Posts Tagged ‘Liquidation’

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How to File Chapter 13 Bankruptcy in San Diego

Thursday, March 11th, 2010

The news is bad. You might lose your home through foreclosure, or you lost your job, or a loved one was in the hospital and the bills are piling up.

It doesn’t always work out that way, as each person’s reasons for filing any kind of bankruptcy are rarely the same. There are ways to 1) buy yourself some added time to pay back bills and 2) save your home from foreclosure. It’s file for Chapter 7 in San Diego, right?

That’s a decision this guide is going to help you make, along with how to file for Chapter 13 bankruptcy. If at the end of this post you think Chapter 7 bankruptcy is your only option, it’s time to call a professional bankruptcy attorney in San Diego. If you feel Chapter 13 bankruptcy is best, hiring professional bankruptcy lawyers is just as important.

Choosing Between Chapter 7 and Chapter 13 Bankruptcy in San Diego
This blog goes over these topics a lot, but all you need to know is where you’re at financially. If you face foreclosure of your home and want to keep it, filing for Chapter 13 bankruptcy in San Diego buys you years to pay back debts in installments and keep your home. If you feel you need to be rid of all your debts immediately, that 3-5 years just isn’t enough, filing for Chapter 7 bankruptcy in San Diego may be the best choice.

How  to File for Chapter 13 Bankruptcy
You file a petition with the bankruptcy court in the San Diego area where you reside.

You must file, according to the US Courts: “a schedule of assets and liabilities;  schedule of current income and expenditures;  a schedule of executory contracts and unexpired leases; and a statement of financial affairs.

There is more to it than that, because after you must also file a certificate of credit counseling and a copy of a debt repayment plan you created through credit counseling. That means you need to show the court proof you’re actively working on creating a feasible budget to pay back assets, as no debts are being eliminated.

Next, you need to show evidence of payment from employers if you have any, within 60 days before filing. The last three steps are to show a statement of monthly net income,  note any expected increase in income, and any records you have in Federal or California (or your state) education accounts.

The Next Steps in Filing for Bankruptcy
There are more steps. The problem with filing Chapter 13 bankruptcy by yourself becomes clear here. It can be done and has been done, but hiring professional bankruptcy attorneys in San Diego can save you from making mistakes in documentation and at the hearing.

So you need to follow these steps too.
-Create a list of credits, debt amounts, and nature of their claims
-The source, amount, and frequency of your income
-A list of all your property, such as homes and vehicles
-A detailed list of all your monthly living expenses, from food to rent

Hire Professional Bankruptcy Attorneys in San Diego
Filing Chapter 13 bankruptcy is now more common than ever, though still most debtors try to file Chapter 7 bankruptcy, a liquidation. How to choose between types of bankruptcy, how to file all documentation, and how to handle creditors are all complex tasks. With the right bankruptcy lawyer in the San Diego area, you can focus on the future instead of the past.

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Alternatives to Chapter 7 Bankruptcy in New York

Wednesday, March 10th, 2010

With changes in bankruptcy laws, it’s not always wise nor possible to file Chapter 7 bankruptcy in New York. Filing Chapter 7 bankruptcy is now more difficult to get with new Federal regulations. Many are now told to file under Chapter 13. Chapter 13 bankruptcy is a good alternative to Chapter 7 in many cases.

So what’s the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy in New York?

-Chapter 7 bankruptcy is a liquidation of debt and assets, while Chapter 13 buys you time
-Chapter 13 bankruptcy can save your home from foreclosure
-With Chapter 13 bankruptcy, you can extend payment schedule and lower payment fees
-With Chapter 7 bankruptcy, certain property is exempt from being repossessed
-Chapter 7 costs $299 to file with the court while Chapter 13 costs $274

That may be speaking more positive of Chapter 13 bankruptcy. The big difference is you can be cleared of debts with Chapter 7 (often preferred), while Chapter 13 bankruptcy allows you more time to pay back debt, typically over a 3-5 year period.

There are alternatives to Chapter 7 bankruptcy in New York beyond just Chapter 13 bankruptcy. Though Chapter 13 is now the second most common, Chapter 11 is wise for individuals actively engaged in business. For example, if you run a corporation, you can avoid liquidation and seek an adjustment of debts with Chapter 11 of the Bankruptcy Code.

