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Bankruptcy in Orange County: 2012 in Review

Bankruptcy Law Professionals has great wins from 2012 to report to all clients and potential clients. We would like to take this opportunity to provide a bankruptcy services review of 2012.

2012 allowed us to learn much more about the needs of the people in Orange County, California. Real estate issues were extremely important for Bankruptcy Law Professionals to help Orange County clients. We are proud to report that our work helped many families stay in their homes and make housing plans for the future. Through Chapter 7 bankruptcies and Chapter 13 bankruptcies, throughout 2012 Bankruptcy Law Pros worked with clients on a daily basis to resolve debt issues into a stable situation where a family can plan a normal life instead of not knowing what is going to happen to their homes or not knowing how their bills will be paid. With each client consultation, especially those with dire real estate issues, Bankruptcy Law Professionals will, not only provide you with an in-depth consultation on how bankruptcy will help you the most, but we will also meet with you to make sure you have a long term plan in mind for a stable and sustainable financial future. Our clients dealing with real estate issues have been confident in working with us due to our extensive knowledge of loan modification, short sales, real estate transactions, foreclosures, evictions, and mortgage banks. If your main debt concern is real estate related, our office has the expertise to help you attain your goal. We believe that real estate matters will continue to be a central and ongoing issue for many years to come in Orange County, Riverside and other areas of Southern California, and we will continue to keep ourselves educated about the current real estate guidelines, negotiations, and problem solving strategies.

Student loans were a hot topic in 2012. Many potential clients called in to our offices to see if we can help them to discharge student loans. We maintain the position that student loans are technically dischargeable, but, in a practical sense, it rarely happens. We have researched cases where student loans were discharged in a bankruptcy. Usually, a student loan can be discharged if you prove to the court that you are incapable of working for the rest of your life. Even in this situation, it rarely happens. There are other ways to deal with student loans that we can discuss with you. For example, if we eliminated all of your credit card debt or if we eliminated one of the loans on your home, you can focus more on paying off your student loan debt. Bankruptcy Law Professionals will look at your whole debt situation and create a plan for you to manage your debt whether it is dischargeable in bankruptcy or not. In the future, if there are any changes to student loan management in the context of bankruptcy, Bankruptcy Law Professionals will be keeping updated with the latest policy changes. Contact us to keep updated.

Credit card debt may have been a reservoir of relief for some families during the great recession. As the costs of unemployment set in, many individuals and families used credit cards to keep themselves afloat as long as possible until employment rebounded. In 2012, many of our clients had credit card debt which could no longer be maintained. Chapter 7 bankruptcy can eliminate all unsecured debt including credit card debt. There is no limit to the amount of unsecured debt that can be eliminated in a Chapter 7 bankruptcy. If your financial situation is recovering along with the rest of the economy, take some time to review your financial picture and make sure you and your family are on a track towards further recovery. If the debt payments are still taking a toll on your life, consider eliminating credit card debt via bankruptcy services and Bankruptcy Law Professionals. Bankruptcy Law Professionals also provides debt settlement services in case you are trying to avoid bankruptcy entirely.

Pay day loans through companies like Cash Call were extremely popular as credit card companies reduced debt limits and banks instated stricter lending guidelines. In some situations, a pay-day loan or check advance loan was the only way to turn for temporary cash relief. Unfortunately, these type of loans may have put a larger stress on your finances down the road due to high interest commitments. A pay-day loan is considered unsecured debt that can be discharged in bankruptcy in the same manner as any other unsecured debt such as credit card debt. If interest and penalties have piled up on your initial loan amount, consider bankruptcy as an option.

2012 has brought us extensive experience in managing specific types of debt and financial situations including real estate matters, student loans, credit card debt, and pay-day loans among many other various debts. Another year in the books, as they say, is another year of experience that can be put to use for you. We would like to thank all of our clients who have supported us over the past few years and we wish you all the best in 2013.

If you would like to contact Bankruptcy Law Professionals for a free consulation, contact us at (855) 257-7671. Happy New Year to all!

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