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Happy Saint Patrick’s Day – No Luck Needed for a Fresh Start

    Tran Bankruptcy Law - Orange County Bankruptcy Attorney

    Sain Patrick's Day - The Law Offices of Chen & Tran - Orange County Bankruptcy AttorneyYou do not need luck or a pot of gold to get a fresh start in bankruptcy

    St Patrick’s Day History

    Happy Saint Patrick’s Day.  Saint Patrick’s Day or Lá Fhéile Pádraig, “the Day of the Festival of Patrick” is celebrated on March 17th the day of Saint Patrick’s death.  There are a number of misnomers about Saint Patrick’s day and how it is celebrated, but the simple fact is that Saint Patrick’s day is celebrated in Ireland as well as much of the world.

    In the US, we celebrate it with rainbows, pots of gold, lucky leprechauns and music.  During this time, spring is around the corner and Easter follows shortly thereafter.  The idea of a fresh start is on everyone’s mind.

    If you are in financial trouble, you can also get a fresh start through bankruptcy.

    The history of bankruptcy

    Bankruptcy started as an involuntary proceeding.  People had to be forced into bankruptcy by their creditors.  In 1938, bankruptcy was expanded to allow people to file voluntary petitions.

    In 2005 many significant changes were made to bankruptcy laws called the Bankruptcy Abuse Prevention and Consumer Protection act of 2005.  The new legislation made filing bankruptcy much more difficult for creditors, but it is not impossible to get a fresh start through bankruptcy.

    The Fresh Start

    There are two types of Bankruptcy.  Chapter 7 and Chapter 13.  Chapter 7 is sometimes considered liquidation and Chapter 13 puts debtors in a payment plan that they can afford.  Both types of bankruptcies exist to help people who are struggling financially.  If you are in financial crises and are having a hard time celebrating this Spring, contact a bankruptcy attorney to help you get your fresh start.