Chapter 13 Bankruptcy in New York
You can also seek an adjustment to your debts via Chapter 13 bankruptcy in New York. If you owe money on a home and cannot pay it back immediately because of other circumstances such as medical bills, you can save your home from foreclosure. This is done by giving you the opportunity to catch up with past due payments through a new payment plan. This is good news for New York home owners facing foreclosure, as you can get immediate and extended help by filing with the courts for Chapter 13 bankruptcy.

Other Alternatives to Filing Chapter 7 Bankruptcy
While Chapter 11 bankruptcy in New York is not very common, for people running businesses it can be very beneficial, namely by saving your assets. You should also be open to “out of court” agreements with creditors or debt counseling services. You might be able to pay back debts in installments outside of a bankruptcy hearing–there is no reason you can’t–and many individuals choose this route instead of officially filing. And if the out of court agreement does not work, you still have the right to file for Chapter 7, Chapter 11, or Chapter 13 bankruptcy.

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6 Things You Need to Know About Chapter 7 Bankruptcy Discharge

Monday, March 8th, 2010

You get a fresh start with bankruptcy, but as with most court cases, there’s fine print you must know.

Chapter 7 bankruptcy is essentially a fresh start financially. Typically, most debts are discharged, you’re given a chance to get back on your feet, and you won’t be harassed by creditors.

However, there is the “fine print” part to a Chapter 7 bankruptcy hearing. This article highlights 6 things you need to know about Chapter 7 bankruptcy discharge. Professional counsel, a bankruptcy attorney in your area, can help with more than documentation and filing: they can also explain all the fine print in simple language.

1-What Discharge Means for Liability and Creditors
A Chapter 7 bankruptcy discharge releases you the debtor from liability for most of your debts, while also stopping collections against you by creditors. If you owe a creditor a large amount of money, they may still get some money, but only via the trustee selling nonexempt assets you have. They will have no basis for collecting past debts.

2-What Debts are Discharged
Typically, you need to talk with professional bankruptcy attorneys to help you with this part of Chapter 7 discharge. You can expect the majority of your debts to be discharged, but some of your assets may be too valuable and could be sold. For instance, if you live alone in your home valued well over $100,000, you lose it. There are ways around that, especially if you work with professional bankruptcy attorneys.

3-How Fast the Discharge Occurs
You can expect a fast discharge in most cases unless a party of interest–someone you owe money–objects to the discharge. This process is usually 60-90 days after filing Chapter 7 bankruptcy and meeting with the court.

4-Grounds for Rejection of Chapter 7 Bankruptcy
You can be rejected for discharge in Chapter 7 bankruptcy via a variety of means, depending on your particular situation. If you, for instance, failed to keep adequate financial records, couldn’t explain your loss of assets, or committed perjury, you can be denied discharge.

5-Secured Creditors
Secured creditors may still have the right to seize property in some cases. This is where counsel is most important. It gets complicated, but if you bought a car and made an outside agreement that you wanted to keep it, you could make payments on the debt. The creditor would have the right to repossess the car if you failed to make payments, even with the discharge.

6-What Debts Aren’t Discharged
You can’t be discharged of all outstanding debts. This includes alimony, child support, some taxes, debts for education or loans, debts for death or personal injury causes by by your motor vehicle, debts for injury to another person, and others.

As you can see, there’s a lot more that goes on in and out of the courtroom when it comes to certain laws involving Chapter 7 bankruptcy discharge. The best thing you can do is hire a professional Chapter 7 bankruptcy attorney in your state who can clear up all the fine print, protect you from failing to meet requirements, and help you get a fresh start.

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Steps Toward Filing Chapter 7 Bankruptcy in Las Vegas

Friday, March 5th, 2010

Chapter 7 bankruptcy is also called “liquidation,” where a debtor will have a trustee sell nonexempt property to pay back outstanding debts. For example, you might lose your car or home if they are valued over a certain amount, because exemptions are based on value.

