Frequently Asked Questions

Irvine Bankruptcy Lawyer

Is bankruptcy the right option?
Debt relief can provide an immense peace of mind and end to constant worrying.  There are many approaches to obtaining this relief, bankruptcy among them.  But filing for bankruptcy can be a very emotional decision and should be weighed and understood fully before a filing is considered.  The best option is to be in touch with an Irvine bankruptcy lawyer so that one can obtain answers to their many questions and a full case examination to determine if bankruptcy is the right alternative to pursue in one's situation.

What is the difference between Chapter 7 and Chapter 13?
Both of these types of bankruptcies are oriented towards persons and families and help alleviate overwhelming debt and collector harassment.  In Chapter 13, a manageable repayment plan is set up by the court through which a person's creditors are paid off, at least in part, over a set amount of time.  Through Chapter 7, many debts can be completely and permanently discharged.  One's eligibility for a specific type of bankruptcy depends in great part on his or her financial means and available assets as well as one's level of debt. 

How much debt must someone have to be eligible for bankruptcy?
This number is not set in stone and is variable dependent upon each client's unique situation.  What may seem to be an impossible debt to one party is easily overcome by another.  In many cases of smaller debt, a repayment plan or other negotiation may be available from creditors as an alternative to filing bankruptcy.  Every potential case should be fully examined, and one can obtain a valuable consultation from the Law Offices of Arthur R. Hausmann, proudly serving Irvine, Huntington Beach, Costa Mesa, Anaheim and Santa Ana.

Can one type of bankruptcy be converted to another?
In most cases, a bankruptcy can be converted one time from one chapter to another, based on eligibility.  This process is fairly simple, but certain considerations must be taken into mind, such as forfeiture of certain assets or non-protected property when one moves from a Chapter 13 to a Chapter 7.

How long does a bankruptcy remain on record?
Although many items specific to one's credit report can vary from situation to situation and from agency to agency, bankruptcies are generally recorded on one's credit report from a period of 7 to 10 years.

Immediate answers and debt relief are available to those in distress.  Contact an Irvine Bankruptcy Lawyer as soon as possible for help.