chapter 7 bankruptcy Los Angeles

Are There Any Age Restrictions When It Comes To Filing For Bankruptcy?

Call: 888-297-6203 There is no age limit when it comes to filing for bankruptcy that is you can never be too young or too old for filing for bankruptcy, it is just your situations and your circumstances that will reveal whether bankruptcy is the best option or not. Legal view ? Legally all young adults and senior citizens can file for bankruptcy but it is not necessary that you should file, it all depends on your situation. It is also not necessary that the court will grant the bankrupt status or not. The most common chapters that one [...]

2023-04-19T13:30:14+00:00
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When Bankruptcy Is Filed, What Happens To Your Car?

Call: 888-297-6203 Before you file for bankruptcy, you need to find out if you will, or will not get to keep your car. This decision is dependent on several factors. 1) Is it possible that a Bankruptcy Trustee can sell my car? Yes, it is quite possible. When a chapter 7 Bankruptcy is filed, you are assigned a Bankruptcy Trustee, whose work is to see what all assets you hold, and how can he arrange them to make sure your creditors are paid. It may also include selling your car. 2) You can protect certain Assets (also your [...]

2023-03-30T10:16:41+00:00
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Does Filing For Bankruptcy Help With Wage Garnishment?

Call: 888-297-6203 There are many advantages in filing for bankruptcy and wage garnishment suspension and their permanent cessations are one of the advantages. It is highly advisable to contact a good attorney and understand your case and whether or not it is good for and under which chapter you should file. The first thing that happens just after you file – In most cases, if one is eligible for it, apply for chapter 7 bankruptcy and here almost all your debts are cleared except some taxes, student loans, child support, alimony, and/or criminal fines which are suspended till [...]

2023-04-19T13:28:31+00:00
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Creditors Rights And Protection Of Judgement Debt In Bankruptcy

Call: 888-297-6203 For creditors who hold a large amount of disposable income, there is always a risk when they give money to individual debtors, that the debtor will pursue a chapter 7 bankruptcy to avoid the payment. 1) A creditor can convert a chapter 7 bankruptcy case to a Chapter 11 bankruptcy case by filing a motion The creditors have a power under section 706(b) that allows them to convert any case into chapter 11 whether the debtor's debts are of consumer or business nature. U der section 707 of the code, if a Debtor's debts are of [...]

2023-03-30T13:23:33+00:00
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COVID-19 AND BANKRUPTCY – The Co-Relation Between The Two

Call: 888-297-6203 During Covid there are job cuts and the whole world is facing sudden unemployment, amidst this period if your creditor harasses you or creates pressure on you to pay up, you will have to know your rights. Serious effects on our life because of the pandemic- Pandemic has had serious effects on a lot of people, especially those who are losing their job or their business is closed because there are no funding or people to buy their products. These people who have debts too are contently pressurized to pay the creditors or they try to [...]

2023-04-19T11:15:18+00:00
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How Can You Redeem Your Secured Property Under Chapter 7 Bankruptcy?

Call: 888-297-6203 Redemption is paying back your creditor the actual value of the property in full. This way you get to keep your property without having to surrender it. You should go for redemption if you owe your creditor more loan than the actual value of the property. Explaining the court what you will do with the Collateral Property When you file for bankruptcy under chapter 7, you have to mention in your bankruptcy form your intent on dealing with your collateral property. Whenever you purchase an asset or property, the creditor takes a lien on your property, [...]

2023-04-19T11:13:37+00:00
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The Fate Of Liens In Chapter 7 Bankruptcy

Call: 888-297-6203 When individuals buy a property such as a house or a car, they usually take out a loan. The lender requires the borrower to agree that non-payment of the debt allows the creditor to take the purchased property and sell it to recover the outstanding loan balance. This ownership interest in a property is called a lien. Usually, the outstanding price of the property is less than what is owed. As a result, the borrower remains responsible for the outstanding balance, also known as a deficiency. This deficiency balance can be wiped out in a Chapter [...]

2023-04-19T10:28:20+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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What To Do If You Wish To Keep Your Car In Chapter 7 Bankruptcy?

Call: 888-297-6203 Chapter 7 bankruptcy allows you to keep important property, including a vehicle. However, if the vehicle is an expensive model, has a lot of equity in it, or you cannot afford to make the payments, you might end up losing it. While filing for bankruptcy, you are allowed to protect some amount of personal property, including equity in the vehicle, home, household appliances, etc., using various exemptions provided by the state or federal government. The motor vehicle exemption is specifically meant to protect cars in Chapter 7 bankruptcy. What happens if the equity in the vehicle [...]

2023-04-19T11:20:30+00:00
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Is Bankruptcy Filing Possible After Moving To A New State?

Call: 888-297-6203 Filing for bankruptcy is possible after moving to a new state. However, the process is a bit complicated. To get rid of your financial debts, you need to file for bankruptcy in the proper court. Every court has a limited jurisdiction with respect to location. While the federal court can hear a bankruptcy case, if you move to a new place, the federal court jurisdiction does not exist. In this case, you might require the assistance of experienced bankruptcy lawyers. If you have moved to a new state, there are some restrictions while filing for bankruptcy. [...]

2023-04-19T10:01:45+00:00
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