The background on Chapter 7 bankruptcy provides a good beginning for understanding the steps toward filing. As stated, the bankruptcy trustee will sell assets to pay back the creditors as followed by bankruptcy code. However, you can keep certain property, even homes and cars, as long as they are below certain levels of value. You can buy back certain property if you get the funds, so even losing a car or home does not mean you lost it forever.

Chapter 13 bankruptcy, on the other hand, is a repayment plan of paying back debtors over a period of time.

In filing for chapter 7 bankruptcy, you must be sure you’re eligible to do so, and if Chapter 7 or Chapter 13 is ight for you. Professional bankruptcy attorneys in Las Vegas can do just that for you. But not all bankruptcy attorneys are equal; hire one you can afford, can trust, and who’ll work hard to help your future.

Eligibility for Chapter 7 Bankruptcy in Las Vegas

The debtor has rights in Chapter 7 bankruptcy, as protected under the Bankruptcy Code. You must only be an individual, partnership, corporation, or other business entity. No matter how large your debt is, you have the right to file for Chapter 7 bankruptcy in Las Vegas. It does not matter how much you owe, if you’re solvent or not solvent, or who you owe money to.

There are some rules professional bankruptcy attorneys can go over with you. For example, if you filed a prior bankruptcy petition in the last 180 and failed to appear in court or comply with the court, you are not eligible. You also must go to an approved credit counseling agency within 180 days before filing.

Steps Toward Filing Chapter 7 Bankruptcy

As you can see, bankruptcy is a fair process designed to give you a fresh start. It may seem simple or rather complex, but in either case hiring bankruptcy lawyers in Las Vegas or any state is a wise decision.

Let’s go over some of the steps of filing.

First, you file a petition with the bankruptcy court where you or your business reside.

You must file other items with the court
-Schedules of assets and liabilities
-Schedule of current income
-Statement of financial affairs
-Lastly, a schedule of executory contracts and unexpired leases

Debtors must also provide your most recent tax return.

If you are an individual with mainly consumer debts you must also file a certificate of credit counseling along with a copy of the debt repayment plan developed, evidence of payment from employers, and a statement of monthly net income.

There are many other intricacies just in getting the documentation right. It doesn’t matter whether you have a job or not, often you cannot do this by yourself. Hiring counsel, professional bankruptcy attorneys, can help you with all the basic steps of filing successfully for Chapter 7 bankruptcy in Las Vegas.

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Basic Rules on Exempt and Nonexempt Property When Filing Bankruptcy in New York

Thursday, March 4th, 2010

If you’re filing Chapter 7 or Chapter 13 bankruptcy in New York or any state in the US, there are some basic rules of law and thumb you should follow. After all, your financial future is at stake. If you make mistakes, the process can drag on, fees will go up, and property will be lost. It’s not meant to scare you, but everything from documentation to planning need to be good.

Your best bet is professional counsel, bankruptcy attorneys specializing in Chapter 7 and Chapter 13 cases in New York.

So why include Chapter 13? Technically, you may not lose any property. Chapter 13 bankruptcy in New York buys you time to pay back debts over 3-5 years in monthly installments. However, if you fail to pay, you may lose property.

Chapter 7 bankruptcy is the most common bankruptcy form used. Let’s go over the basics of what Chapter 7 bankruptcy is in New York, and then go over exempt and nonexempt property.

What is Chapter 7 Bankruptcy?

It’s a liquidation proceeding. You are discharging debts, giving property to a trustee, and paying back what you can. It’s a fresh start for you economically. So why a trustee? Technically, your creditors still have rights to some of your property. Your property can be used to pay them back in some cases. The good news is you have the option of buying back property from the trustee after you lose it.

Exempt Property in Chapter 7 Bankruptcy

There are many exemptions which work to your benefit, namely big items like homes and cars. What’s exempt depends on the price of your items. The more it’s worth, the more chance you may lose it after filing Chapter 7 bankruptcy in New York. If, for example, you are single and own a home valued over $100,000, that property is not exempt. Most states in the US draw the line around $100,000 for both families and individuals, sometimes even if your retired or disabled. If you are retired or disabled, you have a better chance of keeping valuable property.

One benefit of hiring bankruptcy attorneys in New York is the expertise you receive for the process. For example, tax refunds and earned income credits are not exempt. However, the time at which you file for Chapter 7 bankruptcy comes into effect here–you may be able to keep these if you file later.

