Bankruptcy

Chapter 7 & Chapter 13 Bankruptcy Attorney Serving Santa Ana, CA & Southern California

If you are overwhelmed by debt and need relief please call Ansari & Associates, Law Office for a FREE CONSULTATION


 

What is a Chapter 7 Bankruptcy?
A chapter 7 bankruptcy is a proceeding under the federal law where a person is released (discharged) from paying his or her debts by filing bankruptcy, the person keeps those assets that are exempt, they continue to pay (“reaffirm”) for secured items they want to keep (such as a house, car, boat, etc.) and turn over all of their non-exempt assets over to the trustee-in-bankruptcy. It is important to note that some types of debts, are not dischargeable through bankruptcy.

What is a Chapter 13 Bankruptcy?

Chapter 13 is an alternative to Chapter 7 bankruptcy, and is designed for individuals with regular income who want to pay their debts, but need time to do so.

When a debtor files for bankruptcy under Chapter 13 of the Bankruptcy Code, their goal to have the opportunity to repay some or all the debts in their name, under better terms (i.e. lower interest or no interest). Unlike a Chapter 7 Bankruptcy, which involves liquidation of assets, a Chapter 13 Bankruptcy involves restructuring debts. A Chapter 13 Bankruptcy allows the debtor to use whatever income they may have in the future to pay off the creditors. A Chapter 13 filing is more applicable for a debtor who has a regular income, who can afford to request debt adjustments or reductions.

CALL (714) 505-0388 FOR A FREE CONSULTATION NOW!

 

Notice: We are a debt relief agency. We help people file for Bankruptcy.