Personal Bankruptcy in Huntington Beach

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