There are other ways to save money on nonexempt property. If you have nonexempt property, you can actually sell it for items which are exempt, such as food, furniture, or clothing.

That isn’t to say you should buy an expensive couch or diamond rings, but if you’re frugal in spreading your money out you can save some of your money.

Other Rules on Exempt Property for Chapter 7 Bankruptcy

There are other rules when filing for bankruptcy you should be aware of before making big decisions. While hiring professional bankruptcy attorneys in New York is a must, be clear on what you expect and what the attorney wants in terms of fees.

You should also not try hiding money. If you give valuable property to family members of friends within 1 year of filing, you might end up losing this in bankruptcy court and being charged with a crime.

When It’s Time to File for Chapter 7 Bankruptcy in New York

Filing bankruptcy is a big decision, so don’t make all your choices alone. Hire professional bankruptcy attorneys who can walk you through documentation, exemptions, filing, and beyond.

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Exempt Property You Can Keep After Filing Bankruptcy in California

Tuesday, March 2nd, 2010

Did you know California has two different systems of exemption, and that you have to claim one of them? Did you know you can keep property sometimes valued over $100,000 after filing for bankruptcy?

Filing Chapter 7 or Chapter 13 bankruptcy should be helpful instead of stressful. Hiring bankruptcy attorneys in California is one of the first choices you need to make. You can keep the items you’ve spent your life with.

If you need to file Chapter 7 or Chapter 13 bankruptcy, this article highlights important notes on the laws of exemptions. But first let’s go over the advantages of filing bankruptcy in the state of California.

Chapter 7 Bankruptcy Advantages

You get a fresh start with this liquidation proceeding. Your debts are in essence canceled, though your bank trustee will able to sell certain non-exempt property. It costs $299 to file for Chapter 7 bankrupty in California. You should also hire experienced bankruptcy attorneys with your best interests in mind.

Chapter 13 Bankruptcy Advantages

More bankruptcy filings are now turned from Chapter 7 to Chapter 13 bankruptcy because of new laws and regulations by the government. Bankruptcy attorneys can make sure you get the filing you want, because there are some key differences between Chapter 7 and Chapter 13. Namely, you’re buying yourself time with Chapter 13 bankruptcy in California: you’re getting 3-5 years to pay back debts. No debt is discharged, but technically you can keep your property and pay back debtors in monthly installments.

What’s Exempt Property?

Exempt property is property which cannot be taken away after you file bankruptcy. Different states have different laws for exemptions and the value of what you can keep.

Nonexempt property, on the other hand, must be turned over to the trustee in Chapter 7 bankruptcy who then will sell the property to pay back debtors. In Chapter 13, you can avoid losing properties, but you cannot have debts eliminated completely. This means debtors still have the right to take back nonexempt property if you fail to pay.

What Property Can I Keep After Filing Bankruptcy?

First, by filing Chapter 7 or Chapter 13 you are in danger of losing certain property. The good news is, if you fail to pay back certain debts, you can make an arrangement with the trustee to buy it back. If you lost your job, are unable to pay back a car loan, and lose the car, usually you can agree to buy it back from the trustee when you get more money or a new job.

In Chapter 13 bankruptcy, you can technically keep all your property. However, failing to pay back debtors means you can lose nonexempt possessions.

For example, according to California law, property you occupy as a single person can be valued at $50,000 or lower and be exempt. If you have a family, the number is $75,000. If you are 65 or older, physically disabled, or mentally disabled, the number is $100,000.

There are many other exempt items which can truly make filing bankruptcy less stressful. It’s wise to go over what you own and what you owe with bankruptcy attorneys who have experience in handling cases like yours.

Exempt Property You Can Keep After Filing Bankruptcy in California

Did you know California has two different systems of exemption, and that you have to claim one of them? Did you know you can keep property sometimes valued over $100,000 after filing for bankruptcy?

Filing Chapter 7 or Chapter 13 bankruptcy should be helpful instead of stressful. Hiring bankruptcy attorneys in California is one of the first choices you need to make. You can keep the items you’ve spent your life with.

