chapter 7 bankruptcy Los Angeles

The Bankruptcy Code Of The United States

Call: 888-297-6203 Filing for bankruptcy helps the filer by either getting a discharge from most of their debts or by helping them devise a repayment plan to catch up with all the arrears. Bankruptcy can be filed by an individual, a couple, a business, or any such entity. All bankruptcy-related cases are handled by the federal courts, which they abide by, by following the US bankruptcy codes. The different types of bankruptcy include – Chapter 7 and chapter 13 – Individuals can file for bankruptcy under this chapter Chapter 9 – Municipalities like city, towns, schools, taxing districts [...]

2023-06-27T05:55:18+00:00
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All That You Must Know About Bankruptcy Basics

Call: 888-297-6203 The Bankruptcy Code, enacted in 1978 and codified as Title 11 of the United States Code, is the uniform federal law that is empowered to govern all bankruptcy cases. This code has been amended several times. The Bankruptcy Rules govern all the procedures of the Bankruptcy process and are the same for all. In each judicial district of the country, there is a separate bankruptcy court. A state consists of one or more districts. And each bankruptcy court has its own clerk's office. The United States Bankruptcy Judge is the official decision-making power in the court. [...]

2023-06-27T05:59:18+00:00
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Let Us Know More Details About Bankruptcy

Call: 888-297-6203 Bankruptcy is a process wherein individuals, small businesses, and corporations are saved from their debts. Through a process of reorganization and restructuring, a certain portion of the debt is discharged and the rest is repaid at a lower rate. 1) Discharge Though most debts in bankruptcy can be discharged, certain debts are not dischargeable like taxes, penalties, child support, fines, student loans, and alimony payments. Discharging a debt helps the debtor to be protected from the harassment of the creditors. If a particular debt by a secured creditor is secured by a particular loan, they can [...]

2023-03-30T11:35:50+00:00
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What All Is There In Your Bankruptcy Estate?

Call: 888-297-6203 Let us know what all is included in our estate when we file for bankruptcy. 1) What is your Estate? All of your property and the property rights that you allow the bankruptcy court to administer are your estates. However, if you exempt a certain property that is not added to the value of your estate and the bankruptcy trustee will not be able to touch it. Everything you own that needs to be reviewed is included. In addition to that, in chapter 13 during your entire case, any property and income that you acquire are [...]

2023-06-05T12:29:47+00:00
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Why Should One File For Chapter 13 Instead Of Chapter 7?

Call: 888-297-6203 Sometimes repaying debt over time in a planned way is more beneficial than selling off your Assets and repaying debt. This comparison will help you understand better. Chapter 13 is more beneficial if you are under the following circumstances: 1) You don't qualify for Chapter 7 You have to undergo and pass means test to qualify for Chapter 7. Not everyone can. If a Debtor's income is high and exceeds the state's median income, and they have disposable income to repay debt, they might not qualify. 2) Debt repayment is your primary goal In a chapter [...]

2023-05-19T06:30:38+00:00
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What Is Chapter 7 Debt Discharge?

Call: 888-297-6203 In chapters 7, 11, 12, and chapters 13 of the US bankruptcy code, some or all of your debts are discharged, that is you will not be liable to pay it back and the creditors you owe like the credit card company or hospitals will not be able to take collection actions against you. You are no longer liable for the debt as it is permanently discharged by the bankruptcy court. How does the court discharge your debt of not taking your money?  They give you debt relief in turn for your non-exempt properties. Chapter 7 [...]

2023-03-30T11:44:19+00:00
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Exempt And Non-Exempt Properties In Chapter 7 Bankruptcy Case

Call: 888-297-6203 People file for bankruptcy for getting protection against their creditors. And the federal law has made a bankruptcy code and Bankruptcy court to handle all the cases. When you apply for bankruptcy it is known that some of your assets will go under Bankruptcy estate that will be handled by a bankruptcy trustee appointed to your case. He or she will sell the bankruptcy estate and distribute the money from it to your creditors to settle your debts, the rest unpaid debts will be discharged thereafter. In chapter 7 liquidation Bankruptcy case all of your property [...]

2023-06-05T12:22:50+00:00
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Corporations And LLCs Can Use Chapter 7 Bankruptcy To Get Rid Of Debts

In the case of business bankruptcy, an outsider is responsible for the liquidation of your assets and settling of the debts. A corporation or an LLC can file under chapter 7 business bankruptcy which is different from personal bankruptcy under the same chapter. As per lawyers of Los Angeles based law firm  the business stops operations and is handed over to the trustee for liquidation under the court’s instructions. The business assets are liquidated to repay the creditors. Since exemptions are not applicable here, the entire company can be liquidated. Once the liquidation of assets takes [...]

2023-04-21T12:09:07+00:00
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Is Medical Debt Dischargeable In A Bankruptcy Case?

Call: 888-297-6203 Medical debts are dischargeable when it comes to a bankruptcy case. In chapter 7 all of your medical and credit card debt is discharged and in chapter 13 most of your medical debts are discharged and the rest of the amount you will have to repay is the plan made. Filing for chapter 7 bankruptcy for medical debt. When it comes to chapter 7 all medical debts are dischargeable and it has no limits, as there is no repayment plan set to repay some of the debts. But you will need to pass the chapter 7 [...]

2023-05-29T13:27:09+00:00
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Can You Get Rid Of Your Credit Card Dues If You File For Bankruptcy?

Call: 888-297-6203 Yes, in most cases, unsecured debts like credit card bills, medical bills, and personal loans are discharged when you file for bankruptcy under chapter 7. Not only are they discharged, but also, when you file for bankruptcy, you get an automatic stay, which prevents all creditors from making any collection attempts or harass you in any way. However, not all loans get discharged. Few loans like domestic support obligations and student loans must still be paid in full even after filing for bankruptcy. Processing all kinds of discharge takes about 2-6 months. Credit Card Management – [...]

2023-05-30T13:19:55+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.