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There exists an over-generalization that bankruptcy gives the filer a clean bill of financial health with a zero balance for debts. There are reasons there are uniquely-numbered bankruptcy chapters, including 7, 11, and 13. Qualifications for each chapter, the types of debt each addresses, and whether all, some, or none of the debt is discharged varies.

Bankruptcy can be a game-changer when it comes to getting a fresh financial start. However, not every debt can be eliminated or discharged through bankruptcy. If you have tax issues or owe huge tax debts and past-due taxes, it’s important to consult with an experienced California bankruptcy attorney to fully understand your options.

Filing for bankruptcy has the power to turn your life around and get you on the right road to financial recovery. However, it’s not an ideal solution to all your money problems, and there are some areas where bankruptcy won’t provide relief which can be true for certain tax debts.

When facing financial adversity, bankruptcy is among the promising solutions to remedy your financial situation. Essentially, anyone living in the United States is legally eligible to file for bankruptcy.

Overwhelming medical debt is one of the major reasons people file for bankruptcy. Bankruptcy sometimes carries a largely negative connotation—many people automatically equate bankruptcy with failure. However, nothing could be further from the truth.

The idea of facing bankruptcy can lead to overwhelming feelings. It can be challenging to figure out what to do amid uncertain financial circumstances. In California, more than 39,000 people filed for bankruptcy in 2021. That figure makes California the state with the most bankruptcy filings in the nation.

Chances are, if you’ve come to the point where you’ve decided to file for bankruptcy, you’ve likely tried countless other options first, including cutting back on spending, negotiating with creditors, or consolidating your debt.

Few things in life are more stressful than financial problems. If you’ve found yourself overwhelmed by debt, filing for bankruptcy could help you secure the relief you need. At The Orantes Law Firm, we offer knowledgeable and personalized advice to clients navigating the bankruptcy process. Our attorney is prepared to be your guide as you work to resolve your debts and pursue financial freedom. Contact us today to schedule a free consultation.

Financial stability is extremely important in our lives. However, debt can make it equally difficult to get ahead. At the Orantes Law Firm, we strive to help our clients in Los Angeles County and Orange County (including Los Angeles and Irvine) improve their financial stability with practical advice.

Bankruptcy can be a confusing and intimidating experience. It is important to carefully consider what steps to take when preparing to file for bankruptcy. If you do not take the correct steps, it could leave you in a situation that doesn’t fit your needs in the way that you would like.