chapter 13 bankruptcy Los Angeles

What Do You Need To Pay For Filing A Chapter 7 Or 13 Bankruptcy?

Call: 888-297-6203 Though bankruptcy is meant to relieve you of financial problems, you need to pay a bankruptcy filing fee when you file for bankruptcy. This covers the cost associated with handling the case. However, if you have a low income, you can ask for a fee waiver. If you choose to amend your petition or convert your bankruptcy chapter, you might have to pay additional fees. Here is a look at the various fees you need to pay while filing for bankruptcy. Bankruptcy petition filing fees In your bankruptcy petition, you must inform about your income, assets, [...]

2023-03-30T11:51:51+00:00
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Lien-Free Personal Property In Bankruptcy

Call: 888-297-6203 Bankruptcy helps remove lien on your personal property. 1) High-Interest Lenders Lenders often ask their customers to list their personal properties like Television, Gaming systems, and computers while taking a loan. The loan document contains a grant for the lenders, a security interest in those items. The lender can then repossess these household properties if you fail to pay the loan. Most people don't hold the ability to fight in these situations financially. A common practice with the lender is threatening the customer with repossession. 2) Lien Stripping Powers of 11 USC 522(f) A provision in [...]

2023-05-19T07:04:21+00:00
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Does Bankruptcy Affect You Financially?

Call: 888-297-6203 In the situation of a financial crisis, bankruptcy may be the only door open for you for a debt-free life. But nothing comes only with benefits. Bankruptcy has both positive as well as negative consequences. Not only during the case, but even later, bankruptcy will affect your life financially. 1) Types of Bankruptcy Most people file for bankruptcy either under Chapter 7 or Chapter 13. In chapter 13, the debtor needs to file a plan as to how they schedule to repay monthly debts, or parts of it, from the income at present over 5 years. [...]

2023-05-19T07:01:14+00:00
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Can I File For Bankruptcy More Than Once?

Call: 888-297-6203 You file bankruptcy when you are in a financial dilemma and it might happen more than once but the bankruptcy law restricts how many times you can file for bankruptcy. Here are some factors on which it is determined. Your first bankruptcy case - dismissed or discharged? Your first case might have gotten dismissed by the court due to some reasons like, you might not have been able to provide the documents to the court or your bankruptcy trustee asked you to submit, you were not able to pay for the filing fee, or you did [...]

2023-04-19T11:49:56+00:00
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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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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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Is Filing A Chapter 13 Bankruptcy A Good Option To Stop A Tax Foreclosure?

Call: 888-297-6203 Sometimes our property taxes are due, and though we may not take it as a very big issue, they can put us and our family at risk of Foreclosure by the City's Tax Collector. Even though failing on your property taxes can be paid back later, if and so it happens, still, the State and Local Tax Authorities make the process very lengthy, complicated, and expensive. Though not a very big deal at times becomes a big one later on. So why fall into it? Know these, so that you don't face an issue later. 1) [...]

2023-04-19T12:11:56+00:00
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Duration Of Chapter 13 Bankruptcy

Call: 888-297-6203 Chapter 13 is a type of consumer bankruptcy available to individual filers. Unlike Chapter 7, which is completed within four to six months of filing, Chapter 13 lasts for three- to five years and involves repaying your loans. Chapter 13 is usually used by people who fail to qualify for Chapter 7 bankruptcy, i.e., they are unable to pass the Means Test. It is also preferred by people who are behind on their secured debts and want to keep the car or home. This can be done by repaying the arrearage owed to the creditors through [...]

2023-04-19T09:59:47+00:00
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All You Need To Know About Bankruptcy Automatic Stay

Call: 888-297-6203 Automatic Stay is a protection given by the court to the debtor from its creditors. When in debt, the debtors are usually harassed by continuous collection calls along with other collection techniques from the creditors. However, once a person applies to file for bankruptcy under Chapter 7 or Chapter 13, an automatic stay is put into effect immediately. So until the stay is in effect, the creditors cannot contact you for collection and they will be paid off as per the rules of the chapter that you have filed under. However, under certain circumstances, the creditor [...]

2023-04-19T09:58:38+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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