affordable Chapter 13 bankruptcy Los Angeles

Can Bankruptcy Help Save Your Business And Home?

Call: 888-297-6203 Monetary problems have become extremely common these days, considering that the pandemic has resulted in job loss, huge amounts of medical debts, as well as credit card debts. In addition, this has resulted in business closures, foreclosure, and repossession of properties which can cause tremendous stress to people. Filing for bankruptcy may be your way out of this financial mess. Many people often have multiple properties, usually purchased by taking a loan. Individuals live in one, the remaining properties are let out. They depend on their tenants to pay for the mortgage. However, unfortunate circumstances can [...]

2023-04-19T11:46:54+00:00
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The Basic Difference Between Chapter 7 And Chapter 13

Call: 888-297-6203 There are two types of bankruptcy, and it is managed at the federal level, so the principles of it are the same everywhere except California. Chapter 7? In chapter 7 bankruptcy, the process called liquidation is followed, here you sell your assets to a trustee who in turn sells them to settle your debt. Most of your debts can be settled here except, some like student loans, alimony, etc. most dischargeable debts are emitted but first you have to pass the means test. There are 2 ways to take the test, Form 122A-1: Chapter 7 Statement of [...]

2023-04-19T12:12:35+00:00
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Removal And “Cramming Down“Of Liens In Bankruptcy

Call: 888-297-6203 Reduction of the amount of the lien to the market value is known as ‘cramming down’. Here, if the mortgage balance is larger than the property value then the mortgage balance will be reduced to the property value. It is done in chapter 11 on properties that do not come under the exempt property that is it should not be a primary residence. Mortgage, Home Equity Line of Credit, Homeowners’ Association, and judgment comes under liens that can be crammed down. You can remove fully unsecured liens in rental properties in chapter 11 and you can [...]

2023-03-30T13:27:34+00:00
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Does The Co-Signer Have To Pay The Debt If You Cannot Pay For It?

Call: 888-297-6203 Usually, when you sign a loan, the lender requires a co-signer. This is to ensure that if you cannot pay the loan, the co-signer will pay it on your behalf. More often than not, it happens if you do not have a supporting credit history and the lender cannot rely on you to repay the debt. If you fail to make the payments, the lender has the freedom to go after the co-signer to recover the money owed to them. When you file for bankruptcy, the automatic stay prevents the creditors to collect money from you. [...]

2023-04-19T11:33:59+00:00
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Why Hiring A Bankruptcy Lawyer Is Important?

Call: 888-297-6203 Individuals filing for bankruptcy can do so without an attorney. However, doing so is not always advisable. This is because Chapter 7 involves the liquidation of your assets. In contrast, chapter 13 involves a repayment plan to save your non-exempt property. Neither of these two is straightforward enough to be handled independently without any legal expertise. A bankruptcy attorney can recognize potential problems in your bankruptcy case. As a result, it is important to seek bankruptcy attorney's assistance. Here is what a bankruptcy attorney can help you with: While bankruptcy is an excellent way to get [...]

2023-04-19T10:09:36+00:00
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Qualifying For Chapter 7 Bankruptcy

Call: 888-297-6203 While Chapter 7 is the most common form of bankruptcy, qualifying for it is difficult. Here are the different ways through which you can qualify for this chapter: This bankruptcy chapter is meant for people with low household income than the state's average household income of the same size. For example, a person in Louisiana can qualify for Chapter 7 bankruptcy if their annual income is less than $47,488. The limit in Texas to qualify for Chapter 7 bankruptcy is having an annual income of $52,953. If your income exceeds the state average, the other way [...]

2023-04-19T10:23:28+00:00
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Bankruptcy Means Test – The Eligibility Factor For Chapter 7 Bankruptcy

Call: 888-297-6203 Chapter 7 bankruptcy or liquidation bankruptcy is for people who cannot repay their loans. However, only people with extremely low incomes can file for this bankruptcy chapter. To be eligible for Chapter 7 bankruptcy, a means test is used to determine whether the bankruptcy filer can repay a portion of their debts through chapter 13 bankruptcy or not. Chapter 7 means test can also help people who earn significant monthly income but have high expenses, including mortgage and car loan payments and taxes that make it easy for them to qualify the Chapter 7 means test. [...]

2023-04-19T09:49:18+00:00
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Limitations Of Chapter 13 Bankruptcy Debt

Call: 888-297-6203 People with regular income who are struggling with their debt problems can take charge of their finances by filing for Chapter 13 bankruptcy. This allows them to use their disposable income to repay their debts over a 3- to 5 years repayment plan. At the end of their repayment plan, most individuals who satisfy the qualification criteria can wipe out their non-priority dischargeable debts such as medical bills, personal loans, credit card bills, etc. However, there are limitations to the amount of debt. The current debt limitations stand at $1,257,850 in secured debts and $419,275 of [...]

2023-03-30T13:28:50+00:00
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All That You Need To Know About Debts That Can Be Discharged Under Chapter 13 Bankruptcy

Call: 888-297-6203 Compared to Chapter 7, debts discharged under Chapter 13 are broader since they even wipe out nondischargeable debts of Chapter 7. Post the completion of the Repayment Plan, you will receive a discharge order which will clean off all balance of the qualifying debts. Debts that are covered under Chapter 13 The basic deciding factor for dischargeability of the debt is whether it is a Secured debt or an unsecured debt. Unsecured debts are further sub-divided into Priority  (These are not dischargeable and paid before the non-priority debts) and Non-priority Debts ( These are dischargeable and [...]

2023-04-19T09:39:46+00:00
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Can You Keep Your Property If You File For Bankruptcy Under Chapter 13?

Call: 888-297-6203 Yes, if you file for bankruptcy under chapter 13, you can keep all your Property by paying a certain amount for it. This means you can either protect or get an exemption on a percentage of equity on your property to maintain your home as well as your job. In fact, you can even keep your non-exempt property (eg Boat, a luxury item, card collection) from being surrendered if you agree to pay for it through your Chapter 13 Repayment Plan. You can also protect your property which is on collateral. But for that, you must [...]

2023-04-14T08:41:07+00:00
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We are a debt relief agency. We help people file bankruptcy petitions to obtain relief under the bankruptcy code.