Like other debtors across the country, hard-challenged individuals and families residing in Orange County and elsewhere in Southern California who seek the lawful protections afforded by bankruptcy often invoke those safeguards because they are besieged by multiple creditors.
Being in control of high assets does not necessarily preclude the need for bankruptcy protection. If the sum of your debts matches the sum of your assets, then you may need to look into whether you qualify for Chapter 7, Chapter 13 or Chapter 11 bankruptcy.
You may already know that, once you file for bankruptcy -- whether it's Chapter 7, Chapter 13 or Chapter 11 -- an automatic stay is placed on creditor actions while you address your debt problems. That kind of protection is a major benefit provided under bankruptcy law.