Many people envision the bankruptcy process as a complex maze of legal proceedings before a bankruptcy judge. While properly completing the massive stack of documents that constitute a Chapter 7 or Chapter 13 bankruptcy can be intimidating, the process is fairly straightforward if you have a qualified Orange County bankruptcy lawyer to prepare your petition and schedules and appear with you before the bankruptcy trustee. The knowledgeable Orange County bankruptcy lawyers at Shakoori Law Office know that many people are intimidated by the legal process. We have provided this overview of a Chapter 7 bankruptcy to help demystify the process. For a more detailed explanation of the Chapter 7 or Chapter 13 bankruptcy process, call us today for a free no obligation initial consultation.
A Chapter 7 bankruptcy is a procedure under the federal bankruptcy code that provides debt relief for consumers. A Chapter 7 bankruptcy is a liquidation bankruptcy and involves extinguishing a debtors unsecured debt. In theory, a bankruptcy trustee oversees the liquidation of a debtor's non-exempt property with the proceeds then distributed to the petitioner's debtors according to certain priority rules. As a practical matter, the majority of consumer Chapter 7 bankruptcies involve little if any non-exempt property that cannot be protected by an experienced bankruptcy lawyer. Many of our clients at Shakoori Law Group keep all of their property when they go through the Chapter 7 bankruptcy process.
A Chapter 13 bankruptcy case allows a person to repay all or a portion of his or her debts under the supervision and protection of the bankruptcy court. You must submit a plan for the repayment of all or a portion of your debts. The plan must be evaluated by the trustee and approved to become effective. If your repayment plan is approved, most creditors will be prohibited from enforcing your debts directly against you. You will make regular payments to a person called the trustee, who collects the payments and disburses them to creditors in the manner called for in the plan. Upon completion of the payments called for in the plan, you are released from liability for the remainder of your dischargeable debts.
At Shakoori Law Group, we provide all the bankruptcy legal services that clients throughout Orange County need. Since 1998 Rachelle Shakoori has exceptional experience helping individuals and small businesses in Southern California obtain relief under the U.S. Bankruptcy Code. She has successfully represented hundreds of consumers in the bankruptcy court in Orange County and is ready to help you, too.
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