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Benefits of Bankruptcy

by | Nov 19, 2019

Many individuals face crushing debt that feels impossible to handle. Even in the best of times, circumstances beyond our control, such as accidents, illness, or an unexpected business failure can put anyone in a very difficult financial position. Consequently, the Founding Fathers included a provision in the U.S. Constitution to allow people to get a fresh start through bankruptcy.
Bankruptcy is a federal court process created to help individuals and businesses deal with their debt under the protection of the Bankruptcy Court. While there are many chapters in the bankruptcy code, the most common bankruptcy sections for individuals are Chapters 7 and 13.

Chapter 7 filings provide the following benefits:

  • Much of your debt will be eliminated so you will no longer owe the money
  • Foreclosures, wage garnishments, bank levies, evictions and repossessions will be stopped, pending further court action
  • No more harassing phone calls from debt collectors
  • No more letters demanding payment of your bills
  • Increased ability to pay your remaining bills on time
  • Increased ability to save money
  • Relief from the stress of crushing debt
  • You will have a fresh start

A Chapter 13 Bankruptcy can give you benefits including:

With a Chapter 13 reorganization bankruptcy filing, you will have the opportunity to pay off much of your debt over time. This may be helpful to individuals who are concerned about losing their home after their mortgage payments suddenly increased, or who have back payments that they are unable to catch up.

  • Providing you with enough time to pay off back debt
  • Eliminate the balance of the debt owed
  • No more harassing phone calls from debt collectors
  • No more letters demanding payment of your bills
  • Increased ability to pay your remaining bills on time
  • An increased possibility of keeping your home from foreclosure
  • The possibility of reducing the amounts owed on certain bills
  • Time to recover financially and get your finances in order

A Chapter 11 Bankruptcy can give you benefits including:

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Discuss your options with a seasoned Orange County Bankruptcy Lawyer.

Many Californians are facing the need to file for bankruptcy due to a variety of reasons. However, how the bankruptcy laws relate to your situation is often confusing. Also, everyone does not qualify to file a Chapter 7 or 13 bankruptcy. So, in order to understand how a bankruptcy may help you solve your personal financial problems, contact an Hallstrom, Klein & Ward LLP at (949) 450–8500 today for your FREE consultation. We will thoroughly discuss your situation, review available bankruptcy options, and talk about other possible solutions, such as mortgage lien stripping, deed in lieu, short sale and other foreclosure defenses. We understand the pressure and pain you feel. You are not just another client to us.

I wish I have the right words to describe my exceptional experience with Grant Hallstrom and his incredible team. When time comes to count on someone reliable to understand your situation and help you going through challenges, Grant is the best ally. The level of expertise and professionalism reflect the outstanding result from a desperate situation to a life changeing experience. I couldn’t be more grateful for what he did for my family and my business. Very humbly, thank you Grant.

HALLSTROM KLEIN & WARD LLP
IRVINE, ORANGE COUNTY, CA
(949) 450-8500
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