bankruptcy lawyers Los Angeles

How Can You Get Rid Of Second Mortgages When You File For Bankruptcy Under Chapter 13?

Call: 888-297-6203 If your home value has gone down since you purchased it, you can still get rid of the second mortgage by filing for bankruptcy under chapter 13. Under chapter 13, by using the benefits of Lien Stripping, you can get rid of your second mortgage lien on our house. Understanding Lien Stripping Lien Stripping is a tool that can be used under chapter 13 bankruptcy, in situations where your mortgage value exceeds your House value. In such situations, with the jurisdiction of the court, the second and the third mortgage can be stripped off (removed) preventing [...]

2025-08-08T06:34:27+00:00
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If I File For Bankruptcy Under Chapter 7, Will I Lose My Home?

Call: 888-297-6203 There are fewer chances of you losing your home if you file for bankruptcy under chapter 7 if you do not have a lot of equity on your home. Below mentioned are certain factors, based on which it can be decided whether you can keep your home or not- You are paying your mortgage payments on time Probability of repaying the mortgage amount post-bankruptcy The percentage of equity that you can protect using homestead exemptions The value of equity in your home that you own. In case, you have not paid your dues on time, have [...]

2025-08-13T04:43:11+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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Basics Of Bankruptcy

Call: 888-297-6203 If you planning to file for bankruptcy, the first and foremost step is to understand what bankruptcy is and the details about it. It is important for you to know the in and out before you plan to go ahead with it. Here, you will find all the details that you need to know about bankruptcy- Types of bankruptcy Difference between Chapter 7 and Chapter 13 Under what circumstances should you file for which Chapter Exemptions that you can or cannot get The various tests for qualifying for each chapter However, if you decide on going [...]

2023-04-14T08:53:42+00:00
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Understanding Secured Claims In Bankruptcy

Call: 888-297-6203 Usually, when individuals file for bankruptcy, they owe a significant amount of debt to their creditors. This outstanding balance is the claim that creditors assert as their own. However, this claim is different from a secured claim. The latter is a debt secured or guaranteed by a property. While paying a debt through bankruptcy, the court sends a notice informing the creditors of a deadline by which they need to submit a ‘proof of claim’ form. This form describes the type of debt (what it is for), the amount owed by the bankruptcy filer, whether the [...]

2025-08-21T13:26:18+00:00
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Differentiating Between Chapter 7 And Chapter 13 Bankruptcy

Call: 888-297-6203 Individuals struggling with debts have the option of filing for bankruptcy under Chapter 7 or chapter 13. To know more about bankruptcy discharge in Los Angeles and the difference between the two chapters, call 888-297-6203. Chapter 7 bankruptcy Also known as liquidation bankruptcy, Chapter 7 can be filed by individuals and business entities whose disposable income is less than the state's median income. Chapter 7 bankruptcy allows you to keep home equity through homestead exemption, insurance, ERISA-qualified retirement plans, personal property up to a specified dollar amount, and public benefits like social security and unemployment benefits. [...]

2025-08-12T11:49:08+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 [...]

2025-08-12T11:47:25+00:00
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Can Bankruptcy Filing Cause Me To Lose My Checking Or Saving Account?

Call: 888-297-6203 One of the major concerns people have while filing for chapter 7 bankruptcy is whether they can keep their savings and other accounts or not. According to lawyers of Los Angeles based law firm, banks usually do not close the savings or checking account and the amount in those accounts is also protected (up to a certain limit) in most states. However, there are exceptions especially if the money comes from exempt sources like public benefits etc. In case you have a loan with the bank, they may freeze your accounts when you file for bankruptcy. [...]

2025-08-12T11:51:31+00:00
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Evaluating The Value Of Personal Property In Bankruptcy

Call: 888-297-6203 According to the lawyers of Los Angeles based law firm, while filing for bankruptcy you need to list all your personal property along with its current value. This is the price that anyone would pay for the property and depends on the condition and age of the property. Moreover, there can be questions from the trustee and creditors regarding the information provided.Thus, written documentation backing the evaluation supporting your claim of the property’s value is important. There are different methods to calculate the value of the property, here are some ways to calculate replacement value of [...]

2023-06-29T04:24:25+00:00
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Get To Know About Federal Bankruptcy Exemptions Here!

Call: 888-297-6203 When individuals file for bankruptcy, federal bankruptcy exemptions are available in certain states to protect the filer’s properties. Through these exemptions, you can protect some of your property including your home, car, certain other possessions like musical instruments, etc. in chapter 7 bankruptcy. In the case of chapter 13 bankruptcy, these exemptions determine what needs to be paid to creditors through the repayment plan. Every state has a set of exemptions that the bankruptcy filers can use, while 17 states allow debtors to choose between state and federal bankruptcy exemptions. These include Alaska, Arkansas, Connecticut, Columbia, [...]

2023-06-29T04:32:09+00:00
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