If you need to file Chapter 7 or Chapter 13 bankruptcy, this article highlights important notes on the laws of exemptions. But first let’s go over the advantages of filing bankruptcy in the state of California.

Chapter 7 Bankruptcy Advantages

You get a fresh start with this liquidation proceeding. Your debts are in essence canceled, though your bank trustee will able to sell certain non-exempt property. It costs only $200 to file for Chapter 7 bankrupty in California. You should also hire experienced bankruptcy attorneys with your best interests in mind.

Chapter 13 Bankruptcy Advantages

More bankruptcy filings are now turned from Chapter 7 to Chapter 13 bankruptcy because of new laws and regulations by the government. Bankruptcy attorneys can make sure you get the filing you want, because there are some key differences between Chapter 7 and Chapter 13. Namely, you’re buying yourself time with Chapter 13 bankruptcy in California: you’re getting 3-5 years to pay back debts. No debt is discharged, but technically you can keep your property and pay back debtors in monthly installments.

What’s Exempt Property?

Exempt property is property which cannot be taken away after you file bankruptcy. Different states have different laws for exemptions and the value of what you can keep.

Nonexempt property, on the other hand, must be turned over to the trustee in Chapter 7 bankruptcy who then will sell the property to pay back debtors. In Chapter 13, you can avoid losing properties, but you cannot have debts eliminated completely. This means debtors still have the right to take back nonexempt property if you fail to pay.

What Property Can I Keep After Filing Bankruptcy?

First, by filing Chapter 7 or Chapter 13 you are in danger of losing certain property. The good news is, if you fail to pay back certain debts, you can make an arrangement with the trustee to buy it back. If you lost your job, are unable to pay back a car loan, and lose the car, usually you can agree to buy it back from the trustee when you get more money or a new job.

In Chapter 13 bankruptcy, you can technically keep all your property. However, failing to pay back debtors means you can lose nonexempt possessions.

For example, according to California law, property you occupy as a single person can be valued at $50,000 or lower and be exempt. If you have a family, the number is $75,000. If you are 65 or older, physically disabled, or mentally disabled, the number is $100,000.

There are many other exempt items which can truly make filing bankruptcy less stressful. It’s wise to go over what you own and what you owe with bankruptcy attorneys who have experience in handling cases like yours.

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How Much Does Bankruptcy Cost in New York?

Saturday, February 27th, 2010

Both Chapter 7 and Chapter 13 bankruptcy are rights you have under federal law to gain relief from creditors. It’s a legal proceeding which can give you a fresh start. But both Chapter 7 and Chapter 13 bankruptcy have advantages and disadvantages, namely what they can help with and the time it will take.

There is also a common question, how much does filing bankruptcy cost? Filing Chapter 7 bankruptcy or Chapter 13 bankruptcy in New York is different as most states have different laws on things like exemptions. What is the same is the filing price.

Chapter 7 bankruptcy in New York costs around $299 to file with the court. The fees for Chapter 13 bankruptcy in New York are about $274 for filing with the court. Those expenses may seem small, especially if you know the benefits of Chapter 7 and Chapter 13 bankruptcy in New York.

So what can bankruptcy do for you?

-Eliminate most debts
-Stop foreclosure of a home
-Stop the “Repo” men from getting your car or other property
-Stop wage garnishments
-Stop creditor harassment
-Keep your utilities going
-Get your drivers license back in many cases

Bankruptcy is a good alternative to losing all your possessions, but with the new laws making it harder to file in certain cases, hiring professional bankruptcy attorneys can save you a lot of time and money. It isn’t always a good choice to file bankruptcy. Also, Chapter 7 and Chapter 13 bankruptcy have limitations in what they can do.

Bankruptcy Can’t:
-Eliminate certain rights of creditors
-Erase debts you gained after bankruptcy
-Discharge child support, alimony, some divorce related debts, most student loans, taxes, and others

The above info is important. Your creditors will still have rights. In terms of costs, neither Chapter 7 nor Chapter 13 bankruptcy filings are incredibly expensive. The real problem is choosing between Chapter 7 and Chapter 13 bankruptcy, and the best way to do that is with professional counsel. While filing costs little, hiring a bankruptcy attorney typically costs more. The rates are different, but a few things are clear.

