the process for our clients and provide them with clear, concise guidance every step of the way. This ensures that our clients can make informed decisions regarding their own financial future, all while receiving expert advice from one of the premier bankruptcy law firms in Anaheim, California.
When filing for bankruptcy, it’s crucial that every step is done correctly. At Marshack Hays Wood, our approach to filing bankruptcy is holistic, encompassing every facet from initial evaluation to eventual litigation. The professionals at our law offices have an eye for detail and will provide you with a meticulous review of assets and liabilities. This will help discern any potential roadblocks to discharge and pinpoint the ideal bankruptcy avenue tailored to your circumstances.
With Marshack Hays Wood, you’re not just hiring an attorney; you’re securing a partnership that prioritizes your best interests. We treat each case we take on with the utmost care, providing our Anaheim clients with the respect and attention they deserve, ensuring they receive a fresh financial start once all is said and done.
Contact the Anaheim Bankruptcy Lawyers at Marshack Hays Wood
Dealing with debt can be overwhelming, especially when you don’t have expert guidance to help you. If you live in Anaheim, CA and seek professional financial guidance, the Orange County bankruptcy attorneys at Marshack Hays Wood are here to help. We offer a comprehensive range of bankruptcy services tailored to individuals, corporations, and small business owners grappling with fiscal hardships. Whether you’re considering bankruptcy or exploring bankruptcy alternatives, you won’t find a better attorney in Anaheim who is more committed to your cause.
At Marshack Hays Wood, our expertise spans various bankruptcy chapters, including Chapter 7, Chapter 11, and Chapter 13, ensuring comprehensive corporate law and individual financial solutions. We can also advise you on other potential avenues for debt settlement, such as non-bankruptcy workouts and alternative dispute resolutions.
We want to handle and address your concerns personally – schedule your free consultation by calling our team at 949-333-7777.
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At Marshack Hays Wood, our attorneys provide the legal support you need to move forward with confidence. Let us help you take the first step toward financial stability.
