California Bankruptcy

California’s unemployment rate is out the roof, and the financial crash has impacted many Californians. Thousands of individuals took on mortgages that were “sub-prime” and were told that they could later refinance. Unfortunately, then the banks virtually stopped lending and the refinancing option became almost impossible. This led to thousand of homes in foreclosure in our state. Although the federal government did a “bail-out” of many banks, they did not turn around and loan this money to their customers as was expected. If you have tried to do a loan modification, you may have run into difficulty. This is the situation all over the state.

Bankruptcy Lawyer in Orange County

A bankruptcy filing is done in Federal Court. However, bankruptcy laws vary slightly from state-to state. In California, for example, if filing Chapter 7 (discharge of debt) there are certain debts that cannot be discharged by a bankruptcy. Some of these include student loans, some types of taxes, child support and alimony payments. What you are allowed to keep as an asset is also determined by California law. If you are concerned about keeping your home, your situation must be reviewed by an Orange County bankruptcy attorney from the Law Offices of J. Arthur Roberts. There are legal options that could be used to assist you. The loan documents you signed need to be thoroughly evaluated as if “truth in lending” was violated you may have legal recourse. Contact an attorney from the Law Offices of J. Arthur Roberts quickly before time runs out.

If you have not lost your job or are self-employed, a debt restructuring can be done through filing Chapter 13 bankruptcy. This will give you the opportunity to pay off back debt over time. This can be a great advantage to those who have a job, but got in over their heads with credit card debt or were part of the sub-prime mortgage situation. While the bankruptcy filing is going through the system, the attorney from J. Arthur Roberts will work with you to determine what can be done legally to save your home. There are several options, including loan modification, deed in lieu, short sale, or if your mortgage was written illegally, other options can be available.

Contact an Orange County Bankruptcy Attorney from the Law Offices of J. Arthur Roberts immediately when you need legal assistance on bankruptcy, debt restructuring or loan modifications.