Some bankruptcy attorneys in New York and elsewhere will charge you just for the initial consultation. This makes it important to ask questions before even the first consultation. Also, all bankruptcy attorneys are required by law to show you and the the courts how much they are charging you.

One of the key advantages in filing bankruptcy is making certain property exempt. New York law, for example, allows protection of your home, car, and other properties to a certain extent. But this is where it can be complicated and where the right attorney can help.

Filing Chapter 7 or Chapter 13 bankruptcy in New York may not be free, but it’s more than worth it if you have outstanding debts you simply cannot pay back. Instead of waiting for the creditors, call an attorney with the experience to help you.

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Choosing to File for Help with California Bankruptcy Lawyers

Saturday, February 13th, 2010

Filing Chapter 7 or Chapter 13 bankruptcy today may seem hard with new laws going into effect, but the fact is the right California bankruptcy lawyers can not only save your home and property but also give you peace of mind.

The new laws are not cause for worry. Many California residents, if not most, will still be as eligible to file as before. Some may be forced to file for Chapter 13 bankruptcy, but if you want Chapter 7 bankruptcy it’s likely you can still file for it.

So when should you file for Chapter 7 or Chapter 13 bankruptcy in California? Why should you hire California bankruptcy lawyers?

The truth is that, while your petition may seem simple, bankruptcy is a complex process. Not just anyone can handle all the paperwork, fees, and negotiations involved. Choosing to file for help with California bankruptcy lawyers is a wise decision.

Filing for Chapter 7 Bankruptcy in California
Filing Chapter 7 bankruptcy in California is the most common choice, technically, and often the cause for least headaches. It’s also called a “straight bankruptcy,” and it’s technically a liquidation proceeding. The debtor will use a trustee to use non-exempt property to pay back debtors. In many cases, you lose absolutely nothing by filing for Chapter 7 bankruptcy in California. Just because you have a home, car, or you’re married, doesn’t necessarily complicate the process. You might lose real estate, automobiles, and other assets, but not always. That’s why choosing to hire a California bankruptcy lawyer is wise so you can hold onto possessions.

Filing for Chapter 13 Bankruptcy in California
Chapter 13 bankruptcy is different for debtors as you’ll be basically getting an extension to pay back your debtors over a 3-5 year period. If you have a lot of valuable property you might lose in Chapter 7 bankruptcy, federal laws allow you to hold onto these, pay back debtors, and do so over a more manageable period of time. Chapter 13 bankruptcy can be complex too. While the hearing may be short, in order to pay back debtors, handle the court, and follow all laws, California bankruptcy lawyers with talent can save you time, money, and a lot of headaches.

Why Hire a California Bankruptcy Lawyer?
It’s been pointed out that hiring a bankruptcy attorney is very wise. While filing for  Chapter 7 or Chapter 13 bankruptcy may seem to be only a lot of paper work and a short court hearing, there are some key advantages in working with professional California bankruptcy lawyers. In some cases, creditors will be harassing you for payment. A lawyer can step between you and creditors, giving you less headaches and more peace of mind. Also, paying the fines, not losing your property, staying within the laws, and knowing all the details on bankruptcy are all important pieces bankruptcy lawyers can help with.

Choosing to File Bankruptcy
Filing bankruptcy is not giving up, nor is it only for people with creditors harassing them and huge fines. Some may have just lost their job, and can’t afford to pay back smaller amounts. Others may have made a bad investment. The truth is, federal law provides help for citizens who need a hand. And the right California bankruptcy lawyers manage the process so you can get it done and move on.

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Advantages of Chapter 7 and Chapter 13 Bankruptcy in California

Thursday, February 11th, 2010

Filing Chapter 7 or Chapter 13 bankruptcy in California can be advantageous for many Americans who face steep medical bills, loss of jobs and homes, divorce, even high credit debt. You can get immediate relief by filing for bankruptcy, but the skills of a bankruptcy attorney in California can help ease the difficulty of the complex process.

What is Chapter 7 bankruptcy and how can it help California residents? What  are the advantages of Chapter 13 bankruptcy? And what are the differences between the laws?

