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Filing for a Chapter 7 Bankruptcy in California? Here’s a Step-by-Step Guide

Despite going through extreme financial difficulties, people often refrain to file for bankruptcy, probably because they are unclear of the entire procedure. For individuals who are going through a tough financial situation, Chapter 7 bankruptcy is the best bet as it offers people to start life afresh. In this case, your non-exempt assets are surrendered and sold off to pay the creditors. Any unsecured debt left after payment is discharged. The state of California has two systems of exemption to protect your assets, thanks to which the majority of debtors don’t require to surrender any assets. Here’s what [...]

2021-12-07T09:01:15+00:00
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Taxes in Bankruptcy

People with overwhelming debts often seek bankruptcy as a viable solution. However, even in bankruptcy, certain debts such as secured debts like mortgage and car loan as well as government taxes and child and spousal support cannot be avoided. Apart from federal taxes, certain states like California also impose state income tax on its citizens. Similar to credit card debt, tax debt also gets added up and often becomes difficult to manage. A bankruptcy filing can definitely get rid of your unsecured debts but many people are confused regarding its effect on their taxes. What to know before [...]

2023-03-22T08:38:40+00:00
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Family Member Debts and Bankruptcy

There are several reasons for taking a loan from family members. Just before bankruptcy or during bankruptcy its quite common to have some loans from relatives, parents, siblings and other family members. The debts have piled up big time and before you file for bankruptcy is there something that you can do with your family member debts? The process of bankruptcy makes you list all your creditors/lenders so that may also include your friends, family members and all lenders irrespective of the debt type. Under chapter 7, if you do not have any non-exempt assets, your lenders might [...]

2023-01-17T11:16:12+00:00
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Tax Debts Can Drive Even the Rich and Famous to Bankruptcy

Despite the popular notion that bankruptcy affects only those people who have low income, there are numerous instances when the rich and the famous had to resort to bankruptcy to get rid of their huge financial debt. One of the notorious cases is that of O.J. Simpson’s lawyer, F. Lee Bailey’s. He gained popularity when he defended O.J. Simpson in the criminal trial for the double murder of Simpson’s ex-wife Nicole Brown and her friend Ron Goldman. Bailey had a brush with success earlier too, representing people in other high profile cases. Unfortunately, despite rubbing shoulder with high [...]

2021-12-07T09:02:48+00:00
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Debt Limits under Chapter 13 Increased; All you need to know

Chapter 13 bankruptcy is distinguished from Chapter 7 bankruptcy norms in terms of complexity. Chapter 13 is much simpler and involves less calculation of various factors like a net of income/expenses, debt, etc. But there are some other factors to be considered for Chapter 13 eligibility. These factors can be listed as follows- The chapter is applicable only for individuals hence, business or trusts won’t qualify The individual should not have a recent disqualification Should be able to demonstrate strong sources of money for making the payments for the plans Should have debts within the Chapter 13 debt [...]

2019-07-11T10:37:18+00:00
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Child support and Bankruptcy

Child support is one of the most priority or preferential payments in the eyes of law. One might be able to evade all kinds of secured/unsecured loans but getting away with child support is probably the most difficult task no matter how poor or bankrupt you may be. One more debt that comes in this category is student loans. Students could complete graduation and apply for bankruptcy then and get away with any sort of student loan on their name. This is the primary reason why Student loan has been excluded. Similarly in the case of child support, [...]

2023-03-13T07:54:36+00:00
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Can You Convert Your Bankruptcy Chapter?

Filing for bankruptcy is a big decision. It is important to choose the bankruptcy chapter which can help protect most of your assets and results in the discharge of various debts. There are numerous factors involved while choosing a specific chapter to file bankruptcy. A lot of what happens to your circumstances and the time taken to discharge depends on the chapter of bankruptcy you have filed for. However, if your circumstances change, there are provisions available to switch the bankruptcy chapter. Changing bankruptcy chapter can be a complicated process.  Los Angeles based bankruptcy law firm https://bankruptcy.recoverylawgroup.com/, therefore, advised that [...]

2023-03-13T09:24:56+00:00
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Can Some Part of Mortgage Debt be discharged during Bankruptcy?

Bankruptcy is a sure shot way to get rid of huge financial debts. With a bankruptcy discharge, you can wipe off most unsecured debts and get a chance to have a clean financial slate to begin a fresh life. However, secured debts like mortgage and car loans are not discharged during bankruptcy; though, bankruptcy certainly helps you with mortgage debts confirm bankruptcy lawyers of Los Angeles based law firm https://bankruptcy.recoverylawgroup.com/. Secured debts – Mortgages & Foreclosure A mortgage loan is a loan taken while purchasing your house. Since it is linked to a specific property, it is a [...]

2021-12-07T09:04:15+00:00
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Can Gambling Debt be addressed by Bankruptcy in California?

If you like gambling, Los Angeles offers you a large number of casinos to choose from. However, gambling can lead to the accumulation of a huge amount of debts. People often choose to get rid of their debts via bankruptcy. During bankruptcy, debts are discharged which effectively makes creditors go away as they cannot harass you to get the payment back. While bankruptcy is an excellent way to get rid of debts, it is important to know that it gets reflected on your credit report. Your bankruptcy appears for up to 10 years on your credit report which [...]

2023-06-15T07:37:51+00:00
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Can Bankruptcy Assist California Seniors?

Anyone can find themselves in debt considering that it is almost impossible to survive without credit cards. Accumulated bills including those of emergency medical charges, student loan, car loan, mortgage, etc. can pile up with time, making it almost impossible to survive without declaring bankruptcy. Senior citizens these days have a longer life expectancy which adds up to financial woes. Getting a job at their age is nearly impossible and medical bills adding to the already shooting debt leads them in a never-ending cycle of debt. This often causes them to be harassed by creditors and live with [...]

2023-11-30T07:07:57+00:00
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