Filing for bankruptcy attorney Los Angeles residents and businesses qualify for is not always simple. In fact, most of the filings are managed by a bankruptcy attorney Orange County CA provides. These are professionals that efficiently provide a means test to help their clients find out if they qualify for a Chapter 7 Los Angeles bankruptcy option, which 74 percent of all filings in this area for bankruptcy were for during 2011. An Orange county bankruptcy attorney will be able to explain to you how Chapter 7 bankruptcy means that you are simply asking a court to discharge, or to get rid of entirely, any outstanding debts that you have accumulated.
Under the rules of Chapter 13 bankruptcy, a person might be allowed to hang on to some of their assets, which can include your car or your house, since your repayment plan is based on the income that you are able to verify as a means to pay off your debts. For the Chapter 7 option, asset liquidation is sometimes required. Most bankruptcy attorney Los Angeles California residents trust will provide a means test, or a test of your currency and worth. The means test from a bankruptcy attorney Los Angeles California provides will determine which chapter you should file. Once you have filed with a bankruptcy attorney Los Angeles California bill collectors will back off, and you will likely be put on a repayment plan of three or five years under your Chapter 13 bankruptcy plan.