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Bankruptcy Blog 2010 February Advantages of Chapter 7 and Chapter 13 Bankruptcy in California
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Advantages of Chapter 7 and Chapter 13 Bankruptcy in California

Posted By Price Law Group || 11-Feb-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 at Price Law Group a call today for bankruptcy help.

Related Pages

  • Do I Qualify for Bankruptcy in California?
  • How Much Does Bankruptcy Cost in California?
  • Where to Find Experienced California Bankruptcy Lawyers
  • 5 Benefits of Hiring Bankruptcy Attorneys in California
Categories: Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy

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