Bankruptcy Basics – Bankruptcy is a legal process meant to give people a fresh start by relieving burdensome debts. In a Chapter 7 bankruptcy, for example, the debtor’s property is liquidated and the proceeds paid to his or her creditors. In a Chapter 13, on the other hand, the debtor creates a repayment plan and repays his or her debts in accordance with it. Once the bankruptcy process is complete, the filer typically is released from personal liability for most debts. Find introductory information on bankruptcy below, including a more detailed definition of bankruptcy, information on changes to bankruptcy laws, and the key distinctions between the most common forms of personal bankruptcy. Contact the Orange County bankruptcy attorneys at The Law Offices of Chen & Tran for more bankruptcy information.
The Law Offices of Chen & Tran offers free consultations for clients throughout Southern California including Orange County, Riverside and Los Angeles. You can also complete the free online bankruptcy evaluation form. A bankruptcy will contact you to review your evaluation to help you determine whether bankruptcy is right for you. Bankruptcy is a legal process, and therefore should be handled by an experienced bankruptcy attorney. The attorneys at The Law Offices of Chen & Tran have years of experience working with all types of clients and debtors.