First, it’s important to have the correct bankruptcy attorney to see you through either Chapter 7 bankruptcy or Chapter 13 bankruptcy in California. The laws are designed to provide immediate help . However, not all bankruptcy attorneys are equal in the California area. Choose your attorney wisely.

Advantages of Chapter 7 Bankruptcy
Bankruptcy involves Chapter 7 or Chapters 11,12, and 13. Don’t let that confuse you, as 11, 12, and 13 are very similar. Chapter 7 is called liquidation, and is the most common of all bankruptcy types in California and the country. In this case, a trustee will sell assets and distribute it to those owed money.

The key advantages of Chapter 7 bankruptcy in California are, first, you can eliminate most unsecured debts, if not all of them. Second, the process can be completed in a matter of months with the right bankruptcy attorney. Third, creditors you owe money to will not be able to contact you during the process and after the debts are eliminated.

Another advantage is that you can qualify in most cases simply for Chapter 7 bankruptcy in California. You take a “means test” and file with a credit counselor to be eligible in California.

Advantages of Chapter 13 Bankruptcy
You can also find relief for big debts and headaches via Chapter 13 bankruptcy, which has many advantages and some differences with Chapter 7 bankruptcy. It’s still wise to work with a knowledgeable bankruptcy attorney in California.

With a Chapter 13 bankruptcy filing, the debtor is allowed to use future earnings  to pay off the creditors. Under Chapter 13 bankruptcy, you also use a trustee to supervise the assets of the debtor. The first key advantage is that creditors are not allowed to contact you for debts owed anywhere but the proceeding.

The second advantage is that Chapter 13 bankruptcy in California buys you more time to pay off creditors. This can save you from  losing property or worse. Typically you get 3-5 years to pay off the debts owed. And no creditors will be allowed to contact you during this time span where you are paying them back.

So who can file Chapter 13 bankruptcy in California? A knowledgeable bankruptcy attorney in California can help you with this, but in short any debtor who has unsecured debts below $336,9000 and whose secured debts are less than $1,010,650.

The First and Most Important Step
Hire a bankruptcy attorney in California who can walk you through the entire process. The Chapter 7 and Chapter 13 bankruptcy laws allow you plenty of help when plagued by debts. Give a qualified attorney a call today for bankruptcy help.

Filing Chapter 7 or Chapter 13 bankruptcy in California can be advantageous for many Americans who face steep medical bills, loss of jobs and homes, divorce, even high credit debt. You can get immediate relief by filing for bankruptcy, but the skills of a bankruptcy attorney in California can help ease the difficulty of the complex process.

What is Chapter 7 bankruptcy and how can it help California residents? What are the advantages of Chapter 13 bankruptcy? And what are the differences between the laws?

First, it’s important to have the correct bankruptcy attorney to see you through either Chapter 7 bankruptcy or Chapter 13 bankruptcy in California. The laws are designed to provide immediate help . However, not all bankruptcy attorneys are equal in the California area. Choose your attorney wisely.

Advantages of Chapter 7 Bankruptcy

Bankruptcy involves Chapter 7 or Chapters 11,12, and 13. Don’t let that confuse you, as 11, 12, and 13 are very similar. Chapter 7 is called liquidation, and is the most common of all bankruptcy types in California and the country. In this case, a trustee will sell assets and distribute it to those owed money.

The key advantages of Chapter 7 bankruptcy in California are, first, you can eliminate most unsecured debts, if not all of them. Second, the process can be completed in a matter of months with the right bankruptcy attorney. Third, creditors you owe money to will not be able to contact you during the process and after the debts are eliminated.

Another advantage is that you can qualify in most cases simply for Chapter 7 bankruptcy in California. You take a “means test” and file with a credit counselor to be eligible in California.

Advantages of Chapter 13 Bankruptcy

You can also find relief for big debts and headaches via Chapter 13 bankruptcy, which has many advantages and some differences with Chapter 7 bankruptcy. It’s still wise to work with a knowledgeable bankruptcy attorney in California.

With a Chapter 13 bankruptcy filing, the debtor is allowed to use future earnings to pay off the creditors. Under Chapter 13 bankruptcy, you also use a trustee to supervise the assets of the debtor. The first key advantage is that creditors are not allowed to contact you for debts owed anywhere but the proceeding.

