We are always happy to provide video or telephonic consultations. Give us a call!
  • Home
  • Client Portal
  • Chat Now!
  • Contact Us
Price Law Group
866.210.1722 Se Habla Español
live chat button
  • Home
  • Meet Our Team
  • Bankruptcy
  • For Clients
  • Contact Us
  • Call Today
  • Email Us
  • Our Map
  • Menu
Bankruptcy Blog 2010 February Considering Personal Bankruptcy in Sacramento?
Previous Post  |  Next Post

Considering Personal Bankruptcy in Sacramento?

Posted By Price Law Group || 5-Feb-2010

No one wants to file personal bankruptcy, and it should be one of the last options for regaining financial footing, but last year alone thousands of Americans who suffered through an unexpected medical crisis, divorce, death or high credit card bills filed for bankruptcy in California and have found financial relief.

If you are considering filing bankruptcy in Sacramento it is important to contact a Sacramento bankruptcy lawyer for more information about whether you qualify for Chapter 7 or Chapter 13 bankruptcy. Filing Chapter 7 bankruptcy can discharge certain types of debt. Filing Chapter 13 bankruptcy may allow for more favorable repayment terms. When is the right to file bankruptcy? There may not be a right answer to that question, but Sacramento bankruptcy attorneys can provide information about bankruptcy laws and help you identify if bankruptcy is right for you.

Filing Chapter 7 Bankruptcy in Sacramento

Filing Chapter 7 bankruptcy in Sacramento, California, can allow debtor’s to regain their financial footing by selling their non-exempt assets and using the proceeds from the sale to repay their creditors. Chapter 7 bankruptcy can be an inexpensive, simple way to for Sacramento residents to get a fresh start.

Filing Chapter 7 bankruptcy in Sacramento begins by contacting a Sacramento bankruptcy lawyer who will file the bankruptcy petition is a Sacramento bankruptcy court. Information about the debtor’s assets, property, debts, and creditors will need to be provided. A bankruptcy trustee is assigned to the bankruptcy case to review the bankruptcy petition and sell the Sacramento debtor’s assets to pay their creditors. Most Chapter 7 bankruptcies can be completed within 4 to 6 months.

Filing Chapter 13 Bankruptcy in Sacramento

Filing Chapter 13 bankruptcy in Sacramento will not be as easy as filing Chapter 7 bankruptcy, but it will allow the debtor to reschedule their debt payments with a bankruptcy repayment plan. The bankruptcy plan generally will allow more favorable repayment terms and can be completed within 3 to 5 years.

One benefit of filing Chapter 13 bankruptcy in Sacramento is that a debtor’s assets do not have to be liquidated. Filing Chapter 13 bankruptcy may allow a debtor to stop home foreclosure, property repossessions and wage garnishments. Not everyone can file Chapter 13 bankruptcy. Individual’s will need a steady source of income to qualify and can not have unsecured debt which is higher than $269,250 or secured debt higher than $807,705.

Personal Debts Not Eliminated By Filing Personal Bankruptcy

Filing bankruptcy in Sacramento does not eliminate certain types of personal debt. Non-exempt debt is determined by federal bankruptcy laws and is the same for all states. The following debts will not be discharged by filing Chapter 7 or Chapter 13 bankruptcy in Sacramento:

  • Most back taxes
  • Child support and alimony payments
  • Certain student loans
  • Purchases of luxury items within ninety days of filing personal bankruptcy in Sacramento
  • 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
Categories: Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy

Share Post

For more information call us at 866-210-1722 or fill out the form below.

Practice Areas

  • Chapter 7
  • Chapter 13
  • Chapter 11
  • Collection Defense
  • Creditor Abuse
  • Debt Consolidation
  • Debt Counseling
  • Debt Relief
  • Debt Settlement
  • Foreclosure Defense
  • Short Sales
  • Tax Resolution
contact-btn
Close

Contact Us Today

Price Law Group - Bankruptcy Attorney
Call Toll Free: 866.210.1722

  • Home
  • Site Map
  • Privacy Policy
  • Contact Us
Price Law Group

Toll-Free (866) 210-1722

Price Law Group - Bankruptcy Attorney
6345 Balboa Boulevard, Building 2, Suite 247, Encino, CA 91316 View Map
Toll-Free (866) 210-1722
Website: https://www.pricelawgroup.com/
Price Law Group is managed by Steven Alpert
© 2021 All Rights Reserved.

WE ARE A DEBT RELIEF AGENCY. We help people file bankruptcy petitions to obtain relief under the bankruptcy code.

Internet Marketing Experts The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.