The second advantage is that Chapter 13 bankruptcy in California buys you more time to pay off creditors. This can save you from losing property or worse. Typically you get 3-5 years to pay off the debts owed. And no creditors will be allowed to contact you during this time span where you are paying them back.

So who can file Chapter 13 bankruptcy in California? A knowledgeable bankruptcy attorney in California can help you with this, but in short any debtor who has unsecured debts below $336,9000 and whose secured debts are less than $1,010,650.

The First and Most Important Step

Hire a bankruptcy attorney in California who can walk you through the entire process. The Chapter 7 and Chapter 13 bankruptcy laws allow you plenty of help when plagued by debts. Give a qualified attorney a call today for bankruptcy help.

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Personal Bankruptcy in Huntington Beach

Monday, February 8th, 2010

If you are considering filing bankruptcy in Huntington Beach, California, and need information you can contact a Huntington Beach bankruptcy lawyer for help. Millions of American have faced a financial crisis in the last several years whether through increased medical costs, job loss, divorce, death or high credit card debt. Many of these people have found relief by filing bankruptcy.

Filing bankruptcy is a serious financial decision with long term financial considerations and should not be done without consulting a Huntington Beach attorney. However, many Huntington Beach residents have found financial freedom by filing Chapter 7 bankruptcy and discharging all or most of their debt or filing Chapter 13 bankruptcy and creating a more favorable repayment plan for repaying their debt. Don’t avoid creditor calls or refuse to open you mail. There is help. Contact a Huntington Beach bankruptcy lawyer today.

Filing Chapter 7 Bankruptcy in Huntington Beach

Filing Chapter 7 bankruptcy in Huntington Beach may be an inexpensive, simple way to gain financial freedom. Filing Chapter 7 bankruptcy will discharge all or most of a debtor’s unsecured debt (credit card bills, medical bills) by liquidating their assets and using the proceeds from the sale to repay creditors. Before filing Chapter 7 bankruptcy in Huntington Beach it is important to contact a Huntington Beach bankruptcy attorney who can review the current bankruptcy laws and ensure the debtor qualifies for Chapter 7 bankruptcy.

The first step in filing Chapter 7 bankruptcy in Huntington Beach is for the bankruptcy attorney to file the bankruptcy petition in the proper bankruptcy court. The bankruptcy petition lists the filer’s exempt and non-exempt assets, debts, income and creditors. A trustee is appointed by the bankruptcy court to help sell the filer’s non-exempt assets and repay creditors with the money from the sale. The bankruptcy court will review the petition to ensure it complies with the bankruptcy code and arrange a meeting with the filer’s creditors (341 Meeting). Most Huntington Beach filer’s can expect the entire process to take 4 to 6 months from the date the bankruptcy petition is filed.

Filing Chapter 13 Bankruptcy in Huntington Beach

Filing Chapter 13 Bankruptcy in Huntington Beach does not discharge debts immediately, but rather allows the filer to develop a bankruptcy payment schedule (often with more favorable repayment terms) to pay their debts over a 3 to 5 year period. Chapter 13 bankruptcy is a “reorganization” bankruptcy unlike Chapter 7 which is a “liquidation” bankruptcy. One benefit of filing Chapter 13 bankruptcy in Huntington Beach is that many filers will be able to avoid home foreclosure and keep their home. Filing Chapter 13 bankruptcy can also stop wage garnishments and property repossession.

Not all Huntington Beach residents can file Chapter 13 bankruptcy. Filers must have a steady income source to meet the requirements of the bankruptcy repayment plan and can not have unsecured debt which is higher than $269,250 or secured debt which is higher than $807,750.

Personal Debts Not Eliminated By Filing Personal Bankruptcy

Some debts will not be erased or discharged by filing bankruptcy in Huntington Beach. Non-dischargeable debts are outlined in federal bankruptcy law and can include the following:

  • Most back taxes
  • Child support and alimony payments
  • Certain student loans
  • Purchases of luxury items within ninety days of filing personal bankruptcy in Huntington Beach
  • Fines owed to federal or California government agencies
  • Debts generated from fraudulent activity
  • Recent cash advances of $825 within 70 days of filing personal bankruptcy

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